Tennessee § 48-250-113 Dissolution

Tennessee Statutes

§ 48-250-113 — Dissolution

(a)A decentralized organization is dissolved upon the occurrence of the following:

(1)The period fixed for the duration of the organization expires;

(2)By vote of the majority of the members of a member-managed decentralized organization;

(3)At the time or upon the occurrence of events specified in the underlying smart contracts, or articles of organization, or operating agreement;

(4)The decentralized organization failed to approve proposals or take actions for a period of one (1) year; or (5) By order of the secretary of state, if the decentralized organization is deemed to no longer perform a lawful purpose.

(b)As soon as possible following the occurrence of an event specified in subsection (a), the organization must execute a statement of intent to dissolve in the form prescribed

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A decentralized organization is dissolved upon the occurrence of the following: (1) The period fixed for the duration of the organization expires; (2) By vote of the majority of the members of a member-managed decentralized organization; (3) At the time or upon the occurrence of events specified in the underlying smart contracts, or articles of organization, or operating agreement; (4) The decentralized organization failed to approve proposals or take actions for a period of one (1) year; or (5) By order of the secretary of state, if the decentralized organization is deemed to no longer perform a lawful purpose. (b) As soon as possible following the occurrence of an event specified in subsection (a), the organization must execute a statement of intent to dissolve in the form prescribed by the secretary of state.

Tennessee § 48-250-113 (Dissolution) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.