State Codes and Statutes
Statutes > Tennessee > Title-48 > Chapter-63 > 48-63-10248-63-102. 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:
(1) Who are public benefit corporations; and
(2) If 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.
[Acts 1987, ch. 242, § 13.02.]
