48-101-809 - Applicability of part Election to be governed by part. - Tennessee Statutes

48-101-809. Applicability of part Election to be governed by part.

(a)  (1)  The provisions of this part apply to:

          (A)  Every domestic nonprofit LLC formed on or after July 1, 2006; and

          (B)  Any domestic nonprofit LLC that was formed prior to July 1, 2006, and that has elected to be governed by the Tennessee Revised Limited Liability Company Act, compiled in chapter 249 of this title, pursuant to § 48-249-1002.

     (2)  If there are other specific statutory provisions that govern the formation of, impose restrictions or requirements on, confer special powers, privileges or authorities on or fix special procedures or methods for special categories of LLCs, then to the extent those provisions are inconsistent with or different from this part, those provisions shall prevail.

     (3)  A domestic nonprofit LLC that was formed between December 31, 2005, and July 1, 2006, may elect to be governed by the Tennessee Revised Limited Liability Company Act, compiled in chapter 249 of this title, pursuant to § 48-249-1002, to the same extent as a domestic nonprofit LLC that was formed prior to January 1, 2006.

(b)  Any domestic nonprofit LLC that was formed prior to July 1, 2006, under the Nonprofit Limited Liability Company Act of 2001, compiled in chapter 101, part 7 of this title, and that does not voluntarily elect to be governed by the Tennessee Revised Limited Liability Company Act, compiled in chapter 249 of this title, as provided in subsection (a), shall continue to be governed by the Nonprofit Limited Liability Company Act of 2001.

(c)  The provisions of this part apply to every foreign nonprofit LLC that first files an application for a certificate of authority under the Tennessee Revised Limited Liability Company Act, compiled in chapter 249 of this title, on or after July 1, 2006. With respect to each foreign nonprofit LLC that first filed an application for a certificate of authority prior to July 1, 2006, the Nonprofit Limited Liability Company Act of 2001 shall apply to the foreign nonprofit LLC, until the due date of the first annual report required to be filed by the foreign nonprofit LLC on or after July 1, 2006, after which due date this part shall apply to the foreign nonprofit LLC, except that the foreign nonprofit LLC shall not be required to obtain a new certificate of authority.

(d)  This part does not affect an action or proceeding commenced or right accrued under the Nonprofit Limited Liability Company Act of 2001.

[Acts 2006, ch. 620, § 10.]