§ 48-69-101. Short Title
This chapter shall be known and may be cited as the “Electric G&T Cooperative Act.”
§ 48-69-102. Legislative Findings
The general assembly finds that a need has developed for electric utility systems engaged in the distribution of electric power and energy in this state and adjoining states to have additional sources of electrical energy through traditional sources of generation and through renewable, clean and passive sources of electrical energy, as well as through other […]
§ 48-69-103. Chapter Definitions
As used in this chapter: “Area” or “TVA area” means the area of the Tennessee Valley authority as described in § 15(d)(a) of the Tennessee Valley Authority Act of 1933 (16 U.S.C. § 831n-4); “Board” means a G&T cooperative’s board of directors or the necessary number of the board of directors to take action; “Distribution […]
§ 48-69-104. Operation as a Nonprofit Membership Cooperative Corporation
Any corporation hereafter created, organized and operated pursuant to this chapter shall be operated as a nonprofit membership cooperative corporation.
§ 48-69-105. Existing Cooperatives
Any existing G&T cooperative shall be deemed to have been created, organized and operating under this chapter without further action by its members or board of directors and shall have all the rights, privileges, duties and obligations provided in this chapter.
§ 48-69-106. Purposes of Cooperatives — Powers
A G&T cooperative shall have the following purposes: To supply or furnish at wholesale electric power and energy services to one (1) or more patrons; To own, lease, construct, acquire, operate or otherwise have control, either alone or with others, plants, equipment, facilities, lines and all property necessary to transmit, generate, supply or otherwise furnish […]
§ 48-69-107. Bylaws
The original bylaws adopted by a board of directors of a G&T cooperative created or operating and subject to this chapter shall continue in effect until at any time thereafter the bylaws are changed by adoption, amendment or repeal by the members by the process as established in the bylaws, except that: The members may, […]
§ 48-69-108. Board of Directors
The business and affairs of a G&T cooperative shall be managed under the direction of a board of directors of not less than five (5) directors or such greater number as may be prescribed by the bylaws of the G&T cooperative. All of the powers of a G&T cooperative shall be vested in and exercised […]
§ 48-69-109. Election of Directors — Composition of Districts or Divisions
Notwithstanding any other provision of this chapter or other laws of this state, the bylaws may provide that a G&T cooperative may elect its directors on an at-large basis or by districts or divisions, or by a combination of some number of directors to be elected at-large and some number by districts or divisions, all […]
§ 48-69-110. Principal Officers
The principal officers of the G&T cooperative shall be a chair of the board of directors, a vice chair of the board of directors, a secretary and a treasurer and such other officers as may be determined from time to time by the bylaws or the board of directors; provided, that the other officers appointed […]
§ 48-69-111. Chief Executive Officer
The board of directors of the G&T cooperative may, but is not required to, appoint a chief executive officer who may have the title of president, and may further appoint one (1) or more vice presidents, one (1) or more assistant secretaries, and one (1) or more assistant treasurers, and may by resolution provide for […]
§ 48-69-112. Membership in Cooperative
Only distribution cooperatives, governmental electric systems, energy acquisition corporations, another G&T cooperative and joint action agencies created under the laws of any state shall be eligible to be members of a G&T cooperative. Members must meet such other qualifications and criteria for membership as may be established in the bylaws of the G&T cooperative. To […]
§ 48-69-113. Accounting of Revenues — Distribution of Excess Revenues — Prepayment
With respect to the supplying or furnishing of service by a G&T cooperative, there shall be an accounting of the revenues for any fiscal year that are in excess of the amount necessary to: Defray expenses of the G&T cooperative, including the operation and maintenance of its facilities during the fiscal year; Pay interest and […]
§ 48-69-114. Liens — Recordation
Any mortgage, deed of trust or other instrument executed by a G&T cooperative that, by its terms, creates a lien upon real and personal property, then owned or after-acquired, and that is recorded as a mortgage of real property in any county in which the property is located or is to be located, shall have […]
§ 48-69-115. Dissolution of Cooperative
A G&T cooperative that has not commenced business may dissolve voluntarily by delivering to the secretary of state articles of dissolution, executed and acknowledged on behalf of the G&T cooperative by a majority of the incorporators, which shall state: The name of the G&T cooperative; The address of its principal office; That the G&T cooperative […]
§ 48-69-116. Transaction of Business by Foreign Corporations in Adjacent States
Any corporation organized on a nonprofit or a cooperative basis for one (1) or more of the purposes outlined in § 48-69-106(a) and operating in a state adjacent to this state shall be permitted to transact business in this state without complying with any statute of this state pertaining to the qualification of foreign corporations […]
§ 48-69-117. No Exemption From Ad Valorem Property Taxes
Nothing in this chapter shall be construed to exempt cooperatives and foreign corporations transacting business in this state pursuant to this chapter from ad valorem property taxes. Assessment schedules for such property that is devoted to and used or useful in pursuance of the purposes of the G&T cooperative shall be filed with the comptroller […]
§ 48-69-118. Restrictions on Services of Cooperatives
No G&T cooperative shall provide electrical power and energy services to retail customers in the Tennessee Valley authority (TVA) area. No G&T cooperative shall provide telephony, cable television, video programming, internet access or other telecommunications services to retail customers in the TVA area; provided, however, that nothing in this section shall preclude or prevent a […]
§ 48-69-119. Exemption From Control of the Tennessee Public Utility Commission
G&T cooperatives and foreign corporations transacting business in this state pursuant to this chapter shall be deemed to be nonprofit cooperatives and nonutilities and exempt in all respects from the jurisdiction and control of the Tennessee public utility commission.
§ 48-69-120. Chapter 16 of This Title Not Applicable to Any Note, Bond or Evidence of Indebtedness
Chapter 16 of this title shall not apply to any note, bond or other evidence of indebtedness issued by any G&T cooperative or foreign corporation transacting business in this state pursuant to this chapter, to the United States or any agency or instrumentality of the United States, or to any mortgage or deed of trust […]