§ 48-28-103 — Chapter definitions

Tennessee § 48-28-103

• Jurisdiction: Tennessee
• Title: 48

Text

As used in this chapter: (1) "For-profit benefit corporation" means a domestic business corporation organized under and subject to the Tennessee Business Corporation Act, compiled in chapters 11-27 of this title that intends to pursue a public benefit or public benefits; (2) "Foreign for-profit benefit corporation" means a for-profit corporation incorporated under a law other than the laws of this state that intends, as stated in its charter or similar governing instrument, to pursue a public benefit or public benefits and has, under that law, the status of a for-profit benefit corporation or its substantial equivalent; (3) "Public benefit" means a positive effect or reduction of negative effects on one (1) or more categories of persons, entities, communities, or interests, other than shareholders in their capacities as shareholders, including, but not limited to, an artistic, charitable, cultural, economic, educational, environmental, literary, medical, religious, scientific, or technological effect; and (4) "Public benefit provisions" means the provisions of a charter as described in § 48-28-104(d) .

Legislative History

Added by 2015 Tenn. Acts, ch. 497,s 1, eff. 1/1/2016.