(a) In accordance with § 4-51-105(a)(16), the corporation shall establish and maintain bank accounts only in institutions deemed to be qualified public depositories pursuant to title 9, chapter 4, part 5; provided, however, that if business needs dictate the establishment of accounts with an institution other than a qualified public depository, the corporation may create such accounts after filing a statement with the state funding board describing the business need for accounts at such an institution and the corporation’s plan for securing funds on deposit with such an institution.
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Terms Used In Tennessee Code 4-51-107

  • Board: means the board of directors of the Tennessee education lottery corporation. See Tennessee Code 4-51-102
  • 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.
  • Corporation: means 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
(b) For purposes of § 45-2-611, the corporation shall be considered a “governmental entity” and funds in its possession shall be deemed to be “public funds.”
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