Current through October 22, 2024
Section 0180-18-.04 - INTERPRETATION OF "PRUDENT BUSINESS MANNER"(1) A BIDCO will be deemed to be conducting business in a prudent business manner if the officers and directors, in the opinion of the commissioner, are found to discharge the duties of their respective positions in good faith, and with that diligence, care, judgement and skill which ordinary prudent persons would exercise under similar circumstances in like positions, consistent with the purposes of the Tennessee BIDCO Act.Tenn. Comp. R. & Regs. 0180-18-.04
Original rule filed December 27, 1989; effective March 28, 1990.Authority: Public Chapter 124, Acts of 1989, §§6 and 10.