4-14-304 - Contents of articles and bylaws.
4-14-304. Contents of articles and bylaws.
The articles and bylaws shall provide that:
(1) The purposes of the corporation are to contribute to the strengthening of the economy of the state through the development of science and technology, and to promote the development of Tennessee businesses by supporting the transfer of science, technology, and quality improvement methods to private and public enterprises;
(2) The corporation may receive money from any source, may borrow money, may enter into contracts, and may expend money for any activities appropriate to its purpose;
(3) The corporation may appoint staff and do all other things necessary or incidental to carrying out the functions listed in § 4-14-305;
(4) Any changes in the articles of incorporation or bylaws shall be approved by the general assembly;
(5) The corporation shall submit an annual report to the governor and to the general assembly, such report is due on November 1 of each year and shall include detailed information on the structure, operation, and financial status of the corporation. The corporation shall conduct an annual public hearing to receive comments from interested parties regarding the report. Notice of such hearing shall be given at least thirty (30) days before the hearing; and
(6) The corporation is subject to an annual audit by the comptroller of the treasury, and that the corporation shall bear the full costs of this audit.
[Acts 1997, ch. 517, § 5.]