9-4-807 - Exemption from taxation. - Tennessee Statutes

9-4-807. Exemption from taxation.

As the trust company is formed for a valid public purpose and is exercising its powers for the benefit of the people of the state, the trust company, and its capital stock, and all properties at any time owned by it or held by it in a fiduciary capacity, and the income therefrom, shall be exempt from taxation by the state or any local unit, or subdivision, or instrumentality of the state.

[Acts 1985, ch. 118, § 59.]