Tennessee Code 65-25-103 – Nonprofit organization and operation
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 65-25-103
- Area coverage: means that a service will be available to patrons in accordance with a financially feasible plan without regard to how thickly or sparsely patrons' premises may be located in a cooperative's areas of service. 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
- 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
Electric cooperatives heretofore incorporated under the former “Electric Cooperative Law” or hereafter incorporated under this chapter shall be organized and operated on a nonprofit basis and without pecuniary gain, and shall furnish their services on an area coverage basis at the lowest cost consistent with sound business principles.