49-4-101 - Part definitions.
49-4-101. Part definitions.
As used in this part, unless the context otherwise requires:
(1) Commissioner means the commissioner of commerce and insurance;
(2) Corporation means a corporation or association not for profit authorized to administer a plan in the state;
(3) Fiscal year means the period beginning January 1 and ending December 31 of each year;
(4) Member means any person who is accepted as a member by the plan and who may later become eligible for a scholarship as provided in the charter and bylaws of the plan;
(5) Plan means any educational cooperative plan or scholarship plan subject to this part;
(6) Recipient of scholarship means any member who has been granted a scholarship by the plan;
(7) Scholarship means educational benefits payable pursuant to a plan which shall not be deemed to be distribution of income to a member of a corporation; and
(8) Trustee of member means the person or persons, including corporations, partnerships or other entities, that, on behalf of a minor, executes an application for membership in the plan.
[Acts 1968, ch. 589, § 1; impl. am. Acts 1971, ch. 137, § 2; T.C.A., § 49-4501.]