Tennessee Code > Title 48 > Nonprofit Corporations > Chapter 63 – Distributions
Current as of: 2024 | Check for updates
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Other versions
| § 48-63-101 | Prohibited distributions |
| § 48-63-102 | Purchase of memberships – Authorized distributions |
Terms Used In Tennessee Code > Title 48 > Nonprofit Corporations > Chapter 63 - Distributions
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Dissolution: means that the LLC has incurred an event under §. See Tennessee Code 48-202-101
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mutual benefit corporation: means a domestic corporation which becomes by operation of law a mutual benefit corporation pursuant to §. See Tennessee Code 48-51-201
- Public benefit corporation: means a domestic corporation which becomes by operation of law a public benefit corporation pursuant to §. See Tennessee Code 48-51-201