(a) There is hereby created a corporation, which shall be known as the “Tennessee education lottery corporation.”
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Terms Used In Tennessee Code 4-51-101

  • 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 the Tennessee education lottery corporation. See Tennessee Code 4-51-102
  • proceeds: means all lottery revenue derived from the sale of lottery tickets or shares and all other moneys derived from the lottery or received by the Tennessee education lottery corporation. See Tennessee Code 4-51-102
  • 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
  • Venue: The geographical location in which a case is tried.
(b) The corporation shall be registered with the secretary of state and shall be subject to the corporate laws of the state.
(c) The corporation shall be a body, politic and corporate, and a quasi-public instrumentality, and not a state agency or department, which shall be deemed to be acting in all respects for the benefit of the people of the state through the operation of a state lottery and in the performance of other essential public functions entrusted to it.
(d) The corporation shall have perpetual succession and shall adopt, amend, and repeal bylaws and regulations for the conduct of its affairs.
(e) The corporation shall strive to maximize net lottery proceeds.
(f) Venue for the corporation is Davidson County.
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