Tennessee Code 49-7-602 – Legislative declaration
Terms Used In Tennessee Code 49-7-602
- 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.
- 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
- Trustee: A person or institution holding and administering property in trust.
The general assembly recognizes the importance of creating a legal mechanism to safeguard and protect valuable rights and privileges sought to be created and protected by the framers of our constitution. Through this part, the general assembly recognizes, as did our forefathers, that knowledge, learning and virtue are essential to the preservation of our institutions of government and the diffusion of the opportunities and advantages of education should be paramount in our concerns. To that end, the general assembly declares its support for the establishment and formation of a trust corporation to act as trustee of a charitable trust for higher education and for the encouragement and acceptance of voluntary contributions for the benefit of the state and its citizens. Through the mechanism established by this part, the inherent values so essential for the general welfare of our state will be preserved for future generations.