Tenn. Code § 43-38-807

Current through Acts 2023-2024, ch. 1069
Section 43-38-807 - Payment of fair value of dissenter's membership interest
(a) 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.
(b) The payment must be accompanied by:
(1) 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;
(2) A statement of the cooperative estate of the fair value of the membership interests;
(3) An explanation of how the value of the membership interest was calculated;
(4) A statement of the dissenter's right to demand payment under § 43-38-810; and
(5) 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.

T.C.A. § 43-38-807

Acts 2004, ch. 534, § 27.