Tennessee § 48-28-109 Applicability of chapter as to business corporations that are not for-profit benefit corporations

Tennessee Statutes

§ 48-28-109 — Applicability of chapter as to business corporations that are not for-profit benefit corporations

This chapter shall not affect a statute or other rule of law applicable to a domestic business corporation that is not a for-profit benefit corporation, except as provided in § 48-28-104 . Specifically, no implication is made by, and no inference may be drawn from, the enactment of this chapter as to whether, in exercising their duties, the officers or directors of a domestic business corporation that is not a for-profit benefit corporation may consider the impact of the corporation's transactions or other conduct on:

(1)The interests of those materially affected by the corporation's conduct, including the pecuniary interests of shareholders; or (2) Any public benefit or public benefits identified in its charter.

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This chapter shall not affect a statute or other rule of law applicable to a domestic business corporation that is not a for-profit benefit corporation, except as provided in § 48-28-104 . Specifically, no implication is made by, and no inference may be drawn from, the enactment of this chapter as to whether, in exercising their duties, the officers or directors of a domestic business corporation that is not a for-profit benefit corporation may consider the impact of the corporation's transactions or other conduct on: (1) The interests of those materially affected by the corporation's conduct, including the pecuniary interests of shareholders; or (2) Any public benefit or public benefits identified in its charter.

Tennessee § 48-28-109 (Applicability of chapter as to business corporations that are not for-profit benefit corporations) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.