(a) The trust corporation shall have a board of directors as provided in the document that creates the trust to be administered by the corporation. The board shall also serve as trustee of the trust. The directors and their successors shall be appointed in the manner provided in the document.
Terms Used In Tennessee Code 46-7-103
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.
Trustee: A person or institution holding and administering property in trust.
(b) The trust document shall also provide for the administration and maintenance of the trust funds and the manner in which funds are received and invested by the board acting as trustees for the trust, as well as the manner in which the real property may be conveyed to the trust for burial purposes to be irrevocably committed to the use for which it is conveyed. Unless the trust document otherwise provides, investments of the trust funds shall be essentially the same as those authorized for the investment of trust funds in accordance with title 35, chapter 3.
