48-57-108 - Action by written ballot. - Tennessee Statutes

48-57-108. Action by written ballot.

(a)  Except as provided in subsection (e) and unless prohibited or limited by the charter or bylaws, any action which may be taken at any annual or special meeting of members may be taken without a meeting if the corporation delivers a written ballot to every member entitled to vote on the matter.

(b)  A written ballot shall:

     (1)  Set forth each proposed action; and

     (2)  Provide an opportunity to vote for or against each proposed action.

(c)  Approval by written ballot pursuant to this section shall be valid only when the number of votes cast by ballot equals or exceeds the quorum required to be present at a meeting authorizing the action, and the number of approvals equals or exceeds the number of votes that would be required to approve the matter at a meeting at which the total number of votes cast was the same as the number of votes cast by ballot.

(d)  All solicitations for votes by written ballot shall:

     (1)  Indicate the number of responses needed to meet the quorum requirements;

     (2)  State the percentage of approvals necessary to approve each matter other than election of directors; and

     (3)  Specify the time by which a ballot must be received by the corporation in order to be counted.

(e)  Except as otherwise provided in the charter or bylaws, a written ballot may not be revoked.

[Acts 1987, ch. 242, § 7.08.]