Tennessee Code 59-13-108 – Membership

(a) Under the terms and conditions prescribed in the bylaws adopted by it, an association may admit as members (or issue common stock to) only persons engaged in the production of coal or its derivatives to be handled by or through the association.

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Terms Used In Tennessee Code 59-13-108

Association: means any corporation organized under this chapter. See Tennessee Code 59-13-103
Coal: means coal and all of its derivatives. See Tennessee Code 59-13-103
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
Person: means any individual, firm, partnership, corporation, and association. See Tennessee Code 59-13-103

(b) If a member of a nonstock association be other than a natural person, such members may be represented by any individual, associate, officer, or manager, or member of such association duly authorized in writing.

(c) One (1) association organized hereunder may become a member or stockholder of any other association or associations organized hereunder.

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Tennessee Code 59-13-108 – Membership – Stock

Terms Used In Tennessee Code 59-13-108

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