(a) The stockholders and members of the corporation have the following powers of the corporation, to:

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Terms Used In Tennessee Code 48-101-112

  • Bylaws: means the code or codes of rules (other than the charter) adopted pursuant to chapters 51-68 of this title for the regulation or management of the affairs of the corporation irrespective of the name or names by which such rules are designated. See Tennessee Code 48-51-201
  • Charter: includes amended and restated charters and articles of merger. See Tennessee Code 48-11-201
  • 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
  • Directors: means natural persons, designated in the charter or bylaws or elected or appointed by the incorporators, and their successors and natural persons elected or appointed to act as members of the board, irrespective of the names or titles by which such persons are described. See Tennessee Code 48-51-201
  • Loan limit: means , for any member, the maximum amount permitted to be outstanding at one (1) time on loans made by such member to the corporation, as determined 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
  • Person: includes individual and entity. See Tennessee Code 48-202-101
  • Share: means the unit into which the proprietary interests in a corporation are divided. See Tennessee Code 48-11-201
(1) Determine the number of the elected directors as provided in § 48-101-107;
(2) Make, amend, and repeal bylaws;
(3) Amend the charter as provided in § 48-101-119; and
(4) Exercise such other of the powers of the corporation as may be conferred on the stockholders and the members by the bylaws.
(b) As to all matters requiring action by the stockholders and members of the corporation, the stockholders and the members shall vote separately thereon by classes and, except as otherwise herein provided, such matters shall require the affirmative vote of the majority of the votes to which the stockholders present or represented at the meeting shall be entitled, and the affirmative vote of a majority of the votes to which the members present or represented at the meeting shall be entitled. Each stockholder shall have one (1) vote, in person or by proxy, for each share of capital stock held by the stockholder and each member shall have one (1) vote, in person or by proxy, except that any member having a loan limit of more than one thousand dollars ($1,000) shall have one (1) additional vote, in person or by proxy, for each additional one thousand dollars ($1,000) which such member is authorized to have outstanding on loans to the corporation at any one (1) time as determined under § 48-101-113.
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