reglab/housing_qa huggingface dataset:
TN Code § 48-101-202 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 2 - Massachusetts Trust Act of 1961|§ 48-101-202. Definition — Levy of Tax Authorized

  A Massachusetts trust is an unincorporated business association created at common law by an instrument under which property is held and managed by trustees for the benefit and profit of such persons as may be or may become the holders of transferable certificates evidencing beneficial interests in the trust estate, the holders of which certificates are entitled to the same limitation of personal liability extended to stockholders of private corporations.   Nothing contained in this chapter shall be construed or held to authorize the levy of any tax on earnings or distributions from an investment fund organized as a unit investment trust taxable as a grantor trust under 26 U.S.C. §§ 671-677 (whether or not such trust would otherwise constitute a business trust); provided, that not less than seventy-five percent (75%) of the value of the investments of such investment fund shall be in any combination of bonds of the United States, state of Tennessee, or any county or any municipality or political subdivision of the state, including any agency, board, authority, or commission of the state or its subdivisions.
TN Code § 48-101-203 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 2 - Massachusetts Trust Act of 1961|§ 48-101-203. Recognized Form of Association

 A Massachusetts trust is permitted as a recognized form of association for the conduct of business within the state of Tennessee.
TN Code § 48-101-204 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 2 - Massachusetts Trust Act of 1961|§ 48-101-204. Filing of Trust Instrument

 Any Massachusetts trust desiring to do business in this state shall file with the secretary of state a verified copy of the trust instrument creating such trust and any amendment thereto, the assumed business name, if any, and the names and addresses of its trustees; it shall also file true copies of the foregoing with the county register in the county in which it has its principal place of business in this state, and also in any county in which it owns any real property.
TN Code § 48-101-205 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 2 - Massachusetts Trust Act of 1961|§ 48-101-205. Binding Effect of Trust Instrument

 Any person dealing with such Massachusetts trust shall be bound by the terms and conditions of the trust instrument and any amendments thereto so filed.
TN Code § 48-101-206 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 2 - Massachusetts Trust Act of 1961|§ 48-101-206. Taxation and Fees

 Any Massachusetts trust created under this part or entering this state pursuant thereto shall pay such taxes and fees as are imposed by the laws, ordinances, and resolutions of the state of Tennessee, and any counties and municipalities thereof, on domestic and foreign corporations, respectively, on an identical basis therewith. In computing such taxes and fees, the shares of beneficial interest of such a trust shall have the character for tax purposes of shares of stock in private corporations.
TN Code § 48-101-207 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 2 - Massachusetts Trust Act of 1961|§ 48-101-207. Corporation Laws Applicable

 Any Massachusetts trust shall be subject to such applicable provisions of law, now or hereafter enacted, with respect to domestic and foreign corporations, respectively, as relate to the issuance of securities, filing of required statements or reports, service of process, general grants of power to act, right to sue and be sued, limitation of individual liability of shareholders, rights to acquire, mortgage, sell, lease, operate and otherwise to deal in real and personal property, and other applicable rights and duties existing under the common law and statutes of this state in a manner similar to those applicable to domestic and foreign corporations.
TN Code § 48-101-303 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-303. Application for Incorporation

  Whenever any number of natural persons, not less than three (3), each of whom shall be a duly qualified elector of and taxpayer in the municipality, shall file with the governing body thereof an application in writing seeking permission to apply for the incorporation of a health, educational and housing facility corporation of such municipality, the governing body shall proceed to consider such application.   If the governing body shall, by appropriate resolution duly adopted, find and determine that it is wise, expedient, necessary or advisable that the corporation be formed and shall authorize the persons making such application to proceed to form such corporation and shall approve the form of certificate of incorporation proposed to be used in organizing the corporation, then the persons making such application shall execute, acknowledge and file a certificate of incorporation for the corporation as hereinafter provided.   No corporation may be formed unless such application shall have first been filed with the governing body of the municipality and the governing body shall have adopted a resolution as provided in this section.
TN Code § 48-101-304 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-304. Certificate of Incorporation

  The certificate of incorporation shall set forth:  The names and residences of the applicants, together with a recital that each of them is an elector of and taxpayer in the municipality;   The name of the corporation which shall be The Health, Educational and Housing Facility Board of the  of  (the blanks to be filled in with the name of the municipality), if such name shall be available for use by the corporation and if not available then the incorporators shall designate some other similar name that is available;   A recital that permission to organize the corporation has been granted by resolution duly adopted by the governing body of the municipality and the date of the adoption of such resolution;   The location of the principal office of the corporation (which shall be in the municipality);   The purposes for which the corporation is proposed to be organized;   The number of directors of the corporation;   The period, if any, for the duration of the corporation; and   Any other matter which the applicants may choose to insert therein which shall not be inconsistent with this part or with the laws of the state of Tennessee.     The certificate of incorporation shall be subscribed and acknowledged by each of the applicants before an officer authorized by the laws of Tennessee to take acknowledgments to deeds.
TN Code § 48-101-305 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-305. Filing of Certificate of Incorporation

 When executed and acknowledged in conformity with § 48-101-304, the certificate of incorporation shall be filed with the secretary of state. The secretary of state shall thereupon examine the certificate of incorporation and, if the secretary of state finds that the recitals contained therein are correct, that the requirements of § 48-101-304 have been complied with, and that the name is not identical with or so nearly similar to that of another corporation already in existence in this state as to lead to confusion and uncertainty, the secretary of state shall approve the certificate of incorporation and record it in an appropriate book or record in the secretary of state's office. When such certificate has been so made, filed and approved, the applicants shall constitute a public corporation under the name set out in the certificate of incorporation.
TN Code § 48-101-306 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-306. Amendment of Certificate of Incorporation

  The certificate of incorporation may at any time and from time to time be amended so as to make any changes therein and add any provisions thereto which might have been included in the certificate of incorporation in the first instance. Any such amendment shall be effected in the following manner:  The members of the board of directors of the corporation shall file with the governing body of the municipality an application in writing seeking permission to amend the certificate of incorporation, specifying in such application the amendment proposed to be made;   Such governing body shall consider such application and, if it shall by appropriate resolution duly find and determine that it is wise, expedient, necessary or advisable that the proposed amendment be made and shall authorize the same to be made, and shall approve the form of the proposed amendment, then the persons making such application shall execute an instrument embodying the amendment specified in such application, and shall file the same with the secretary of state;   The proposed amendment shall be subscribed and acknowledged by each member of the board of directors before an officer authorized by the laws of Tennessee to take acknowledgments to deeds;   The secretary of state shall thereupon examine the proposed amendment and, if the secretary of state finds that the requirements of this section have been complied with and the proposed amendment is within the scope of what might be included in an original certificate of incorporation, the secretary of state shall approve the amendment and record it in an appropriate book in the secretary of state's office;   When such amendment has been so made, filed and approved, it shall thereupon become effective and the certificate of incorporation shall thereupon be amended to the extent provided in the amendment.     No certificate of incorporation shall be amended except in the manner provided in this section.
TN Code § 48-101-307 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-307. Board of Directors

  The corporation shall have a board of directors in which all powers of the corporation shall be vested and which shall consist of any number of directors, not less than seven (7), all of whom shall be duly qualified electors of and taxpayers in the municipality.   The directors shall serve as such without compensation except that they shall be reimbursed for their actual expenses incurred in and about the performance of their duties hereunder.   No director shall be an officer or employee of the municipality.   The directors shall be elected by the governing body of the municipality, and they shall be so elected that they shall hold office for staggered terms. At the time of the election of the first board of directors, the governing body of the municipality shall divide the directors into three (3) groups containing as near equal whole numbers as may be possible. The first term of the directors included in the first group shall be two (2) years, the first term of the directors included in the second group shall be four (4) years, the first term of the directors included in the third group shall be six (6) years, and thereafter the terms of all directors shall be six (6) years; provided, that if at the expiration of any term of office of any director a successor thereto shall not have been elected, then the director whose term of office shall have expired shall continue to hold office until a successor shall be so elected.   The directors shall meet and organize as a board and shall elect one (1) of its members as chair, one (1) as vice chair, one (1) as treasurer and one (1) as secretary and such officers shall annually be elected thereafter in like manner.   The duties of secretary and treasurer may be performed by the same director.   Any action taken by the directors under this part may be authorized by resolution at any regular or special meeting, and such resolution shall take effect immediately and need not be published or posted.   Any meeting held by the board of directors for any purpose whatsoever shall be open to the public.
TN Code § 48-101-309 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-309. Terms of Contracts

 Any lease, sale contract or loan agreement with respect to a project entered into pursuant to this part shall be for a term not shorter than the longest maturity of any bonds issued to finance such project, and shall provide for revenues adequate to pay principal of and interest on such bonds as the same falls due and to pay such portion of the operating expenses of the corporation as the board of directors shall determine to be necessary.
TN Code § 48-101-311 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-311. Security for Bonds

  The principal of and interest on any bonds issued by the corporation shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable, and may be secured by a mortgage or deed of trust covering all or any part of the projects from which the revenues or receipts so pledged may be derived, including any enlargements of and additions to any such projects thereafter made, and by an assignment and pledge of all or any part of the corporation's interest in and rights under the leases, sale contracts or loan agreements relating to such projects, or any thereof.   The resolution under which the bonds are authorized to be issued and any such mortgage or deed of trust may contain any agreements and provisions respecting the maintenance of the projects covered thereby; the fixing and collection of rents or payments with respect to any projects or portions thereof covered by such resolution, mortgage or deed of trust, the creation and maintenance of special funds from such revenues and from the proceeds of such bonds, and the rights and remedies available in the event of default, all as the board of directors shall deem advisable and not in conflict with this part.   Each pledge, agreement, mortgage and deed of trust made for the benefit or security of any of the bonds of the corporation shall continue effective until the principal of and interest on the bonds for the benefit of which the same were made shall have been fully paid. In the event of default in such payment or in any agreement of the corporation made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any mortgage and deed of trust executed as security therefor, the payment or agreement may be enforced by suit, mandamus, the appointment of a receiver in equity or by foreclosure of any such mortgage and deed of trust, or any one (1) or more of these remedies.
TN Code § 48-101-313 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-313. Nonliability of Municipality

 The municipality shall not in any event be liable for the payment of the principal of or interest on any bonds of the corporation, or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever, which may be undertaken by the corporation, and none of the bonds of the corporations or any of its agreements or obligations shall be construed to constitute an indebtedness of the municipality within the meaning of any constitutional or statutory provision whatsoever.
TN Code § 48-101-314 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-314. Disposition of Earnings

 The corporation shall be a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation, except that in the event the board of directors of the corporation shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of the corporation, then any net earnings of the corporation thereafter accruing shall be paid to the municipality with respect to which the corporation was organized; provided, that nothing herein contained shall prevent the board of directors from transferring all or any part of its properties in accordance with the terms of any lease, sale contract, loan agreement, mortgage or deed of trust entered into by the corporation.
TN Code § 48-101-315 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-315. Completion of Corporate Purpose — Dissolution

  Whenever the board of directors of the corporation shall by resolution determine that the purposes for which the corporation was formed have been substantially complied with and all bonds theretofore issued and all obligations theretofore incurred by the corporation have been fully paid, the then members of the board of directors of the corporation shall thereupon execute and file for record in the office of the secretary of state a certificate of dissolution reciting such facts and declaring the corporation to be dissolved. Such certificate of dissolution shall be executed under the corporate seal of the corporation.   Upon the filing of such certificate of dissolution, the corporation shall stand dissolved, the title to all funds and properties owned by it at the time of such dissolution shall vest in the municipality, and possession of such funds and properties shall forthwith be delivered to such municipality.
TN Code § 48-101-316 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-316. Joint Operation

 The authorities and powers herein conferred upon corporations created under this part may be exercised by two (2) or more such corporations acting jointly. Two (2) or more municipalities may by acting jointly incorporate a public corporation to effectuate the purposes of this part. When two (2) or more municipalities incorporate such a public corporation, each and every requisite pertaining to the application for incorporation, qualifications of applicants, certificate of incorporation and amendment of certificate shall be incumbent in like manner upon each municipality joining in the creation of this public corporation. Officers, but not employees, of a municipality within a public corporation organized among two (2) or more municipalities may serve as directors of such a corporation.
TN Code § 48-101-317 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-317. Transfer of Project Sites

 Any municipality may acquire a project site by gift, purchase or lease, and may transfer any project site to a corporation by sale, lease, or gift. Such transfer may be authorized by a resolution of the governing body of the municipality without submission of the question to the voters, and without regard to the requirements, restrictions, limitations or other provisions contained in any other general, special or local law. Such project site may be within or without the municipality or partially within and partially without the municipality.
TN Code § 48-101-318 (2021)
2021 Tennessee Code|Title 48 - Securities, Corporations and Associations|Chapter 101 - Special Purpose Corporations and Associations|Part 3 - Health, Educational and Housing Facility Corporations|§ 48-101-318. Construction With Other Laws — Severability

  Neither this part nor anything herein contained shall be construed as a restriction or limitation upon any powers which the corporation might otherwise have under any laws of this state, but shall be construed as cumulative of any such powers. No proceedings, notice or approval shall be required for the organization of the corporation or the issuance of any bonds or any instrument as security therefor, except as herein provided, any other law to the contrary notwithstanding; provided, that nothing herein shall be construed to deprive the state and its governmental subdivisions of their respective police powers over properties of the corporation, or to impair any power thereover of any official or agency of the state and its governmental subdivisions which may be otherwise provided by law.   The powers conferred by this part shall be in addition and supplementary to, and the limitations by this part shall not affect the powers conferred by, any other general, special or local law. Projects may be acquired, purchased, constructed, reconstructed, improved, bettered and extended and bonds may be issued under this part for these purposes, notwithstanding that any other general, special or local law may provide for the acquisition, purchase, construction, reconstruction, improvement, betterment and extension of a like project, or the issuance of bonds for like purposes, and without regard to the requirements, restrictions, limitations or other provisions contained in any other general, special or local law.   If any one (1) or more sections or provisions of this part (including, without limitation, the provisions of § 48-101-317 authorizing the transfer of a project site by a municipality to a corporation and the provisions of § 48-101-312 exempting the corporation and its properties from taxation), or the application thereof to any person or circumstance, shall ever be held by any court of competent jurisdiction to be invalid, the remaining provisions of this part and the application thereof to persons or circumstances, other than those to which it is held to be invalid, shall not be affected thereby, it being the intention of the general assembly to enact the remaining provisions of this part, notwithstanding such invalidity.   If any provision of § 48-101-301(8) or § 48-101-301(15)(D), as amended by Acts 1988, ch. 1014, or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of § 48-101-301(8) or § 48-101-301(15)(D), as amended by chapter 1014 of the Acts of 1988, which can be given effect without the invalid provision or application, and to that end § 48-101-301(8) or (15)(D), as amended by chapter 1014 of the Acts of 1988, are declared to be severable.