§ 49-4-101 — Part definitions

As used in this part, unless the context otherwise requires: (1) "Commissioner" means the commissioner of commerce and insurance; (2) "Corporation" means a corporation or association not for profit authorized to administer a plan in the state; (3) "Fiscal year" means the period beginning January 1 and ending December 31 of each year; (4) "Member" means any person who is accepted as a member by the plan and who may later become eligible for a scholarship as provided in the charter and bylaws of the plan; (5) "Plan" means any educational cooperative plan or scholarship plan subject to this part; (6) "Recipient of scholarship" means any member who has been granted a scholarship by the plan; (7) "Scholarship" means educational benefits payable pursuant to a plan which shall not be deemed to be distribution of income to a member of a corporation; and (8) "Trustee of member" means the person or persons, including corporations, partnerships or other entities, that, on behalf of a minor, executes an application for membership in the plan.

Legislative History

Acts 1968, ch. 589, § 1; impl. am. Acts 1971, ch. 137, § 2; T.C.A., § 49-4501.