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Tennessee Code Title 48. Corporations and Associations § 48-69-122

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

(a) The following provisions in this title shall not be applicable to G&T cooperatives incorporated under or otherwise subject to this chapter: §§ 48-56-103 and 48-56-204, chapter 56, part 3 of this title, §§ 48-56-501, 48-57-102 -- 48-57-105, 48-57-108, 48-57-201, 48-57-203 -- 48-57-209, 48-57-301, 48-58-103 -- 48-58-106, 48-58-108, 48-58-109, 48-58-302, 48-60-103, 48-60-202 -- 48-60-204, 48-60-302, chapter 61 of this title, §§ 48-62-101, 48-62-102, 48-63-101, 48-63-102, 48-64-102, and 48-66-108.

(b) The following provisions contained in this title shall, but only as qualified in this subsection (b), be applicable to G&T cooperatives incorporated under or otherwise subject to this chapter:

(1) Section 48-51-201, except as provided in § 48-51-201(13) and (31) and in the second sentence of § 48-51-201(15); § 48-51-202, except that § 48-51-202(c) shall apply also as notice to directors of board meetings; § 48-51-601, except that the words “impractical or” in § 48-51-601(a) shall not be in effect;

(2) Section 48-52-101, except that incorporators under this chapter may be one (1) or more distribution cooperatives or one (1) or more governmental electric systems whose principal places of business are located in this state;

(3) Chapter 55 shall apply to G&T cooperatives:

(A) Unless and until changed, the registered offices and addresses of cooperatives shall be their principal offices and addresses and their registered agents shall be their general or acting managers or authorized individuals or entities, by whatever title known, and the agents' addresses shall be that of the registered offices; and

(B) The G&T cooperatives need not file any statement of their registered offices or agents or of the addresses of such offices or agents until they otherwise are required to file an amendment of their respective charters pursuant to § 48-68-101(b); provided, that if the registered offices or agents or their addresses are changed after July 1, 2009, the G&T cooperatives shall file a statement with the secretary of state pursuant to § 48-68-102;

(4) Section 48-58-303, except that a G&T cooperative may make loans to guarantee the obligations of a member who is also a member of the G&T cooperative in the ordinary course of business for the same purposes on the same basis and the same manner and to the same extent as such loans may be made to, or obligation may be guaranteed on behalf of, other members of the G&T cooperative; and

(5) Only § 48-60-101(a), and not subsection (b), shall be applicable.

(c) The nonapplicability and qualified applicability set forth in subsections (a) and (b) shall not be exclusive. Chapters 51-68 of this title shall or shall not be applicable, wholly or on a qualified basis, to G&T cooperatives incorporated subject to this chapter, depending upon whether the provisions are consistent with or different from this chapter, as provided for in § 48-51-104.

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Cite this article: FindLaw.com - Tennessee Code Title 48. Corporations and Associations § 48-69-122 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-48-corporations-and-associations/tn-code-sect-48-69-122/

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