(a) Any educational cooperative plan or scholarship plan shall be deemed a plan subject to this part if the principal features of the plan consist of:

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Terms Used In Tennessee Code 49-4-102

  • 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 corporation or association not for profit authorized to administer a plan in the state. See Tennessee Code 49-4-101
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Plan: means any educational cooperative plan or scholarship plan subject to this part. See Tennessee Code 49-4-101
  • 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. See Tennessee Code 49-4-101
(1) Participation by a specific person based on contributions made on behalf of that person; and
(2) Qualification for participation in whole or in part based upon amount and duration of the contribution.
(b) Any person, firm, corporation or corporation for profit may advertise or solicit funds for the plans if employed by the corporation not for profit; provided, that the person, firm, corporation or corporation for profit complies fully with the provisions set out in this part.
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