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Tennessee Code Title 48. Corporations and Associations § 48-250-113

Current as of January 02, 2024 | Updated by Findlaw Staff

(a) A decentralized organization is dissolved upon the occurrence of the following:

(1) The period fixed for the duration of the organization expires;

(2) By vote of the majority of the members of a member-managed decentralized organization;

(3) At the time or upon the occurrence of events specified in the underlying smart contracts, or articles of organization, or operating agreement;

(4) The decentralized organization failed to approve proposals or take actions for a period of one (1) year; or

(5) By order of the secretary of state, if the decentralized organization is deemed to no longer perform a lawful purpose.

(b) As soon as possible following the occurrence of an event specified in subsection (a), the organization must execute a statement of intent to dissolve in the form prescribed by the secretary of state.

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Cite this article: FindLaw.com - Tennessee Code Title 48. Corporations and Associations § 48-250-113 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-48-corporations-and-associations/tn-code-sect-48-250-113/

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