(a) As used in this chapter, unless the context otherwise requires:

Terms Used In Tennessee Code 44-14-102

  • Association: means any association or corporation organized under this chapter. See Tennessee Code 44-14-102
  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(1) “Association” means any association or corporation organized under this chapter;
(2) “Member” includes bona fide sheep producers who meet the requirements of associations organized under this chapter; and
(3) “Person” includes an individual, firm, partnership, corporation and association.
(b) Associations organized hereunder shall be deemed “nonprofit,” inasmuch as they are not organized to make profit for themselves, as such, or for their members, as such, but only for their members as producers.
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