(a) The lifetime sportsman endowment fund is an irrevocable trust for the exclusive benefit of lifetime sportsman license holders, as prescribed in a trust instrument approved by the trustees, to be administered by the state treasurer. The attorney general and reporter shall approve the terms of the trust instrument.
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Terms Used In Tennessee Code 70-1-502

  • Agency: means the wildlife resources agency. See Tennessee Code 70-1-101
  • Contract: A legal written agreement that becomes binding when signed.
  • Executive director: means the executive director of the wildlife resources agency. See Tennessee Code 70-1-101
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
  • 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
  • Wildlife: means wild vertebrates, mollusks, crustaceans, and fish. See Tennessee Code 70-1-101
(b)

(1) The trustees of the trust are:

(A) The commissioner of finance and administration or the commissioner’s designee;
(B) The state treasurer or the treasurer’s designee; and
(C) The executive director of the wildlife resources agency or the executive director’s designee.
(2) The state treasurer, or the treasurer’s designee, shall serve as the chair of the trustees and shall preside over all meetings and proceedings of the trustees.
(c) In addition to the powers granted by this part, the trustees have the powers necessary or convenient to carry out this part and the purposes and objectives of the trust, including, but not limited to, the following express powers:

(1) To invest any funds of the trust in any instrument, obligation, security, or property that constitutes legal investments, as provided in the investment policy adopted pursuant to § 70-1-504(a);
(2) To contract for the provision of all or any part of the services necessary for the management and operation of the trust;
(3) To contract with financial consultants, auditors, and other consultants as necessary to carry out its responsibilities under this part; and
(4) To prepare financial reports, including financial statements, following the close of each fiscal year relative to the activities of the trust. The statements and reports must be prepared in accordance with the accounting standards of the governmental accounting standards board.
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