Tennessee Code 49-50-904 – Transfer of ownership and control
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Terms Used In Tennessee Code 49-50-904
- 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.
- 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
Not later than July 1, 1986, ownership and control of the stations currently licensed to the state board of education shall be transferred to not-for-profit community corporations. Notwithstanding any other provision of this part and subject to the approval of the state board of education and the federal communications commission, any station may be transferred to a new not-for-profit corporation or to an existing not-for-profit corporation that is engaged in public broadcasting, and more than one (1) station may be operated by the not-for-profit broadcasting entity.