Tennessee Code 48-101-111 – Duration of membership – Withdrawal
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Terms Used In Tennessee Code 48-101-111
- 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
- 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
- written: means any information in the form of a document. See Tennessee Code 48-11-201
Membership in the corporation shall be for the duration of the corporation; provided, that upon written notice given to the corporation three (3) years in advance, a member may withdraw from membership in the corporation at the expiration date of such notice. A member shall not be obligated to make any loans to the corporation pursuant to calls made subsequent to the withdrawal of the member.