(a) Except as otherwise provided in subsection (b), a person transacting business in this state, other than a licensee, shall not use a name or title that indicates that the person is a business and industrial development corporation, including, but not limited to, use of the term “BIDCO,” and shall not otherwise represent that the person is a business and industrial development corporation or a licensee.

Terms Used In Tennessee Code 45-8-205

  • Bank: means any person, as hereinafter defined, doing a banking business subject to the laws of this or any other jurisdiction and, for the purposes of supervision, examination and liquidation, includes industrial investment companies and industrial banks authorized by chapter 5 of this title. See Tennessee Code 45-1-103
  • BIDCO: means a business and industrial development corporation licensed under this part. See Tennessee Code 45-8-203
  • 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.
  • License: means a license issued under this part authorizing a Tennessee corporation to transact business as a BIDCO. See Tennessee Code 45-8-203
  • Licensee: means a Tennessee corporation that is licensed under this part. See Tennessee Code 45-8-203
  • Person: includes an individual, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, cooperative, government, agency of a government, or any other entity or organization. See Tennessee Code 45-8-203
  • State: means the state of Tennessee. See Tennessee Code 45-8-203
  • Tennessee corporation: means a corporation, whether for profit or nonprofit, incorporated under Tennessee law. See Tennessee Code 45-8-203
  • Trust company: means a state trust company or any other company chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Tennessee Code 45-1-103
(b) Before being issued a license under this part, a Tennessee corporation that proposes to apply for a license or that applies for a license may perform, under a name that indicates that the corporation is a business and industrial development corporation, the acts necessary to apply for and obtain a license and to otherwise prepare to commence transacting business as a licensee. The corporation shall not represent that it is a licensee until after the license has been obtained.
(c) A BIDCO licensed under this part shall not use a name or title that would indicate that it is a bank or trust company.
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