Tennessee Code 6-54-108 – Penalty for unlawful interest of officer
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Terms Used In Tennessee Code 6-54-108
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Officer: means the mayor, aldermen, city attorney and city judge. See Tennessee Code 6-1-101
- Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
Every officer of such corporation who shall unlawfully be concerned in making such contract, or who shall unlawfully pay money upon the same to or for any person declared incapable in § 6-54-107, shall forfeit the amount so paid; and such officer shall be jointly and severally liable to an action for the same, which action may be prosecuted by any citizen of the corporation in its name.