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.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Minor: means any person who has not attained eighteen (18) years of age. See Tennessee Code 1-3-105
(1) This chapter shall not apply to any nonprofit corporation that is:
(A) Incorporated under the laws of Tennessee;(B) Exempt from federal income taxation under 26 U.S.C. § 501(c)(3); and(C) Requested by a patient or a patient’s family to raise funds for an organ transplant for a specific individual.(2) Any funds remaining in a particular account shall revert to the general fund of the corporation to be used to assist other similarly situated persons.(b)(1) This chapter shall not apply to any nonprofit corporation that:
(A) Is incorporated under the laws of Tennessee and is exempt from federal income taxation under 26 U.S.C. § 501(c)(3); and(B) Solicits and accepts contributions of funds for the purpose of providing minors suffering from a catastrophic illness with nonmedical gifts or benefits to fulfill a desire or wish of the minor.(2) A portion of such funds may be used to provide appropriate adult supervision if required by the gift.(3) Any such funds raised for a particular minor and unexpended shall revert to the general fund of the corporation to be used to provide gifts or benefits for a similar minor.
