Tennessee Code 59-13-141 – Combinations – Amendment of preexisting charters
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Terms Used In Tennessee Code 59-13-141
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means actual members of associations without capital stock, and holders of common stock in associations organized with capital stock. See Tennessee Code 59-13-103
Corporations not for profit, of this class, heretofore 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 becoming a member of the other. Further, preexisting charters of such corporations are hereby amended, under the power reserved to the general assembly, so as to bring such corporations into conformity with this chapter, thus granting such corporations the powers and imposing upon them the duties and liabilities set forth in this chapter.