48-101-603 - Part definitions. - Tennessee Statutes

48-101-603. Part definitions.

As used in this part, unless the context otherwise requires:

     (1)  “Disqualified person” means an individual or entity that for any reason is or becomes ineligible under this part to be issued shares by a professional corporation;

     (2)  “Domestic professional corporation” means a professional corporation;

     (3)  “Foreign professional corporation” means a corporation or association for profit incorporated for the purpose of rendering professional services under a law other than the law of this state;

     (4)  “Law” includes rules promulgated in accordance with § 48-101-630;

     (5)  “Licensing authority” means the officer, board, agency, court or other authority in this state empowered to license or otherwise authorize the rendition of a professional service;

     (6)  “Professional corporation” means a corporation for profit, other than a foreign professional corporation, subject to the provisions of this part;

     (7)  “Professional service” means a service that may be lawfully rendered only by a person licensed or otherwise authorized by a licensing authority in this state to render the service, and that may not be lawfully rendered by a corporation under the Tennessee Business Corporation Act, compiled in chapters 11-27 of this title; and

     (8)  “Qualified person” means an individual, general partnership or professional corporation to whom shares under this part may be issued.

[Acts 1992, ch. 698, § 1; T.C.A., § 48-3-603.]