43-16-132 - Referendum of policy matters upon demand to entire membership. - Tennessee Statutes

43-16-132. Referendum of policy matters upon demand to entire membership.

Upon demand of one third (1/3) of the entire board of directors, made immediately and so recorded at the same meeting at which the original motion was passed, any matter of policy that has been approved or passed by the board must be referred to the entire membership or the stockholders for decision at the next special or regular meeting; and a special meeting may be called for the purpose.

[Acts 1923, ch. 100, § 17; Shan. Supp., § 2534a57; Code 1932, § 3815; T.C.A. (orig. ed.), § 43-1833.]