(a) Each association, organized pursuant to this chapter, shall pay an annual fee of ten dollars ($10.00) only, in lieu of all franchise or license or corporation or other privilege taxes or taxes or charges upon reserves held by it for members; provided, however, that if any association organized pursuant to this chapter sells to persons other than its own members any product or merchandise other than coal or its derivative products, such association shall be liable for any privilege tax with respect to such transactions or method of doing business imposed under the laws of Tennessee, other than franchise and excise taxes and corporation filing fees or charges upon reserves held by it for members.

Terms Used In Tennessee Code 59-13-140

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Association: means any corporation organized under this chapter. See Tennessee Code 59-13-103
  • Coal: means coal and all of its derivatives. See Tennessee Code 59-13-103
  • 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.
(b) For filing articles of incorporation, an association organized pursuant to this chapter shall pay ten dollars ($10.00); and for filing an amendment to the articles, two dollars and fifty cents ($2.50).
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