As used in this part, unless the context otherwise requires:

(1) “Cooperative” means a cooperative whose members have obtained rights to dissent under § 43-38-802(a), and includes any successor by merger;
lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 43-38-801

  • Cooperative: means a cooperative whose members have obtained rights to dissent under §. See Tennessee Code 43-38-801
  • Dissenter: means a member who is entitled to dissent from cooperative action under §. See Tennessee Code 43-38-801
  • Interest: means interest from the effective date of the action referred to in §. See Tennessee Code 43-38-801
  • Member: includes a former member when dissenter's rights exist because:
    (A) The membership of the former member has terminated causing dissolution. See Tennessee Code 43-38-801
  • Membership interest: means a member's interest in a cooperative consisting of a member's financial rights, a member's right to assign financial rights, a member's governance rights and a member's right to assign governance rights. See Tennessee Code 43-38-103
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(2) “Dissenter” means a member who is entitled to dissent from cooperative action under § 43-38-802(a) and who exercises that right when and in the manner required under this part;
(3) “Fair value” means the value of the dissenter‘s membership interest of a cooperative immediately before the effective date of the cooperative action referred to in § 43-38-802(a), excluding any appreciation or depreciation in anticipation of the cooperative action;
(4) “Interest” means interest from the effective date of the action referred to in § 43-38-802(a) that gave rise to the member’s right to dissent until the date of payment, at the average auction rate paid on United States treasury bills with a maturity of six (6) months, or the closest maturity to that date, as of the auction date for such treasury bills closest to the effective date; and
(5) “Member” includes a former member when dissenter’s rights exist because:

(A) The membership of the former member has terminated causing dissolution; and
(B) The dissolved cooperative has then entered into a merger under § 43-38-122 or § 43-38-123.
  Previous section
Next section  
 Part 8 Contents