65-1-107 - Gifts prohibited. - Tennessee Statutes

65-1-107. Gifts prohibited.

(a)  No director shall, directly or indirectly, accept any gift, gratuity, emolument, or employment from any person or corporation owning or operating any business or entity regulated by the Tennessee regulatory authority, or from any officer, attorney, agent or employee thereof; nor shall any director, directly or indirectly, solicit or request from or recommend to any such person or company, or to any officer, attorney, agent or employee thereof, the appointment of any person to any place or position with such business or entity during that director's continuance in office.

(b)  It is unlawful for any such person or company or any officer, attorney, agent, or employee thereof to give or offer to give to the directors any gift, gratuity, emolument, employment, place, or appointment, for themselves or other persons.

(c)  A violation of any of the provisions of this section shall subject the person or corporation so violating to a fine of not less than one thousand dollars ($1,000), and not more than five thousand dollars ($5,000). Any director convicted of a violation of any provision of this section shall, in addition to the above penalty, be immediately dismissed from the office by the judgment of the court trying the case.

[Acts 1995, ch. 305, § 5; T.C.A. § 65-1-207.]