(a) If proposed cooperative action creating dissenter‘s rights under § 43-38-802 is authorized at a members’ meeting, the cooperative shall deliver a written dissenter’s notice to all members who satisfied the requirements of § 43-38-804.

Terms Used In Tennessee Code 43-38-805

  • 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
  • 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
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) The dissenter’s notice must be sent no later than ten (10) days after the cooperative action was authorized by the members or effectuated, whichever is the first to occur, and must:

(1) State where the payment demand must be sent;
(2) Supply a form for demanding payment that includes the date of the first announcement to news media or to members of the principal terms of the proposed cooperative action and requires that the person asserting dissenter’s rights certify whether or not the member acquired membership interest before that date;
(3) Set a date by which the cooperative must receive the payment demand, which date may not be fewer than one (1) nor more than two (2) months after the date required in subsection (a) is delivered; and
(4) Be accompanied by a copy of this part, if the cooperative has not previously sent a copy of this part to the member pursuant to § 43-38-803.
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