Tennessee § 59-13-117 Contracts and positions of directors - Prohibitions

Tennessee Statutes

§ 59-13-117 — Contracts and positions of directors - Prohibitions

Tennessee § 59-13-117

Title59

This text of Tennessee § 59-13-117 (Contracts and positions of directors - Prohibitions) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 59-13-117 (2026).

Text

No director, during the term of the director's office, shall be a party to a contract for profit with the association differing in any way from the business relations accorded regular members or holders of common stock of the association or others, or differing from terms generally current in that district. The bylaws may provide that no director shall occupy any position in the association, except the president and secretary on regular salary or substantially full-time pay.

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No director, during the term of the director's office, shall be a party to a contract for profit with the association differing in any way from the business relations accorded regular members or holders of common stock of the association or others, or differing from terms generally current in that district. The bylaws may provide that no director shall occupy any position in the association, except the president and secretary on regular salary or substantially full-time pay.