43-38-401 - Amendment of articles No vested property rights conferred. - Tennessee Statutes

43-38-401. Amendment of articles No vested property rights conferred.

(a)  A cooperative may amend its articles at any time to add or change a provision that is required or permitted in the articles or to delete a provision not required in the articles. Whether a provision is required or permitted in the articles is determined as of the effective date of the amendment.

(b)  A member of a cooperative does not have a vested property right resulting from any provision in the articles or bylaws, including provisions relating to management control, capital structure, distribution, entitlement or purpose or duration of the cooperative.

[Acts 2004, ch. 534, § 9.]