Tennessee Code 68-11-505 – Contributions declared a public purpose
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Terms Used In Tennessee Code 68-11-505
- 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.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
The contribution of public property and moneys, or both, to a public welfare corporation conducting a hospital is declared to be a public purpose for which public moneys raised by taxation may be expended.