The articles and bylaws shall provide that:

(1) The purpose of the corporation is to strengthen the economy of the state through the development of an entrepreneurial ecosystem that can support potential high-growth businesses, with a particular focus on technology-enabled small businesses;

Terms Used In Tennessee Code 4-14-204

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(2) The corporation may receive money from any source, may borrow money, may enter into contracts, and may expend money for any activities appropriate to its purpose;
(3) The corporation may appoint staff and do all other things necessary or incidental to carrying out the functions listed in § 4-14-205;
(4) Any changes in the articles of incorporation or bylaws shall be approved by the general assembly;
(5) The corporation shall submit an annual report to the governor and to the general assembly, such report is due on November 1 of each year and shall include detailed information on the structure, operation, and financial status of the corporation. The corporation shall conduct an annual public hearing to receive comments from interested parties regarding the report. Notice of such hearing shall be given at least thirty (30) days before the hearing; and
(6) The corporation is subject to an annual audit by the comptroller of the treasury, and that the corporation shall bear the full costs of this audit.
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