Tennessee Code 43-38-506 – When assignment of financial and governance rights effective
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 43-38-506
- Address: means mailing address, including a zip code. See Tennessee Code 43-38-103
- Cooperative: means an association organized under this title conducting business on a cooperative plan as provided under this chapter. See Tennessee Code 43-38-103
- Financial rights: means a member's right to:
(A) Share in profits and losses as provided in §. See Tennessee Code 43-38-103 - Governance rights: means a right to vote on one (1) or more matters and all a member's rights as a member in the cooperative other than financial rights. See Tennessee Code 43-38-103
Any permissible assignment of financial rights under § 43-38-503 and of governance rights under § 43-38-504 will be effective as to and binding upon the cooperative only when the assignee’s name, address, social security or taxpayer identification number and the nature and extent of the assignment are reflected in the required records of the cooperative.