§ 48-101-119 — Amendment of charter

The charter may be amended by the votes of the stockholders and members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two thirds (2/3) of the votes to which the stockholders shall be entitled and two thirds (2/3) of the votes to which the members shall be entitled; provided, that no amendment of the charter which is inconsistent with the general purposes expressed herein or which authorizes any additional class of capital stock to be issued or which increases the obligation of a member to make loans to the corporation, or makes any change in the principal amount, interest rate, maturity date, or in the security or credit position, of any outstanding loan of a member to the corporation, or affects a member's right to withdraw from membership of the corporation as provided in § 48-101-111 , or affects a member's voting rights as provided in § 48-101-112 , shall be made without the consent of each member affected by such amendment. Amendment of the charter shall be completed in the same manner as provided for the corporate entity in § 48-101-104 .

Legislative History

Acts 1959, ch. 170, § 10; T.C.A., §§ 48-1719, 48-3-119.