48-60-302 - Amendment terminating members or redeeming or cancelling memberships. - Tennessee Statutes

48-60-302. Amendment terminating members or redeeming or cancelling memberships.

(a)  Any amendment to the charter or bylaws which would terminate all members or any class of members or redeem or cancel all memberships of any class of memberships must meet the requirements of chapters 51-68 of this title and this section.

(b)  Before adopting a resolution proposing such an amendment, the board of a mutual benefit corporation shall give notice of the general nature of the amendment to the members.

(c)  After the board has adopted a resolution proposing such an amendment, the notice to members proposing such amendment shall include one (1) statement of up to five hundred (500) words opposing the proposed amendment if such statement is submitted by any five (5) members or members having three percent (3%) or more of the voting power, whichever is less, not later than twenty (20) days after the board has voted to submit such amendment to the members for their approval. In public benefit corporations, the production and mailing costs shall be paid by the requesting members. In mutual benefit corporations, the production and mailing costs shall be paid by the corporation.

(d)  Any such amendment shall be approved by the members by two thirds (2/3) of the voting power.

(e)  The provisions of § 48-56-302 shall not apply to any amendment meeting the requirements of chapters 51-68 of this title and this section.

[Acts 1987, ch. 242, § 10.31.]