Tennessee Code 65-25-102 – Chapter definitions
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As used in this chapter, unless the context otherwise requires:
Terms Used In Tennessee Code 65-25-102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means a cooperative's board of directors or the necessary number thereof to take action. See Tennessee Code 65-25-102
- cooperatives: means one (1) or more nonprofit cooperative membership corporations heretofore or hereafter organized under or otherwise subject to this chapter, including corporations transacting business in this state pursuant to §. See Tennessee Code 65-25-102
- 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.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means a person having the right to vote for the directors of a cooperative and upon other matters as provided in this chapter, a cooperative's articles of incorporation or bylaws, and includes each incorporator of a cooperative thereof, and also a husband and wife admitted to joint membership. See Tennessee Code 65-25-102
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes any natural person, firm, association, corporation, cooperative, business trust, partnership and federal, state or local governments, or departments, agencies or any other political subdivision thereof. See Tennessee Code 65-25-102
- Primary purpose: means one (1) of the purposes provided for in §. See Tennessee Code 65-25-102
- services: includes sales, exchanges, rentals, repairs and maintenance of land, facilities, equipment, machinery, appliances, accessories and goods and the financing of their acquisition by patrons. See Tennessee Code 65-25-102
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- Substantial portion: means ten percent (10%) or more of the value in dollars of a cooperative's assets and properties as appropriately stated in its books of account. See Tennessee Code 65-25-102
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105