Tennessee Code 43-16-147 – Combinations of existing corporations into associations – Amendment of charters
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Terms Used In Tennessee Code 43-16-147
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: includes actual members of associations without capital stock, and holders of common stock in associations organized with capital stock. See Tennessee Code 43-16-103
Corporations not for profit, of this class, previously organized under the general incorporation laws or laws later enacted, are empowered to combine into associations upon such terms as may be provided and agreed upon, or by one corporation becoming a member of the other. Further, preexisting charters of the corporations are amended, under the power reserved to the general assembly, so as to bring same into conformity with this law, thus granting them the powers and imposing upon them the duties and liabilities set forth in this chapter.