48-56-303 - Purchase of memberships. - Tennessee Statutes

48-56-303. Purchase of memberships.

(a)  A public benefit corporation may not purchase any of its memberships or any right arising therefrom.

(b)  A mutual benefit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditions set forth in or authorized by its charter. No payment shall be made in violation of chapter 63 of this title.

[Acts 1987, ch. 242, § 6.32.]