(a) The governing body of any municipality may exercise direct control in the development, operation and maintenance of any industrial park, or may delegate by ordinance or resolution any or all powers to a commission or board, the composition, terms of office, appointment, and compensation to be determined by the governing body in such ordinance or resolution.
Terms Used In Tennessee Code 13-16-104
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.
(b) Such powers may be delegated to an industrial development corporation created under title 7, chapter 53, to any existing port authority, to a regional megasite authority created under title 64, chapter 6 or to similar bodies available to act as an instrumentality of the municipality.
