Tennessee Statutes

Title 48 - Corporations And Associations

Chapter 1 - Tennessee General Corporation Act [Repealed, Reserved or Transferred]
- Part 1 - General Provisions [Repealed]
- Part 2 - Formation of Corporations [Repealed]
- Part 3 - Amendment of Charter [Repealed]
- Part 4 - Corporate Purposes and Powers [Repealed]
- Part 5 - Financing of Corporations for Profit [Repealed]
- Part 6 - Corporations Not for Profit [Repealed]
- Part 7 - Shareholders and Members [Repealed]
- Part 8 - Corporate Directors and Officers [Repealed, Reserved or Transferred]
- Part 9 - Merger, Consolidation, Sale of Assets, and Shareholders' Right to Dissent [Repealed]
- Part 10 - Dissolution of Corporations [Repealed]
- Part 11 - Foreign Corporations [Repealed]
- Part 12 - Registered Agents and Service of Process [Repealed]
- Part 13 - Filing and Fees [Repealed]
- Part 14 - Miscellaneous Provisions [Repealed]
Chapter 2 - Securities
- Part 1 - Tennessee Securities Act of 1980
- Part 2 - Miscellaneous Provisions
Chapter 3 - Special Purpose Corporations and Associations [Transferred to ch. 101.]
- 48-3-101 - 48-3-635. [Transferred to ch. 101.]
Chapter 4 - Fraternal and Patriotic Organizations [Transferred to ch. 102]
- 48-4-101 - 48-4-405. [Transferred to ch. 102.]
Chapter 5 - Corporate Takeovers Investor Protection [TRANSFERRED AND REPEALED]
- 48-5-101 - 48-5-112. [Transferred.]
- 48-5-113 - [Repealed.]
- 48-5-114 - [Transferred.]
Chapters 6-10 - [RESERVED]
Chapter 11 - General Provisions
- Part 1 - Short Title and Reservation of Power
- Part 2 - Definitions and Notice
- Part 3 - Filing Documents
- Part 4 - Secretary of State
Chapter 12 - Incorporation
- 48-12-101 - Incorporators.
- 48-12-102 - Charter.
- 48-12-103 - Incorporation.
- 48-12-104 - Liability for preincorporation transactions.
- 48-12-105 - Organization of corporation.
- 48-12-106 - Bylaws.
- 48-12-107 - Emergency bylaws.
Chapter 13 - Purposes and Powers
- 48-13-101 - Purposes.
- 48-13-102 - General powers.
- 48-13-103 - Emergency powers.
- 48-13-104 - Ultra vires actions.
Chapter 14 - Name
- 48-14-101 - Corporate name.
- 48-14-102 - Reserved name.
- 48-14-103 - Registered name.
Chapter 15 - Office and Agent
- 48-15-101 - Registered office and registered agent.
- 48-15-102 - Change of registered office or registered agent.
- 48-15-103 - Resignation of registered agent.
- 48-15-104 - Service on corporation.
- 48-15-105 - Procedure for service on domestic or foreign corporation by service on secretary of state.
Chapter 16 - Shares and Distributions
- Part 1 - Shares
- Part 2 - Issuance of Shares
- Part 3 - Subsequent Acquisition of Shares by Shareholders and Corporation
- Part 4 - Distributions
Chapter 17 - Shareholders
- Part 1 - Meetings
- Part 2 - Voting
- Part 3 - Voting Trusts and Shareholders' Agreements
- Part 4 - Derivative Proceedings
Chapter 18 - Directors and Officers
- Part 1 - Board of Directors
- Part 2 - Meetings and Action of the Board
- Part 3 - Standards of Conduct
- Part 4 - Officers
- Part 5 - Indemnification
- Part 6 - Limitation of Actions
Chapter 19 - [Reserved]
Chapter 20 - Amendment of Charter and Bylaws
- Part 1 - Amendment of Charter
- Part 2 - Amendment of Bylaws
Chapter 21 - Merger and Share Exchange
- 48-21-101 - Chapter definitions.
- 48-21-102 - Merger.
- 48-21-103 - Share exchange.
- 48-21-104 - Action on plan.
- 48-21-105 - Merger of parent and subsidiary.
- 48-21-106 - Abandonment of merger.
- 48-21-107 - Articles of merger or exchange.
- 48-21-108 - Effect of merger or share exchange.
- 48-21-109 - Merger or share exchange with foreign corporation.
- 48-21-110 - Merger with foreign or domestic limited liability company.
- 48-21-111 - Conversion of a corporation to a limited liability company.
- 48-21-112 - Effect of conversion to a limited liability company.
Chapter 22 - Sale of Assets
- 48-22-101 - Sale of assets in regular course of business and mortgage of assets.
- 48-22-102 - Sale of assets other than in regular course of business.
Chapter 23 - Dissenters' Rights
- Part 1 - Right to Dissent and Obtain Payment for Shares
- Part 2 - Procedure for Exercise of Dissenters' Rights
- Part 3 - Judicial Appraisal of Shares
Chapter 24 - Dissolution
- Part 1 - Voluntary Dissolution
- Part 2 - Administrative Dissolution
- Part 3 - Judicial Dissolution
Chapter 25 - Foreign Corporations
- Part 1 - Certificate of Authority
- Part 2 - Withdrawal
- Part 3 - Revocation of Certificate of Authority
Chapter 26 - Records and Reports
- Part 1 - Records
- Part 2 - Reports
Chapter 27 - Transition Provisions
- 48-27-101 - Application to existing domestic corporations.
- 48-27-102 - Application to qualified foreign corporations.
- 48-27-103 - Saving provisions.
Chapters 28-34 - [RESERVED]
Chapter 35 - Corporate Takeovers  [Transferred to ch. 103]
- 48-35-101 - 48-35-505.  [Transferred to ch. 103.]
Chapters 36-50 - [RESERVED]
Chapter 51 - General Provisions
- Part 1 - Short Title and Reservation of Power
- Part 2 - Definitions
- Part 3 - Filing Documents
- Part 4 - Secretary of State
- Part 5 - Private Foundations
- Part 6 - Judicial Relief
- Part 7 - Attorney General and Reporter
Chapter 52 - Incorporation
- 48-52-101 - Incorporators.
- 48-52-102 - Charter.
- 48-52-103 - Incorporation.
- 48-52-104 - Liability for preincorporation transactions.
- 48-52-105 - Organization of corporation.
- 48-52-106 - Bylaws.
- 48-52-107 - Emergency bylaws.
Chapter 53 - Purposes and Powers
- 48-53-101 - Purposes.
- 48-53-102 - General powers.
- 48-53-103 - Emergency powers.
- 48-53-104 - Ultra vires actions.
Chapter 54 - Name
- 48-54-101 - Corporate name.
- 48-54-102 - Reserved name.
- 48-54-103 - Registered name.
Chapter 55 - Office and Agent
- 48-55-101 - Registered office and registered agent.
- 48-55-102 - Change of registered office or registered agent.
- 48-55-103 - Resignation of registered agent.
- 48-55-104 - Service on corporation.
- 48-55-105 - Procedure for service on domestic or foreign corporation by service on secretary of state.
Chapter 56 - Members and Memberships
- Part 1 - Admission of Members
- Part 2 - Types of Memberships Members' Rights and Obligations
- Part 3 - Resignation and Termination
- Part 4 - Derivative Suits
- Part 5 - Delegates
Chapter 57 - Members' Meetings and Voting
- Part 1 - Meetings and Action Without Meetings
- Part 2 - Voting
- Part 3 - Voting Agreements
Chapter 58 - Directors and Officers
- Part 1 - Board of Directors
- Part 2 - Meetings and Action of Board
- Part 3 - Standards of Conduct
- Part 4 - Officers
- Part 5 - Indemnification
- Part 6 - Limitation of Actions and Immunity
Chapter 59 - [Reserved]
Chapter 60 - Amendment of Charter and Bylaws
- Part 1 - Amendment of Charter
- Part 2 - Amendment of Bylaws
- Part 3 - Charter and Bylaws
Chapter 61 - Merger
- 48-61-101 - Approval of plan of merger.
- 48-61-102 - Limitations on mergers by public benefit corporations.
- 48-61-103 - Action on plan by board, members, and third persons.
- 48-61-104 - Articles of merger.
- 48-61-105 - Effect of merger.
- 48-61-106 - Merger with foreign corporation.
- 48-61-107 - Bequests, devises and gifts.
Chapter 62 - Sale of Assets
- 48-62-101 - Sale of the assets in regular course of activities and mortgage of assets.
- 48-62-102 - Sale of assets other than in regular course of activities.
Chapter 63 - Distributions
- 48-63-101 - Prohibited distributions.
- 48-63-102 - Authorized distributions.
Chapter 64 - Dissolution
- Part 1 - Voluntary Dissolution
- Part 2 - Administrative Dissolution
- Part 3 - Judicial Dissolution
Chapter 65 - Foreign Corporations
- Part 1 - Certificate of Authority
- Part 2 - Withdrawal
- Part 3 - Revocation of Certificate of Authority
Chapter 66 - Records and Reports
- Part 1 - Records
- Part 2 - Reports
Chapter 67 - Religious Corporations
- 48-67-101 - Provisions of act applicable to religious corporations.
- 48-67-102 - Provisions not applicable to religious corporations.
Chapter 68 - Transition Provisions
- Part 1 - General Provisions
- Part 2 - Public Benefit Hospital Sales and Conveyance Act of 2006
Chapter 69 - Electric G&T Cooperative Act
- 48-69-101 - Short title.
- 48-69-102 - Legislative findings.
- 48-69-103 - Chapter definitions.
- 48-69-104 - Operation as a nonprofit membership cooperative corporation.
- 48-69-105 - Existing cooperatives.
- 48-69-106 - Purposes of cooperatives Powers.
- 48-69-107 - Bylaws.
- 48-69-108 - Board of directors.
- 48-69-109 - Election of directors Composition of districts or divisions.
- 48-69-110 - Principal officers.
- 48-69-111 - Chief executive officer.
- 48-69-112 - Membership in cooperative.
- 48-69-113 - Accounting of revenues Distribution of excess revenues Prepayment.
- 48-69-114 - Liens Recordation.
- 48-69-115 - Dissolution of cooperative.
- 48-69-116 - Transaction of business by foreign corporations in adjacent states.
- 48-69-117 - No exemption from ad valorem property taxes.
- 48-69-118 - Restrictions on services of cooperatives.
- 48-69-119 - Exemption from control of the Tennessee regulatory authority.
- 48-69-120 - Chapter 16 of this title not applicable to any note, bond or evidence of indebtedness.
- 48-69-121 - Utility districts created under title 7, chapter 82 exempt from chapter.
- 48-69-122 - Applicability of certain statutory provisions.
- 48-69-123 - Liberal construction of chapter.
Chapters 70-100 - [Reserved]
Chapter 101 - Special Purpose Corporations and Associations
- Part 1 - Development Credit Corporations
- Part 2 - Massachusetts Trusts
- Part 3 - Health, Educational and Housing Facility Corporations
- Part 4 - Professional Corporations [Repealed]
- Part 5 - Solicitation of Charitable Funds
- Part 6 - Professional Corporation Act
- Part 7 - Nonprofit Limited Liability Companies Act
- Part 8 - Tennessee Revised Nonprofit Limited Liability Company Act
Chapter 102 - Fraternal and Patriotic Organizations
- Part 1 - Odd Fellows
- Part 2 - Freemasons
- Part 3 - Knights of Pythias
- Part 4 - Veterans' Organizations
Chapter 103 - Corporate Takeovers
- Part 1 - Investor Protection Act
- Part 2 - Business Combination Act
- Part 3 - Control Share Acquisition Act
- Part 4 - Authorized Corporation Protection Act
- Part 5 - Greenmail Act
Chapters 104-200 - [RESERVED]
Chapter 201 - General Provisions
- 48-201-101 - Short title.
- 48-201-102 - Reservation of power to amend or repeal.
- 48-201-103 - Applicability.
Chapter 202 - Definitions and Notice
- 48-202-101 - Limited liability company definitions.
- 48-202-102 - Notice.
Chapter 203 - Formation
- 48-203-101 - Purposes.
- 48-203-102 - Organizers and formation.
- 48-203-103 - [Repealed.]
Chapter 204 - Conversion of Partnership to an LLC
- 48-204-101 - Conversion of a general partnership or limited partnership to an LLC.
- 48-204-102 - Effect of conversion.
- 48-204-103 - Conversion to a professional LLC.
Chapter 205 - Articles of Organization
- 48-205-101 - Articles of organization.
Chapter 206 - Operating Agreement
- 48-206-101 - Operating agreement.
- 48-206-102 - Adoption and amendment of operating agreement.
Chapter 207 - Name
- 48-207-101 - LLC name.
- 48-207-102 - Reserved name.
- 48-207-103 - Registered name.
Chapter 208 - Registered Agent
- 48-208-101 - Registered office and registered agent.
- 48-208-102 - Change of registered office or registered agent.
- 48-208-103 - Resignation of registered agent.
- 48-208-104 - Service on LLC.
- 48-208-105 - Procedure for service on domestic or foreign LLC by service on secretary of state.
Chapter 209 - Amendment of Articles
- 48-209-101 - Authority to amend.
- 48-209-102 - Amendment by board of governors.
- 48-209-103 - Amendment by board of governors and members.
- 48-209-104 - Articles of amendment.
- 48-209-105 - Restated articles.
- 48-209-106 - Amendment to articles pursuant to reorganization.
- 48-209-107 - Effect of amendment.
Chapter 210 - [Reserved]
Chapter 211 - Classification for Tax Purposes
- 48-211-101 - LLC classification.
Chapter 212 - General Powers of LLC
- 48-212-101 - General powers.
Chapter 213 - Ultra Vires Actions
- 48-213-101 - Ultra vires actions.
Chapter 214 - Transaction of Business Outside Tennessee
- 48-214-101 - Transaction of business outside Tennessee.
- 48-214-102 - Governing law.
Chapter 215 - Members and Membership Interests
- 48-215-101 - Nature of a membership interest and statement of interest owned.
Chapter 216 - Termination of Membership Interest
- 48-216-101 - Termination of membership interest.
Chapter 217 - Absence of Personal Liability
- 48-217-101 - Personal liability.
Chapter 218 - Assignment
- 48-218-101 - Assignment of financial rights.
- 48-218-102 - Assignment of a membership interest or governance rights.
- 48-218-103 - Consensual restrictions on assignment of governance rights.
- 48-218-104 - Effective date of assignments.
- 48-218-105 - Rights of judgment creditor.
Chapter 219 - Powers of Estate of Deceased or Incompetent Member
- 48-219-101 - Powers of estate of a deceased or incompetent member.
Chapter 220 - Sharing of Profits and Losses
- 48-220-101 - Sharing of profits and losses.
Chapter 221 - Preemptive Rights
- 48-221-101 - Preemptive rights.
Chapter 222 - Membership Meetings
- 48-222-101 - Meetings of members.
- 48-222-102 - Notice.
- 48-222-103 - Electronic communications.
Chapter 223 - Member Actions Without a Meeting
- 48-223-101 - Actions without a meeting.
- 48-223-102 - Action on written consent.
- 48-223-103 - Action on recommendation of the board of governors or chief manager.
Chapter 224 - Voting
- 48-224-101 - Members vote.
- 48-224-102 - Quorum.
- 48-224-103 - Act of members.
- 48-224-104 - Record date and voting list.
- 48-224-105 - Miscellaneous voting.
Chapter 225 - Proxies
- 48-225-101 - Proxies.
Chapter 226 - Member Voting Agreements
- 48-226-101 - Voting agreements.
Chapter 227 - [Reserved]
Chapter 228 - Records and Reports
- Part 1 - Required Records and Information
- Part 2 - Reports
Chapter 229 - [Reserved]
Chapter 230 - Derivative Actions and Equitable Remedies
- 48-230-101 - Board-managed action.
- 48-230-102 - Complaint.
- 48-230-103 - Discontinuance.
- 48-230-104 - Award of expenses.
- 48-230-105 - Equitable remedies.
Chapter 231 - Dissenters' Rights
- Part 1 - Definitions
- Part 2 - Right to Dissent
- Part 3 - Court Action
- Part 4 - Procedures as to Assignees of Financial Rights
Chapter 232 - Contributions and Admission of Members
- 48-232-101 - Authorization, form and acceptance of contributions.
- 48-232-102 - Admission of members.
Chapter 233 - Contribution Agreements
- 48-233-101 - Contribution agreements.
Chapter 234 - Contribution Allowance Agreements
- 48-234-101 - Contribution allowance agreements.
Chapter 235 - Financial Provisions
- 48-235-101 - Special provisions.
- 48-235-102 - Restatement of value of previous contributions.
Chapter 236 - Distributions
- 48-236-101 - Sharing of distributions.
- 48-236-102 - Interim distributions.
- 48-236-103 - Distribution in kind.
- 48-236-104 - Status as a creditor.
- 48-236-105 - Limitations on distribution.
Chapter 237 - Liability upon Wrongful Distribution
- 48-237-101 - Liability upon wrongful distribution.
Chapter 238 - Governance
- 48-238-101 - Management Authorized signature.
- 48-238-102 - [Reserved.]
- 48-238-103 - Agency of members in a member-managed LLC.
- 48-238-104 - Agency of members in a board-managed LLC.
- 48-238-105 - [Repealed.]
Chapter 239 - Governor Management
- 48-239-101 - Board of governors.
- 48-239-102 - Qualifications and election.
- 48-239-103 - Terms.
- 48-239-104 - Acts not void or voidable.
- 48-239-105 - Compensation.
- 48-239-106 - Classification of governors.
- 48-239-107 - Voting for governors.
- 48-239-108 - Resignation.
- 48-239-109 - Removal of governors.
- 48-239-110 - Vacancy on board.
- 48-239-111 - Board of governors meetings.
- 48-239-112 - Quorum and voting of board of governors.
- 48-239-113 - Action without a meeting.
- 48-239-114 - Committees established by the board of governors.
- 48-239-115 - Standard of conduct.
- 48-239-116 - Governor and manager conflict of interest.
Chapter 240 - Member Management
- 48-240-101 - Member-managed.
- 48-240-102 - Standard of member conduct in a member-managed LLC.
- 48-240-103 - Member conflicts of interest.
Chapter 241 - Managers
- 48-241-101 - Managers required.
- 48-241-102 - Duties of required managers.
- 48-241-103 - Election or appointment of managers.
- 48-241-104 - Qualifications of managers.
- 48-241-105 - Multiple managerial positions.
- 48-241-106 - Managers considered elected.
- 48-241-107 - Removal of a manager.
- 48-241-108 - Contract rights.
- 48-241-109 - Resignation and vacancy.
- 48-241-110 - Delegation.
- 48-241-111 - Standard of conduct.
Chapter 242 - Loans and Obligations
- 48-242-101 - Loans, guarantees and suretyship.
- 48-242-102 - Advances.
Chapter 243 - Indemnification
- 48-243-101 - Indemnification.
Chapter 244 - Merger and Transfer of Assets
- Part 1 - Merger
- Part 2 - Transfer of Assets and When Permitted
Chapter 245 - Dissolution Generally
- Part 1 - Dissolution
- Part 2 - Nonjudicial Dissolution
- Part 3 - Administrative Dissolution
- Part 4 - Notice of Dissolution
- Part 5 - Procedure in Winding Up
- Part 6 - Revocation of Dissolution
- Part 7 - Effective Date of Termination and Certificate
- Part 8 - Supervised Winding Up and Termination
- Part 9 - Judicial Intervention
- Part 10 - [Reserved.]
- Part 11 - Disposition upon Liquidation
- Part 12 - Right to Sue
Chapter 246 - Foreign Limited Liability Companies
- Part 1 - General
- Part 2 - Name
- Part 3 - Certificate of Authority
- Part 4 - Cancellation of Certificate of Authority
- Part 5 - Revocation of Certificate of Authority
- Part 6 - Consequences of Transacting Business Without Certificate of Authority
Chapter 247 - Filing Documents and Secretary of State
- Part 1 - Filing Documents
- Part 2 - Secretary of State
Chapter 248 - Professional Limited Liability Companies
- Part 1 - General
- Part 2 - Powers
- Part 3 - Name
- Part 4 - Eligible Members, Transfers, Etc
- Part 5 - Foreign Professional Limited Liability Companies
- Part 6 - Delivery of Articles
Chapter 249 - Tennessee Revised Limited Liability Company Act
- Part 1 - General Provisions
- Part 2 - Formation, Articles of Organization and Operating Agreement
- Part 3 - Finance
- Part 4 - Management
- Part 5 - Admission of Members Membership Interests Transferees and Creditors of Members
- Part 6 - Dissolution and Winding Up of the LLC
- Part 7 - Merger, Conversion and Transfer of Assets
- Part 8 - Derivative Proceedings and Equitable Remedies
- Part 9 - Foreign Limited Liability Companies
- Part 10 - Miscellaneous
- Part 11 - Professional Limited Liability Companies