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2018 Tennessee Code
Title 48 - Corporations and Associations
For-Profit Business Corporations
Chapter 28 - For-Profit Benefit Corporation Act
§ 48-28-109. Applicability of chapter as to business corporations that are not for-profit benefit corporations.
Universal Citation: TN Code § 48-28-109 (2018)
- 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.
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