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Tennessee Code Title 43. Agriculture and Horticulture § 43-38-801

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As used in this part, unless the context otherwise requires:

(1) “Cooperative” means a cooperative whose members have obtained rights to dissent under § 43-38-802(a), and includes any successor by merger;

(2) “Dissenter” means a member who is entitled to dissent from cooperative action under § 43-38-802(a) and who exercises that right when and in the manner required under this part;

(3) “Fair value” means the value of the dissenter's membership interest of a cooperative immediately before the effective date of the cooperative action referred to in § 43-38-802(a), excluding any appreciation or depreciation in anticipation of the cooperative action;

(4) “Interest” means interest from the effective date of the action referred to in § 43-38-802(a) that gave rise to the member's right to dissent until the date of payment, at the average auction rate paid on United States treasury bills with a maturity of six (6) months, or the closest maturity to that date, as of the auction date for such treasury bills closest to the effective date;  and

(5) “Member” includes a former member when dissenter's rights exist because:

(A) The membership of the former member has terminated causing dissolution;  and

(B) The dissolved cooperative has then entered into a merger under § 43-38-122 or § 43-38-123.

Cite this article: - Tennessee Code Title 43. Agriculture and Horticulture § 43-38-801 - last updated January 01, 2020 |

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