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Tenn. Code Ann. § 48-28-109

Applicability of chapter as to business corporations that are not for-profit benefit corporations

Known as the For-Profit Benefit Corporation Act

The act spans §§ 48–48 (9 sections).

Acts 2015, ch. 497, § 1.

This chapter shall not affect a statute or other rule of law applicable to a domestic business corporation that is not a for-profit benefit corporation, except as provided in § 48-28-104. Specifically, no implication is made by, and no inference may be drawn from, the enactment of this chapter as to whether, in exercising their duties, the officers or directors of a domestic business corporation that is not a for-profit benefit corporation may consider the impact of the corporation's transactions or other conduct on:

(1) The interests of those materially affected by the corporation's conduct, including the pecuniary interests of shareholders; or

(2) Any public benefit or public benefits identified in its charter.

Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.