Tennessee Code 8-27-604 – Municipal corporation or special school district may share cost of program – Salary deductions
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Terms Used In Tennessee Code 8-27-604
- 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.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
For the purpose of financing such insurance programs, the municipal corporation or special school district may bear the expense of such coverages, as the aldermen or other governing body of the municipal corporation or special school district shall so determine, up to an amount equaling one hundred percent (100%) of the cost of such program, and the participating employees and officials shall have deducted from their salary an amount which will be sufficient to pay the remainder of the cost for the coverage.