Public Benefit and Mutual Benefit Corporations

1. Law
2. Tennessee Code
3. Securities, Corporations and Associations
4. Transition Provisions
5. General Provisions
6. 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 (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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