Tenn. Code § 61-3-1106

Current through Acts 2023-2024, ch. 1069
Section 61-3-1106 - Approval of merger
(a) A plan of merger is not effective unless the plan has been approved:
(1) By a domestic merging limited partnership, the affirmative vote or consent of all general partners and of limited partners owning a majority of the rights to receive distributions as limited partners at the time the vote or consent is to be effective; and
(2) In a record, by each partner of a domestic merging limited partnership that will have interest holder liability for debts, obligations, and other liabilities that are incurred after the merger becomes effective, unless:
(A) The partnership agreement of the partnership provides in a record for the approval of a merger in which some or all of its partners become subject to interest holder liability by the affirmative vote or consent of fewer than all the partners; and
(B) The partner consented in a record to or voted for that provision of the partnership agreement or became a partner after the adoption of that provision.
(b) A merger involving a domestic merging entity that is not a limited partnership is not effective unless the merger is approved by that entity in accordance with the entity's organic law.
(c) A merger involving a foreign merging entity is not effective unless the merger is approved by the foreign entity in accordance with the law of the foreign entity's jurisdiction of formation.

T.C.A. § 61-3-1106

Added by 2017 Tenn. Acts, ch. 440,s 1, eff. 1/1/2018.