House Bill 1878 amends Tennessee Code Annotated by adding a new provision that allows the board of directors of an industrial development corporation to initiate a merger with another corporation. This new authority is outlined in a newly designated subsection (a) of Section 7-53-103, which specifies that such mergers can be conducted in accordance with the procedures established for public benefit corporations as detailed in Title 48, Chapter 61.

The existing language of Section 7-53-103 is designated as subsection (b) to accommodate this new provision. The bill is intended to enhance the operational flexibility of industrial development corporations in Tennessee, enabling them to pursue mergers that may be necessary or convenient for fulfilling their purposes. The act is set to take effect upon becoming law, emphasizing its immediate relevance to public welfare.

Statutes affected:
Introduced: 7-53-103