Tennessee Code 48-101-119 – Amendment of charter
Terms Used In Tennessee Code 48-101-119
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Charter: includes amended and restated charters and articles of merger. See Tennessee Code 48-11-201
- Class: when used with reference to membership interests, means a category of membership interests that differs in one (1) or more rights or preferences from another category of membership interests of the LLC. See Tennessee Code 48-202-101
- 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.
- Corporation: means a development credit corporation created under this part. See Tennessee Code 48-101-102
- Entity: includes the following, whether foreign or domestic: LLCs. See Tennessee Code 48-202-101
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Member: means any financial institution authorized to do business within this state which shall undertake to lend money to a corporation created under this part, upon its call, and in accordance with this part. See Tennessee Code 48-101-102
- Membership: means the rights and obligations a member has pursuant to a corporation's charter, bylaws and chapters 51-68 of this title. See Tennessee Code 48-51-201
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
The charter may be amended by the votes of the stockholders and members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two thirds (2/3) of the votes to which the stockholders shall be entitled and two thirds (2/3) of the votes to which the members shall be entitled; provided, that no amendment of the charter which is inconsistent with the general purposes expressed herein or which authorizes any additional class of capital stock to be issued or which increases the obligation of a member to make loans to the corporation, or makes any change in the principal amount, interest rate, maturity date, or in the security or credit position, of any outstanding loan of a member to the corporation, or affects a member’s right to withdraw from membership of the corporation as provided in § 48-101-111, or affects a member’s voting rights as provided in § 48-101-112, shall be made without the consent of each member affected by such amendment. Amendment of the charter shall be completed in the same manner as provided for the corporate entity in § 48-101-104.