Subject to the limitations of this part and the certificate of incorporation, every corporation incorporated under this part has all the powers, privileges, and immunities of private corporations incorporated under the general laws of this state and, in addition, has the powers to:

(1)

lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 48-101-105

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Business: includes every trade, occupation, profession, investment activity and other lawful purpose for gain or the preservation of assets whether or not carried on for profits. See Tennessee Code 48-202-101
  • 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 a development credit corporation created under this part. See Tennessee Code 48-101-102
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Directors: means natural persons, designated in the charter or bylaws or elected or appointed by the incorporators, and their successors and natural persons elected or appointed to act as members of the board, irrespective of the names or titles by which such persons are described. See Tennessee Code 48-51-201
  • Entity: includes the following, whether foreign or domestic: LLCs. See Tennessee Code 48-202-101
  • Financial institution: means any banking corporation or institution, trust company, savings bank, cooperative bank, savings and loan association, insurance company, or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds. See Tennessee Code 48-101-102
  • Interest: means either or both of the following rights under the organic law of an unincorporated entity:
    (A) The right to receive distributions from the entity either in the ordinary course or upon liquidation. See Tennessee Code 48-11-201
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Person: includes individual and entity. See Tennessee Code 48-202-101
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • 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
  • Statute: A law passed by a legislature.
(A) Borrow money for any of the purposes of the corporation;
(B) Issue therefor its bonds, debentures, notes, or other evidences of indebtedness, whether secured or unsecured; and
(C) Secure the same by mortgage, pledge, deed of trust, or other lien on its property, franchises, rights and privileges of every kind and nature or any part thereof or interest therein;
(2) Lend money to, and to guarantee, endorse, or act as surety on the bonds, notes, contracts, or other obligations of, or otherwise assist financially any person, firm, corporation, joint stock company, association, or trust, and to establish and regulate the terms and conditions with respect to any such loans or financial assistance and the charges for interest and service connected therewith; provided, that the corporation shall not approve any application for a loan unless and until the person, firm, corporation, joint stock company, association, or trust applying for the loan shall show that such person or entity has applied for the loan through ordinary banking channels and that the loan has been refused by at least one (1) bank or other financial institution that would be qualified by statute to make such a loan, it not being the intention hereof to take from any banking organizations any such loans or commitments as may be desired by such organizations generally in the ordinary course of their business;
(3) Purchase, receive, hold, lease, or otherwise acquire, and to sell, convey, transfer, mortgage, lease, pledge, or otherwise dispose of, upon such terms and conditions as its board of directors may deem advisable, real and personal property, together with such rights and privileges as may be incidental and appurtenant thereto and the use thereof, including, but not restricted to, any real or personal property acquired by such corporation from time to time in the satisfaction of debts or enforcement of obligations;
(4)

(A) Acquire the goodwill, business, rights, real and personal property and other assets, or any part thereof, or interest therein, of such persons, firms, corporations, joint stock companies, and to assume, undertake, guarantee, or pay the obligations, debts, and liabilities of any such person, firm, corporation, joint stock company, association, or trust;
(B) Acquire improved or unimproved real estate for the purpose of constructing industrial plants or other business establishments thereon or for the purpose of disposing of such real estate to others for the construction of industrial plants or other business establishments; and
(C) Acquire, construct, or reconstruct, alter, repair, maintain, operate, sell, convey, transfer, lease, or otherwise dispose of industrial plants or business establishments;
(5) Acquire, subscribe for, own, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of the stock, shares, bonds, debentures, notes, or other securities and evidences of interest in, or indebtedness of, any person, firm, corporation, joint stock company, association, or trust, and while the owner or holder thereof, to exercise all the rights, powers and privileges of ownership, including the right to vote thereon;
(6) Mortgage, pledge, or otherwise encumber any property, right or thing of value, acquired pursuant to the powers contained in subdivision (3), (4) or (5) as security for the payment of any part of the purchase price thereof;
(7) Cooperate with and avail itself of the facilities of the small business administration and the Small Business Investment Company Act of 1958 ( 15 U.S.C. § 661 et seq.), or any similar federal agencies or programs;
(8) Cooperate with and avail itself of the facilities of the former Tennessee board for economic growth [repealed] and any similar governmental agencies, and to cooperate with and assist, and otherwise encourage, local organizations in the various communities in the state in the promotion, assistance and development of the business prosperity and economic welfare of such communities or of the state, or of any part thereof; and
(9) Do all acts and things necessary or convenient to carry out the powers expressly granted in this part.
  Previous section
Next section  
 Part 1 Contents