Tenn. Code Ann. § 45-2-105
This is the official text of Tenn. Code Ann. § 45-2-105, part of Tennessee’s Code Ann — part of the compiled statutory law of Tennessee, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Exemption of nonprofit general welfare corporations
Official statutory text
The commissioner may exempt a trust company from any requirement of this chapter or chapter 1 of this title or the rules of the department that would threaten the viability of the corporation, including, but not limited to, capitalization requirements, fees, and procedures that are not essential to the protection of the interests of the trust beneficiaries, if the trust company is: (1) Chartered as a nonprofit general welfare corporation under the laws of Tennessee for the purpose of providing fiduciary services to mentally or physically disabled persons; (2) Exempt from federal taxation under 26 U.S.C. § 501(c)(3) ; and (3) Approved by the commissioner of mental health and substance abuse services or the commissioner of disability and aging, as providing a necessary service that is not otherwise generally available for those persons. Amended by 2024 Tenn. Acts, ch. 688,s 134, eff. 7/1/2024. Acts 1982, ch. 895, § 1; 2010 , ch. 1100, § 71; 2012 , ch. 575, § 2.
The commissioner may exempt a trust company from any requirement of this chapter or chapter 1 of this title or the rules of the department that would threaten the viability of the corporation, including, but not limited to, capitalization requirements, fees, and procedures that are not essential to the protection of the interests of the trust beneficiaries, if the trust company is:
(1) Chartered as a nonprofit general welfare corporation under the laws of Tennessee for the purpose of providing fiduciary services to mentally or physically disabled persons;
(2) Exempt from federal taxation under 26 U.S.C. § 501(c)(3) ; and
(3) Approved by the commissioner of mental health and substance abuse services or the commissioner of disability and aging, as providing a necessary service that is not otherwise generally available for those persons.
Amended by 2024 Tenn. Acts, ch. 688,s 134, eff. 7/1/2024.
Acts 1982, ch. 895, § 1; 2010 , ch. 1100, § 71; 2012 , ch. 575, § 2.
The commissioner may exempt a trust company from any requirement of this chapter or chapter 1 of this title or the rules of the department that would threaten the viability of the corporation, including, but not limited to, capitalization requirements, fees, and procedures that are not essential to the protection of the interests of the trust beneficiaries, if the trust company is:
(1) Chartered as a nonprofit general welfare corporation under the laws of Tennessee for the purpose of providing fiduciary services to mentally or physically disabled persons;
(2) Exempt from federal taxation under 26 U.S.C. § 501(c)(3) ; and
(3) Approved by the commissioner of mental health and substance abuse services or the commissioner of disability and aging, as providing a necessary service that is not otherwise generally available for those persons.
Amended by 2024 Tenn. Acts, ch. 688,s 134, eff. 7/1/2024.
Acts 1982, ch. 895, § 1; 2010 , ch. 1100, § 71; 2012 , ch. 575, § 2.
Status: in_force
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