45-8-205 - Corporate names. - Tennessee Statutes

45-8-205. Corporate names.

(a)  Except as otherwise provided in subsection (b), a person transacting business in this state, other than a licensee, shall not use a name or title that indicates that the person is a business and industrial development corporation, including, but not limited to, use of the term “BIDCO,” and shall not otherwise represent that the person is a business and industrial development corporation or a licensee.

(b)  Before being issued a license under this part, a Tennessee corporation that proposes to apply for a license or that applies for a license may perform, under a name that indicates that the corporation is a business and industrial development corporation, the acts necessary to apply for and obtain a license and to otherwise prepare to commence transacting business as a licensee. The corporation shall not represent that it is a licensee until after the license has been obtained.

(c)  A BIDCO licensed under this part shall not use a name or title that would indicate that it is a bank or trust company.

[Acts 1989, ch. 124, § 5; 1997, ch. 131, § 2.]