Tennessee · Snapshot open-us-law v2026.08, retrieved 2026-09-17

Tenn. Code Ann. § 48-63-102: Purchase of memberships-Authorized distributions

(a) A mutual benefit corporation may purchase its memberships if after the purchase is completed: (1) The corporation would be able to pay its debts as they become due in the usual course of its activities; and (2) The corporation's total assets would at least equal the sum of its total liabilities. (b) A public benefit corporation may make distributions to its members who are public benefit corporations if the distributions are in conformity with its charitable purposes. (c) A public benefit corporation and a mutual benefit corporation may make distributions upon dissolution in conformity with chapter 64 of this title. Amended by 2014 Tenn. Acts, ch. 899, s 76, eff. 1/1/2015. Acts 1987, ch. 242, § 13.02.
(a) A mutual benefit corporation may purchase its memberships if after the purchase is completed: (1) The corporation would be able to pay its debts as they become due in the usual course of its activities; and (2) The corporation's total assets would at least equal the sum of its total liabilities.
(1) The corporation would be able to pay its debts as they become due in the usual course of its activities; and
(2) The corporation's total assets would at least equal the sum of its total liabilities.
(b) A public benefit corporation may make distributions to its members who are public benefit corporations if the distributions are in conformity with its charitable purposes.
(c) A public benefit corporation and a mutual benefit corporation may make distributions upon dissolution in conformity with chapter 64 of this title.

Where this section sits in the code

TN Code
Title 48
Chapter 63

(1) The corporation would be able to pay its debts as they become due in the usual course of its activities; and

(2) The corporation's total assets would at least equal the sum of its total liabilities.

(b) A public benefit corporation may make distributions to its members who are public benefit corporations if the distributions are in conformity with its charitable purposes.

(c) A public benefit corporation and a mutual benefit corporation may make distributions upon dissolution in conformity with chapter 64 of this title.

Collected 2026-09-17T21:51:56Z. Source file · JSON

Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text. Source · License

Tennessee electronic product files were republished by Public.Resource.Org under a public-domain mark. GroundRules uses enacted text from Release 76 only as a labeled supplement to the newer Open US Law rows. Source

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