Section 48-63-102 - Purchase of memberships-Authorized distributions

(a) A mutual benefit corporation may purchase its memberships if after the purchase is completed: (1) The corporation would be able to pay its debts as they become due in the usual course of its activities; and(2) The corporation's total assets would at least equal the sum of its total liabilities.(b) A public benefit corporation may make distributions to its members who are public benefit corporations if the distributions are in conformity with its charitable purposes.(c) A public benefit corporation and a mutual benefit corporation may make distributions upon dissolution in conformity with chapter 64 of this title.Amended by 2014 Tenn. Acts, ch. 899, s 76, eff. 1/1/2015.Acts 1987, ch. 242, § 13.02.