Tennessee Code 64-10-217 – Dissolution of the corporation – Distribution of assets
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Terms Used In Tennessee Code 64-10-217
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the board of directors of the Cumberland regional business and agribusiness marketing authority. See Tennessee Code 64-10-202
- Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
- 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.
- 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
Upon the dissolution of the corporation, after all creditors of the corporation have been paid, its assets shall be distributed to one (1) or more organizations that qualify as exempt organizations under § 501(c)(3) of the Internal Revenue Code of 1986, or corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government or an institution of the board of regents system for exclusively public purposes.