48-101-806 - Standards of conduct Indemnification Limitation on actions and immunity Authority of attorney general and reporter Application to private foundations. - Tennessee Statutes

48-101-806. Standards of conduct Indemnification Limitation on actions and immunity Authority of attorney general and reporter Application to private foundations.

(a)  The standards of conduct established in §§ 48-58-301 48-58-304 and 48-58-403 that are applicable to the directors, officers, employees and agents of the nonprofit corporation that is the sole member of a domestic nonprofit LLC shall likewise apply to the directors, managers, officers, employees and agents, as applicable, of the domestic nonprofit LLC.

(b)  The indemnification provisions of title 48, chapter 58, part 5 that are applicable to the directors, officers, employees and agents of the nonprofit corporation that is the sole member of a domestic nonprofit LLC shall likewise apply to the directors, managers, officers, employees and agents, as applicable, of the domestic nonprofit LLC.

(c)  The limitation of actions and immunity from actions provided in title 48, chapter 58, part 6 that are applicable to the directors, officers, trustees and members of the nonprofit corporation that is the sole member of a domestic nonprofit LLC shall likewise apply to the directors and managers, as applicable, of the domestic nonprofit LLC.

(d)  The attorney general and reporter shall have any authority, rights and obligations over nonprofit LLCs that the attorney general and reporter have over nonprofit corporations pursuant to chapters 51-68 of this title.

(e)  If the nonprofit corporation that is the sole member of a domestic nonprofit LLC is a private foundation as defined in § 509(a) of the Internal Revenue Code of 1986, or any successor provision thereof, the requirements of § 48-51-501 shall likewise apply to the domestic nonprofit LLC.

[Acts 2006, ch. 620, § 7.]