Tennessee § 48-101-708 - Effect of conversion.
Full text of Tennessee Tennessee Code Annotated § 48-101-708 — Effect of conversion., with citation guidance and answers to common questions.
§ 48-101-708. Effect of conversion.
Upon the effective date of the conversion from a subsidiary nonprofit corporation to a nonprofit LLC: All property owned by the converting nonprofit corporation remains vested in the nonprofit LLC; All obligations of the converting nonprofit corporation continue as obligations of the nonprofit LLC; and An action or proceeding pending against the converting nonprofit corporation may be continued as if the conversion had not occurred. The converting nonprofit corporation shall not be required to wind up its affairs or to pay its liabilities and distribute its assets, and such conversion shall be deemed to constitute a dissolution of such subsidiary nonprofit corporation. The ownership interests or membership of the parent nonprofit corporation in the subsidiary nonprofit corporation shall become membership interests in the nonprofit LLC. Acts 2001, ch. 418, § 1.
Frequently Asked Questions About Tennessee § 48-101-708
What does Tennessee Code Annotated § 48-101-708 cover?
Section 48-101-708 ("Effect of conversion.") 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 § 48-101-708?
A common citation format is "Tennessee Code Annotated § 48-101-708" (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 § 48-101-708 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.