Part Definitions

1. Law
2. Tennessee Code
3. Agriculture and Horticulture
4. Tennessee Processing Cooperative Law
5. Dissenter's Rights
6. Part Definitions

As used in this part, unless the context otherwise requires:

1. “Cooperative” means a cooperative whose members have obtained rights to dissent under § 43-38-802(a), and includes any successor by merger;
2. “Dissenter” means a member who is entitled to dissent from cooperative action under § 43-38-802(a) and who exercises that right when and in the manner required under this part;
3. “Fair value” means the value of the dissenter's membership interest of a cooperative immediately before the effective date of the cooperative action referred to in § 43-38-802(a), excluding any appreciation or depreciation in anticipation of the cooperative action;
4. “Interest” means interest from the effective date of the action referred to in § 43-38-802(a) that gave rise to the member's right to dissent until the date of payment, at the average auction rate paid on United States treasury bills with a maturity of six (6) months, or the closest maturity to that date, as of the auction date for such treasury bills closest to the effective date; and
5. “Member” includes a former member when dissenter's rights exist because:
   1. The membership of the former member has terminated causing dissolution; and
   2. The dissolved cooperative has then entered into a merger under § 43-38-122 or § 43-38-123.

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