Tennessee Control Share Acquisition Act

This act regulates the acquisition of a controlling block of voting shares in a corporation, treating shares acquired above that level differently from ordinary holdings. A person making such an acquisition must file a statement with the corporation, and the voting rights carried by the acquired shares turn on approval by the shareholders at a meeting called and noticed for that purpose; shareholders may in turn have the right to have their own shares redeemed. It also identifies acquisitions and corporations that fall outside its reach, and sets rules for how its provisions are to be construed.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.