Tenn. Code Ann. § 56-24-102: Receivers - Power of court to appoint - Removal of officers

The court may, in its discretion, appoint receivers to take charge of the effects and wind up the business of the corporation, subject to rules and orders as the court may from time to time prescribe, according to the course of proceedings in equity, or the court may, if it deems that the best interests of the corporation will be served thereby, decree a removal from office of the officers or any number thereof, and substitute suitable persons to serve until the regular annual election, or until a successor is regularly chosen.