§ 48-101-904. Required contents of bylaws for designation as neighborhood preservation nonprofit corporation.

TN Code § 48-101-904 (2019) (N/A)

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(1) That all members shall be owners of real property located within the area designated in the plat described in § 48-101-903(c);

(2) That decisions of the corporation involving the protection or preservation of real property within the area designated in the plat described in § 48-101-903(c) shall be made by a two-thirds (⅔) vote of its members;

(3) That each member shall pay a minimum monthly amount in dues of twenty-five dollars ($25.00) to the corporation and agree, prior to membership, to pay any outstanding dues prior to selling the member's real property located within the area designated in the plat described in § 48-101-903(c);

(4) That all assets of the corporation, minus those needed for administrative purposes, shall be applied towards preserving and protecting the real property designated in the plat described in § 48-101-903(c);

(5) That an itemized financial accounting of assets used for administrative purposes shall be made available to members upon request; and

(6) That copies of the bylaws shall be provided to members upon becoming members and at any time that the bylaws are changed.

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§ 48-101-903. Registration of neighborhood preservation nonprofit corporation -- Filing of plat for subject real property.

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§ 48-101-905. Eligibility for housing trust fund competitive grants and other applicable grants -- Assistance of housing development agency in applying for grants.