59-13-108 - Membership Stock. - Tennessee Statutes

59-13-108. Membership Stock.

(a)  Under the terms and conditions prescribed in the bylaws adopted by it, an association may admit as members (or issue common stock to) only persons engaged in the production of coal or its derivatives to be handled by or through the association.

(b)  If a member of a nonstock association be other than a natural person, such members may be represented by any individual, associate, officer, or manager, or member of such association duly authorized in writing.

(c)  One (1) association organized hereunder may become a member or stockholder of any other association or associations organized hereunder.

[Acts 1984, ch. 864, § 8.]