(a) The corporation, once created, shall have the authority to create a land bank for real property located within the boundaries of the creating local government or local governments.

Terms Used In Tennessee Code 13-30-107

  • board: means the board of directors or other similar governing body of the corporation. See Tennessee Code 13-30-103
  • 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.
  • Corporation: means a corporation created pursuant to this chapter to operate a land bank. See Tennessee Code 13-30-103
  • Land bank: means real property, however obtained or acquired and held by a corporation, created pursuant to this chapter, with the intent of acquiring and holding onto the real property so acquired until such a time as the corporation is able to find a willing and able buyer to acquire the real property from the corporation. See Tennessee Code 13-30-103
  • Local government: means :
    (A) Any home rule municipality. See Tennessee Code 13-30-103
  • 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
(b) No rules or bylaws created by the corporation may contravene state law.
(c) All board members, appointees, employees and/or paid advisors of the corporation created, appointed or employed, with or without pay, pursuant to this chapter are subject to title 8, chapter 17, and may not be exempted on the basis of any corporate board governance rules or bylaws.
(d) All meetings of the board of directors of the corporation and/or its employees are subject to title 8, chapter 44, and may not be exempted on the basis of the corporate board governance rules or bylaws.
(e) All corporate records are subject to §§ 10-7-503 – 10-7-505, and may not be exempted on the basis of any corporate board governance rules or bylaws.
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