Tennessee Code 58-2-125 – Acceptance of gifts
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Terms Used In Tennessee Code 58-2-125
- 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.
- Emergency: means an occurrence, or threat thereof, whether natural, technological, or manmade, in war or in peace, that results or may result in substantial injury or harm to the population, or substantial damage to or loss of property. See Tennessee Code 58-2-101
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Person: includes a natural person or entity organized under the laws of this state or any other state or territory of the United States or the federal government, as the case may be, and includes both the singular and plural. See Tennessee Code 58-2-101
- 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
The governor, on behalf of the state, may accept a gift of funds from any person, firm, or corporation for the purpose of providing funding for emergency relief services. Gifted funds shall be deposited in the emergency and contingency fund. The emergency and contingency fund may be used for any purpose authorized by law to be allowed on executive order of the governor.