§ 48-61-115 — Abandonment of plan of entity conversion - Filing of statement of abandonment

(a) Unless otherwise provided in a plan of entity conversion of a domestic nonprofit corporation, after the plan has been adopted and approved as required by § 48-61-111 , and at any time before the entity conversion has become effective, it may be abandoned by the board of directors without action by the members. (b) If an entity conversion is abandoned after articles of entity conversion or articles of charter surrender have been filed with the secretary of state but before the entity conversion has become effective, a statement that the entity conversion has been abandoned in accordance with this section, executed by an officer or other duly authorized representative, shall be delivered to the secretary of state for filing, together with the required filing fee, prior to the effective date of the entity conversion. Upon filing, the statement shall take effect and the entity conversion shall be deemed abandoned and shall not become effective.

Legislative History

Added by 2014 Tenn. Acts, ch. 899,s 72, eff. 1/1/2015.