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Tenn. Code Ann. § 43-38-806

Duty to demand payment

Known as the Tennessee Processing Cooperative Law

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

Acts 2004, ch. 534, § 27.

(1) A member sent a dissenter's notice described in § 43-38-805 must demand payment and certify whether the member acquired the membership interest before the date required to be set forth in the dissenter's notice pursuant to § 43-38-805(b)(2).

(2) The member who demands payment under subsection (a) retains all other rights of a member until these rights are cancelled or modified by the effectuation of the proposed cooperative action.

(3) A member who does not demand payment by the date set in the dissenter's notice is not entitled to payment for the member's membership interest under this part.

(4) A demand for payment filed by a member may not be withdrawn unless the cooperative with which it was filed, or the surviving cooperative consents to the withdrawal.

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.