House Bill 1878 amends Tennessee Code Annotated, specifically Section 7-53-103, by designating the existing section as subsection (b) and adding a new subsection (a). This new subsection allows the board of directors of an industrial development corporation to initiate a merger with another corporation if it is deemed necessary or convenient to fulfill the purposes of the chapter. The merger process must follow the procedures outlined for public benefit corporations as specified in Title 48, Chapter 61.

The bill emphasizes the flexibility of industrial development corporations in pursuing mergers to enhance their operational capabilities. It is set to take effect immediately upon becoming law, highlighting the urgency of the provisions for the public welfare.

Statutes affected:
Introduced: 7-53-103