Good find,

A description of the flags presentation is found on pages 44 through page 46 under the title Miss Molly and the Flag.

It looks to me that it might read Company C, not Company 8, in the flags canton, page 45.

In the recital, the flag was received by Ensign William Young after Captain Wood had accepted it.

This has to be in error, as the Ensign rank had not been established at this early date in the war, May 20, 1861.

True Tales of Tipton County Tennessee By Gaylon Neil Beasley
http://books.google.co.uk/books?id=lLmHt8LUFfcC&printsec=frontcover&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false