Tennessee § 48-63-102 Purchase of memberships-Authorized distributions

Tennessee Statutes

§ 48-63-102 — Purchase of memberships-Authorized distributions

(a)A mutual benefit corporation may purchase its memberships if after the purchase is completed:

(1)The corporation would be able to pay its debts as they become due in the usual course of its activities; and (2) The corporation's total assets would at least equal the sum of its total liabilities.

(b)A public benefit corporation may make distributions to its members who are public benefit corporations if the distributions are in conformity with its charitable purposes.

(c)A public benefit corporation and a mutual benefit corporation may make distributions upon dissolution in conformity with chapter 64 of this title.

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(a) A mutual benefit corporation may purchase its memberships if after the purchase is completed: (1) The corporation would be able to pay its debts as they become due in the usual course of its activities; and (2) The corporation's total assets would at least equal the sum of its total liabilities. (b) A public benefit corporation may make distributions to its members who are public benefit corporations if the distributions are in conformity with its charitable purposes. (c) A public benefit corporation and a mutual benefit corporation may make distributions upon dissolution in conformity with chapter 64 of this title.

Tennessee § 48-63-102 (Purchase of memberships-Authorized distributions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.