(a) Any five (5) or more persons may, pursuant to title 48, chapters 51-68, form a corporation not for profit for the purpose of establishing, maintaining and operating a plan or plans subject to regulation under this part. Every corporation so organized and licensed under this part shall be deemed to be a charitable and benevolent institution.
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 or association not for profit authorized to administer a plan in the state. See Tennessee Code 49-4-101
Plan: means any educational cooperative plan or scholarship plan subject to this part. See Tennessee Code 49-4-101
(b) Each corporation shall have all the powers provided by law for corporations not for profit not inconsistent with this part, but the exercise of such powers shall be subject to the approval of the commissioner where, in the opinion of the commissioner, any such exercise of powers may impair or interfere with the ability of the corporation properly to execute, administer or operate any of the plans approved by the commissioner.(c) The charter of each corporation shall provide for a board of directors of no fewer than seven (7) persons.(d) The dissolution or liquidation of any corporation shall be under the supervision of the commissioner and pursuant to regulations promulgated by the commissioner for the protection of members and trustees of members. The commissioner shall have the same powers in connection with the dissolution or liquidation of the corporation granted the commissioner under the laws respecting the dissolution and liquidation of insurance companies.
