Terms Used In Tennessee Code 4-41-108

  • Corporation: means a nonprofit corporation, which shall be properly incorporated under the laws of this state and approved by the United States internal revenue service as an organization that is exempt from federal income tax under Section 501(a) of the Internal Revenue Code ( Tennessee Code 4-41-102
  • 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.

[Effective until 7/1/2024]

The corporation shall pay expenses incurred by the corporation for the administration of the program from moneys transferred from the account to the corporation pursuant to § 4-41-105(b).