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Tenn. Code Ann. § 43-38-405

Court ordered plan of reorganization

Known as the Tennessee Processing Cooperative Law

The act spans §§ 43-38-1001–43-38-904 (150 sections).

Acts 2004, ch. 534, § 9.

(1) A cooperative's articles may be amended without action by the board of directors or members to carry out a plan of reorganization ordered or decreed by a court of competent jurisdiction under federal statute, if the articles after amendment contain only provisions required or permitted by § 43-38-203.

(2) The individual or individuals designated by the court shall deliver to the secretary of state for filing articles of amendment setting forth: The name of the cooperative;

(3) The text of each amendment approved by the court;

(4) The date of the court's order or decree approving the articles of amendment;

(5) The title of the reorganization proceeding in which the order or decree was entered; and

(6) A statement that the court had jurisdiction of the proceeding under federal statute.

(7) Members of a cooperative undergoing reorganization do not have dissenters' rights, except as and to the extent provided in the reorganization plan.

(8) This section does not apply after entry of a final decree in the reorganization proceedings, even though the court retains jurisdiction of the proceeding for limited purposes unrelated to consummation of the reorganization plan.

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.