The association may, at any time, as specified in the bylaws, except when the debts of the association exceed fifty percent (50%) of the assets of the association, buy in or purchase its common stock at the book value of the common stock, as conclusively determined by the board of directors, and pay for it in cash within one (1) year after the purchase.
Tenn. Code Ann. § 43-16-129
Purchase of its common stock by association
Known as the Cooperative Marketing Law
The act spans §§ 43–43 (48 sections).
Acts 1923, ch. 100, § 15; 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.