# Tenn. Code Ann. § 45-2-105: Exemption of nonprofit general welfare corporations

> Tennessee · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-105

## Section

- **Citation:** Tenn. Code Ann. § 45-2-105
- **Heading:** Exemption of nonprofit general welfare corporations
- **Jurisdiction:** Tennessee
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** TN Code / Title 45 / Chapter 2 / Section 45-2-105

## 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.

## Nearby sections

- [Tenn. Code Ann. § 45-2-103 Changes affecting bank control](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-103.md)
- [Tenn. Code Ann. § 45-2-104 Equality of taxation](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-104.md)
- [Tenn. Code Ann. § 45-2-105 Exemption of nonprofit general welfare corporations](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-105.md)
- [Tenn. Code Ann. § 45-2-106 Provisions applicable to savings and loan associations and savings banks - Conflicting laws](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-106.md)
- [Tenn. Code Ann. § 45-2-107 Acquisition, formation or control of banks and savings institutions](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-107.md)
- [Tenn. Code Ann. § 45-2-201 Incorporators - Applicant requirements](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-201.md)
- [Tenn. Code Ann. § 45-2-202 Notice of intention - Request for issuance of charter - Approval or nonapproval of notice of intention or request for issuance of charter and accompanying documents - Notice - Filing - Restriction on acceptance of shares of capital stock until notice of approval received](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-202.md)
- [Tenn. Code Ann. § 45-2-203 Organizational expenses](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-203.md)
- [Tenn. Code Ann. § 45-2-204 Application for charter - Acceptance, nonacceptance and filing of application - Notice to other banks - Formation of interim bank](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-204.md)
- [Tenn. Code Ann. § 45-2-205 Examination of application for charter - Factors considered](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-205.md)
- [Tenn. Code Ann. § 45-2-206 Subscription calls](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-206.md)
- [Tenn. Code Ann. § 45-2-207 Capital structure](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-207.md)
- [Tenn. Code Ann. § 45-2-208 Capital notes and debentures](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-208.md)
- [Tenn. Code Ann. § 45-2-211 Indemnification of officers, directors or employees](https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-211.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_TN_T45_C2_S45-2-105. Check the current official text before relying on it. Not legal advice.