Tennessee § 59-13-117 - Contracts and positions of directors — Prohibitions.
Full text of Tennessee Tennessee Code Annotated § 59-13-117 — Contracts and positions of directors — Prohibitions., with citation guidance and answers to common questions.
§ 59-13-117. Contracts and positions of directors — Prohibitions.
No director, during the term of the director's office, shall be a party to a contract for profit with the association differing in any way from the business relations accorded regular members or holders of common stock of the association or others, or differing from terms generally current in that district. The bylaws may provide that no director shall occupy any position in the association, except the president and secretary on regular salary or substantially full-time pay. Acts 1984, ch. 864, § 17.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 59-13-117
What does Tennessee Code Annotated § 59-13-117 cover?
Section 59-13-117 ("Contracts and positions of directors — Prohibitions.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 59-13-117?
A common citation format is "Tennessee Code Annotated § 59-13-117" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 59-13-117 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.