Tennessee § 7-39-310 - Nonprofit corporation — Net earnings.
Full text of Tennessee Tennessee Code Annotated § 7-39-310 — Nonprofit corporation — Net earnings., with citation guidance and answers to common questions.
§ 7-39-310. Nonprofit corporation — Net earnings.
The corporation shall be a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation, except that in the event the board of directors of the corporation shall determine that sufficient provision has been made for the full payment of the expenses, bonds or other obligations of the corporation, then any net earnings of the corporation thereafter accruing from gas properties or rights shall be paid to the municipal gas distribution system or systems for the benefit of which the corporation was organized, and any net earnings of the corporation thereafter accruing from electrical power properties or rights shall be paid to the municipal electrical power distribution system or systems for the benefit of which the corporation was organized. Acts 1977, ch. 299, § 16; T.C.A., § 6-4216; Acts 1997, ch. 93, § 17.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 7-39-310
What does Tennessee Code Annotated § 7-39-310 cover?
Section 7-39-310 ("Nonprofit corporation — Net earnings.") 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 § 7-39-310?
A common citation format is "Tennessee Code Annotated § 7-39-310" (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 § 7-39-310 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.