(a) If proposed cooperative action creating dissenter‘s rights under § 43-38-802 is submitted to vote at a members’ meeting, a member who wishes to assert dissenter’s rights:

Terms Used In Tennessee Code 43-38-804

  • 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
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(1) Must deliver to the cooperative, before the vote is taken, written notice of the member’s intent to demand payment for the member’s membership interest if the proposed action is effectuated; and
(2) Must not vote the member’s membership interest in favor of the proposed action. No written notice of intent to demand payment is required of any member to whom the cooperative failed to provide the notice required by § 43-38-803.
(b) A member who does not satisfy the requirements of subsection (a) is not entitled to payment for the member’s membership interest under this part.
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