No director, during that director's term of office, shall be a party to a contract for profit with the association differing in any way from the business relations accorded regular members or holders of common stock of the association or others, or differing from terms generally current in that district. The bylaws may provide that no director shall occupy any position in the association, except the president and secretary, on regular salary or substantially full-time pay.
Tenn. Code Ann. § 43-16-118
Directors not to be interested in contracts for profit — Directors occupying positions in association
Known as the Cooperative Marketing Law
The act spans §§ 43-16-101 to 43-16-148 (48 sections).
Acts 1923, ch. 100, § 12; Shan
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.