Tennessee § 48-63-102 - Purchase of memberships—Authorized distributions.
Full text of Tennessee Tennessee Code Annotated § 48-63-102 — Purchase of memberships—Authorized distributions., with citation guidance and answers to common questions.
§ 48-63-102. Purchase of memberships—Authorized distributions.
A mutual benefit corporation may purchase its memberships if after the purchase is completed: The corporation would be able to pay its debts as they become due in the usual course of its activities; and The corporation's total assets would at least equal the sum of its total liabilities. A public benefit corporation may make distributions to its members who are public benefit corporations if the distributions are in conformity with its charitable purposes. A public benefit corporation and a mutual benefit corporation may make distributions upon dissolution in conformity with chapter 64 of this title. Acts 1987, ch. 242, § 13.02; 2014, ch. 899, § 76. Cross-References. Inapplicability of Nonprofit Corporation Act to certain rural electric and community services cooperatives, § 65-25-125 .
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 48-63-102
What does Tennessee Code Annotated § 48-63-102 cover?
Section 48-63-102 ("Purchase of memberships—Authorized distributions.") 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 § 48-63-102?
A common citation format is "Tennessee Code Annotated § 48-63-102" (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 § 48-63-102 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.