As used in this part, unless the context otherwise requires:(1) 'Commissioner' means the commissioner of commerce and insurance;(2) 'Corporation' means a corporation or association not for profit authorized to administer a plan in the state;(3) 'Fiscal year' means the period beginning January 1 and ending December 31 of each year;(4) 'Member' means any person who is accepted as a member by the plan and who may later become eligible for a scholarship as provided in the charter and bylaws of the plan;(5) 'Plan' means any educational cooperative plan or scholarship plan subject to this part;(6) 'Recipient of scholarship' means any member who has been granted a scholarship by the plan;(7) 'Scholarship' means educational benefits payable pursuant to a plan which shall not be deemed to be distribution of income to a member of a corporation; and(8) 'Trustee of member' means the person or persons, including corporations, partnerships or other entities, that, on behalf of a minor, executes an application for membership in the plan.Acts 1968, ch. 589, § 1; impl. am. Acts 1971, ch. 137, § 2; T.C.A., § 49-4501.
Tennessee Legal Code