All of the board‘s business shall be transacted, all of its funds invested, all warrants for money drawn, any payments made and all of its cash and securities and other property shall be held:

(1) In the name of the board;
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Terms Used In Tennessee Code 49-7-816

  • Board: means the board of trustees of the college savings trust fund program described in this part. See Tennessee Code 49-7-802
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
(2) In the name of its nominee; provided, that the nominee is authorized by board resolution solely for the purpose of facilitating the transfer of securities and restricted to members of the board, or a partnership composed of any such members; or
(3) For the account of the board or its nominee in such forms as are standard in the investment community for the timely transaction of business or ownership identification, such as book entry accounts.
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