2016 Tennessee Code
Title 48 - Corporations and Associations
Nonprofit Corporations
Chapter 68 - Transition Provisions
Part 1 - General Provisions
§ 48-68-104. Public benefit and mutual benefit corporations.
On January 1, 1988, each domestic corporation existing on January 1, 1988, that is or becomes subject to chapters 51-68 of this title, shall be designated as a public benefit or a mutual benefit corporation as follows:
(1) Any corporation designated by statute as a public benefit corporation or a mutual benefit corporation is the type of corporation designated by statute;
(2) Any corporation which does not come within subdivision (1) but which is recognized as exempt under § 501(c)(3) of the Internal Revenue Code, codified in 26 U.S.C. § 501(c)(3), or any successor section, is a public benefit corporation;
(3) Any corporation which does not come within subdivision (1) or (2), but which is organized for a public or charitable purpose and which upon dissolution must distribute its assets to the United States, a state or a person which is recognized as exempt under § 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation; and
(4) Any corporation which does not come within subdivision (1), (2) or (3) is a mutual benefit corporation.
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