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There is hereby created a corporation, which shall be known as the “Tennessee education lottery corporation.”
The corporation shall be registered with the secretary of state and shall be subject to the corporate laws of the state.
The corporation shall be a body, politic and corporate, and a quasi-public instrumentality, and not a state agency or department, which shall be deemed to be acting in all respects for the benefit of the people of the state through the operation of a state lottery and in the performance of other essential public functions entrusted to it.
The corporation shall have perpetual succession and shall adopt, amend, and repeal bylaws and regulations for the conduct of its affairs.
The corporation shall strive to maximize net lottery proceeds.