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Committee advances bill letting industrial development corporations merge under public‑benefit law
Summary
Chairlady Littleton said House Bill 18 78 authorizes boards of industrial development corporations to initiate mergers with other such corporations under Tennessee code for public benefit corporations; members asked for examples and the sponsor said mergers would be board-driven. The bill advanced 5–1.
Chairlady Littleton presented House Bill 18 78, which authorizes the board of directors of an industrial development corporation to initiate a merger with another industrial development corporation pursuant to procedures for public benefit corporations under Tennessee Code Title 48, Chapter 61.
"House Bill 18 78 authorizes the board of directors of an industrial development corporation to initiate a merger with another industrial development corporation in the manner provided for the public benefit corporations, pursuant to Tennessee code and the date title '48 chapter 61,'" Chairlady Littleton said. Representative Dixie asked for practical examples; the sponsor said mergers would be a board decision and could simplify dealings for prospective clients.
The committee voted 5–1 to advance the bill to the next calendar for state and local government.
