Tennessee Statutes
§ 48-101-708 — Effect of conversion
Tennessee·Title 48
(a)Upon the effective date of the conversion from a subsidiary nonprofit corporation to a nonprofit LLC:
(1)All property owned by the converting nonprofit corporation remains vested in the nonprofit LLC;
(2)All obligations of the converting nonprofit corporation continue as obligations of the nonprofit LLC; and (3) An action or proceeding pending against the converting nonprofit corporation may be continued as if the conversion had not occurred.
(b)The converting nonprofit corporation shall not be required to wind up its affairs or to pay its liabilities and distribute its assets, and such conversion shall be deemed to constitute a dissolution of such subsidiary nonprofit corporation.
(c)The ownership interests or membership of the parent nonprofit corporation in the subsidiary nonpro
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Legislative History
Acts 2001, ch. 418, § 1.
Nearby Sections
15
§ 48-1-101
Short title§ 48-1-102
Part definitions§ 48-1-103
Exemptions§ 48-1-105
Registration by coordination§ 48-1-106
Registration by qualification§ 48-1-109
Registration as broker-dealers, agents, investment advisers, and investment adviser representatives§ 48-1-111
Records and reports - Examinations§ 48-1-115
Administration