Tennessee § 48-250-110 Membership interests for member-managed decentralized organizations - Voting

Tennessee Statutes

§ 48-250-110 — Membership interests for member-managed decentralized organizations - Voting

For purposes of §§ 48-250-112 and 48-250-113 , and unless otherwise provided for in the articles of organization, smart contract, or operating agreement:

(1)Membership interests in a member-managed decentralized organization are calculated by dividing a member's contribution of digital assets to the organization divided by the total amount of digital assets contributed to the organization at the time of a vote;

(2)If members do not contribute digital assets to an organization as a prerequisite to becoming a member, each member possesses one (1) membership interest and is entitled to one (1) vote; and (3) A quorum requires no less than a majority of membership interests entitled to vote.

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For purposes of §§ 48-250-112 and 48-250-113 , and unless otherwise provided for in the articles of organization, smart contract, or operating agreement: (1) Membership interests in a member-managed decentralized organization are calculated by dividing a member's contribution of digital assets to the organization divided by the total amount of digital assets contributed to the organization at the time of a vote; (2) If members do not contribute digital assets to an organization as a prerequisite to becoming a member, each member possesses one (1) membership interest and is entitled to one (1) vote; and (3) A quorum requires no less than a majority of membership interests entitled to vote.

Tennessee § 48-250-110 (Membership interests for member-managed decentralized organizations - Voting) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.