The association may, at any time, as specified in the bylaws, except when the debts of the association exceed fifty percent (50%) of the association's assets, buy in or purchase its common stock at book value, as conclusively determined by the board of directors, and pay for it in cash within one (1) year thereafter.
Structure 2021 Tennessee Code
Chapter 13 - Coal Cooperative Marketing Associations
§ 59-13-102. Legislative Intent
§ 59-13-103. Chapter Definitions
§ 59-13-104. Creation of Associations
§ 59-13-106. Communications Regarding Probable Success
§ 59-13-107. Powers and Duties
§ 59-13-109. Articles of Incorporation — Directors — Stock
§ 59-13-110. Stock — Common and Preferred
§ 59-13-111. Articles of Incorporation — Subscription and Acknowledgment — Copies — Evidence
§ 59-13-115. Board of Directors
§ 59-13-116. Compensation of Officers and Directors
§ 59-13-117. Contracts and Positions of Directors — Prohibitions
§ 59-13-118. Executive Committee
§ 59-13-119. Vacancies on Board
§ 59-13-120. Election of Officers
§ 59-13-122. Certificates of Membership
§ 59-13-123. Conditions of Issuing Stock
§ 59-13-124. Liability of Members
§ 59-13-125. Number of Votes of Members or Stockholders
§ 59-13-127. Prohibited Transfer of Common Stock
§ 59-13-128. Purchase of Common Stock by Association
§ 59-13-129. Removal of Officers or Directors
§ 59-13-130. Referral of Policy to Membership
§ 59-13-131. Marketing Contracts — Sales to or Through Associations
§ 59-13-133. Use of Preferred Stock to Discharge Obligations
§ 59-13-135. Interests in Other Corporations
§ 59-13-136. Interests in Warehousing Corporations
§ 59-13-137. Permissible Contracts and Agreements
§ 59-13-138. Out-of-State Corporations
§ 59-13-139. Restraint of Trade — Monopolies
§ 59-13-141. Combinations — Amendment of Preexisting Charters