Tennessee Code 48-101-114 – Obligations of corporation are legal investments for members
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Terms Used In Tennessee Code 48-101-114
- Bylaws: means the code or codes of rules (other than the charter) adopted pursuant to chapters 51-68 of this title for the regulation or management of the affairs of the corporation irrespective of the name or names by which such rules are designated. See Tennessee Code 48-51-201
- 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 development credit corporation created under this part. See Tennessee Code 48-101-102
Notwithstanding any other law, general or special, the notes or other interest-bearing obligations of such corporation, issued in accordance with and by virtue of this part and the bylaws of such corporation, shall be legal investments for the banking, insurance, and surety organizations which become members of such corporation, up to but in no event exceeding the loan limits established herein.