Tenn. Code § 48-28-109

Current through Acts 2023-2024, ch. 1069

Section 48-28-109 - Applicability of chapter as to business corporations that are not for-profit benefit corporations

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.

T.C.A. § 48-28-109

Added by 2015 Tenn. Acts, ch. 497, s 1, eff. 1/1/2016.