48-101-112 - Powers of stockholders and members Voting. - Tennessee Statutes

48-101-112. Powers of stockholders and members Voting.

(a)  The stockholders and members of the corporation have the following powers of the corporation, to:

     (1)  Determine the number of the elected directors as provided in § 48-101-107;

     (2)  Make, amend, and repeal bylaws;

     (3)  Amend the charter as provided in § 48-101-119; and

     (4)  Exercise such other of the powers of the corporation as may be conferred on the stockholders and the members by the bylaws.

(b)  As to all matters requiring action by the stockholders and members of the corporation, the stockholders and the members shall vote separately thereon by classes and, except as otherwise herein provided, such matters shall require the affirmative vote of the majority of the votes to which the stockholders present or represented at the meeting shall be entitled, and the affirmative vote of a majority of the votes to which the members present or represented at the meeting shall be entitled. Each stockholder shall have one (1) vote, in person or by proxy, for each share of capital stock held by the stockholder and each member shall have one (1) vote, in person or by proxy, except that any member having a loan limit of more than one thousand dollars ($1,000) shall have one (1) additional vote, in person or by proxy, for each additional one thousand dollars ($1,000) which such member is authorized to have outstanding on loans to the corporation at any one (1) time as determined under § 48-101-113.

[Acts 1959, ch. 170, § 8; T.C.A., §§ 48-1712, 48-3-112.]