Tennessee § 43-38-801 - Part definitions.

§ 43-38-801. Part definitions.

As used in this part, unless the context otherwise requires: “Cooperative” means a cooperative whose members have obtained rights to dissent under § 43-38-802(a), and includes any successor by merger; “Dissenter” means a member who is entitled to dissent from cooperative action under § 43-38-802(a) and who exercises that right when and in the manner required under this part; “Fair value” means the value of the dissenter's membership interest of a cooperative immediately before the effective date of the cooperative action referred to in § 43-38-802(a), excluding any appreciation or depreciation in anticipation of the cooperative action; “Interest” means interest from the effective date of the action referred to in § 43-38-802(a) that gave rise to the member's right to dissent until the date of payment, at the average auction rate paid on United States treasury bills with a maturity of six (6) months, or the closest maturity to that date, as of the auction date for such treasury bills closest to the effective date; and “Member” includes a former member when dissenter's rights exist because: The membership of the former member has terminated causing dissolution; and The dissolved cooperative has then entered into a merger under § 43-38-122 or § 43-38-123. Acts 2004, ch. 534, § 27.