Tennessee – SB 1505 revises the Nonprofit Corporation Act

Tennessee – SB 1505 revises the Nonprofit Corporation Act

May 20, 2014

Senate Bill 1505 (Chapter 899) signed by the governor May 9 and effective January 1, 2015 revises the Nonprofit Corporation Act regarding notices, filing requirements, filing fees, indemnification and liability, actions without a meeting, proxies, inspectors of election; the exercise of powers of directors, liability for unlawful distributions, duties of officers, removal of officers, conflict of interest, charter and bylaw amendments, mergers, membership exchanges and conversions, transfers of assets, and other provisions. The bill text can be accessed at the Secretary of State website.