The action also lies against the directors, managers, and officers of a corporation, or the trustees of funds given for a public or charitable purpose:

(1) To bring them to an account for the management and disposition of property entrusted to their care;

Terms Used In Tennessee Code 29-35-102

  • 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.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
(2) To remove such officers or trustees on proof of misconduct;
(3) To prevent malversation, peculation, and waste;
(4) To set aside and restrain improper alienations of such property or funds, and to secure them for the benefit of those interested; and
(5) Generally to compel faithful performance of duty.
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