Tennessee § 45-2-105 Exemption of nonprofit general welfare corporations

Tennessee Statutes

§ 45-2-105 — Exemption of nonprofit general welfare corporations

Tennessee § 45-2-105

Title45

This text of Tennessee § 45-2-105 (Exemption of nonprofit general welfare corporations) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 45-2-105 (2026).

Text

The commissioner may exempt a trust company from any requirement of this chapter or chapter 1 of this title or the rules of the department that would threaten the viability of the corporation, including, but not limited to, capitalization requirements, fees, and procedures that are not essential to the protection of the interests of the trust beneficiaries, if the trust company is:

(1)Chartered as a nonprofit general welfare corporation under the laws of Tennessee for the purpose of providing fiduciary services to mentally or physically disabled persons;

(2)Exempt from federal taxation under 26 U.S.C. § 501(c)(3) ; and (3) Approved by the commissioner of mental health and substance abuse services or the commissioner of disability and aging, as providing a necessary service that is not ot

Free access — add to your briefcase to read the full text and ask questions with AI

The commissioner may exempt a trust company from any requirement of this chapter or chapter 1 of this title or the rules of the department that would threaten the viability of the corporation, including, but not limited to, capitalization requirements, fees, and procedures that are not essential to the protection of the interests of the trust beneficiaries, if the trust company is: (1) Chartered as a nonprofit general welfare corporation under the laws of Tennessee for the purpose of providing fiduciary services to mentally or physically disabled persons; (2) Exempt from federal taxation under 26 U.S.C. § 501(c)(3) ; and (3) Approved by the commissioner of mental health and substance abuse services or the commissioner of disability and aging, as providing a necessary service that is not otherwise generally available for those persons.