(a) The Tennessee student assistance corporation is authorized and empowered to:

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Terms Used In Tennessee Code 49-4-206

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • 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
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) Invest and reinvest any funds of the corporation in treasury notes, bonds or other securities of the United States, or bonds of this state; and
(2) Deposit on interest any funds of the corporation in a bank or banks in this state, in which bank or banks the deposits are guaranteed by the federal deposit insurance corporation or collateralized in compliance with § 9-4-105, applicable to deposits of public funds.
(b) Any interest or other earnings received by the corporation shall be added to and shall be made a part of the funds and assets of the corporation.