Tennessee Code 4-28-115 – Liquidation of remaining state ownership interests – Method – Approval by treasurer – Investments liquidated after program end date
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 4-28-115
- End date profit share percentage: means a fee paid to the state by a qualified TNInvestco as provided in §. See Tennessee Code 4-28-102
- Program end date: means December 31, 2024. See Tennessee Code 4-28-102
- 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
- TNInvestco: means a partnership, corporation, trust or limited liability company, whether organized on a for-profit or not-for-profit basis that completes the application process in §. See Tennessee Code 4-28-102
Beginning on December 31, 2021, the department shall liquidate any remaining ownership interests owned by the state. Methods to liquidate remaining ownership interests include the sale of interests to a third party. The sale of any ownership interests shall be approved by the treasurer. Qualified investments that are liquidated after the program end date must be distributed between the qualified TNInvestco and the state according to the end date profit share percentage.