2016 Tennessee Code
Title 48 - Corporations and Associations
Nonprofit Corporations
Chapter 56 - Members and Memberships
Part 3 - Resignation and Termination
§ 48-56-303. Purchase of memberships.

TN Code § 48-56-303 (2016) What's This?

(a) A public benefit corporation may not purchase any of its memberships or any right arising therefrom.

(b) A mutual benefit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditions set forth in or authorized by its charter. No payment shall be made in violation of chapter 63 of this title.

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