Tennessee § 59-13-109 - Articles of incorporation — Directors — Stock.

§ 59-13-109. Articles of incorporation — Directors — Stock.

Each association formed under this chapter must prepare and file articles of incorporation, setting forth: The name of the association; The purpose for which it is formed; The place where its principal business will be transacted; The duration of the association, if other than perpetual. If the charter of any association organized under this chapter provides for a term of existence, not exceeding fifty (50) years, such charter is hereby deemed to be amended to provide that the duration of the association is perpetual, unless a majority of the members of such association shall vote to limit the duration of the association to some other period of time in accordance with title 48, chapter 11, part 3 or title 48, chapter 51, part 3, as applicable; provided, however, that in no event may the members so amend the charter of an association which has been in existence for more than fifty (50) years; The number of directors of the association, which must be not less than three (3) and may be any number greater than the required minimum; the term of office of such directors; and the names and addresses of those who are to serve as incorporating directors for the first term, or until the election and qualification of their successors; If organized without capital stock, whether the property rights and interest of each member shall be equal or unequal, and if unequal, the general rule or rules applicable to all members by which the property rights and interests, respectively, of each member may and shall be determined and fixed; and provision for the admission of new members who shall be entitled to share in the property of the association with the old members, in accordance with such general rule or rules. This provision or paragraph of the articles of incorporation shall not be altered, amended, or repealed, except by the written consent or vote of three fourths (¾) of the members; and If organized with capital stock, the amount of such stock and the number of shares into which it is divided and the par value of such stock. Acts 1984, ch. 864, § 9. Cross-References. Preferred stock, § 59-13-126 .