SENATE BILL 758
By Yager
HOUSE BILL 672
By Scarbrough
HB0672
001973
- 1 -
AN ACT to amend Tennessee Code Annotated, Title 7,
Chapter 53, Part 3, relative to industrial
development corporations.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 7-53-317(a)(2), is amended by
deleting the period (.) at the end of the subdivision and adding the following language:
; however, upon dissolution of the nonprofit entity, the acreage shall be transferred to a
501(c)(3) nonprofit entity whose main purpose is to promote industrial development and
new nuclear development.
SECTION 2. This act takes effect upon becoming a law, the public welfare requiring it.