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Tenn. Code Ann. § 43-38-807

Payment of fair value of dissenter's membership interest

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) Except as provided in § 43-38-809, as soon as the proposed cooperative action is effectuated, or upon receipt of a payment demand, whichever is later, the cooperative shall pay each dissenter who complied with § 43-38-806 the amount the cooperative estimates to be the fair value of the dissenter's membership interest, plus accrued interest.

(2) The payment must be accompanied by: The cooperative's balance sheet as of the end of a fiscal year ending not more than sixteen (16) months before the date of payment, an income statement for that year, and the latest available interim financial statements, if any;

(3) A statement of the cooperative estate of the fair value of the membership interests;

(4) An explanation of how the value of the membership interest was calculated;

(5) A statement of the dissenter's right to demand payment under § 43-38-810; and

(6) A copy of this part, if the cooperative has not previously sent a copy of this part to the member pursuant to § 43-38-803 or § 43-38-805.

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.