§ 4-51-116. Lottery Retailer Advisory Board
The chair of the board of directors shall appoint a lottery retailer advisory board to be composed of twelve (12) lottery retailers, four (4) from each grand division, representing the broadest possible spectrum of geographical, racial, and business characteristics of lottery retailers. The function of the advisory board shall be to advise the board of […]
§ 4-51-102. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Board” means the board of directors of the Tennessee education lottery corporation; “Chief executive officer” means the chief executive officer of the Tennessee education lottery corporation; “Corporation” means the Tennessee education lottery corporation; “Director” means a member of the board of directors of the Tennessee […]
§ 4-51-103. Board of Directors — Appointment, Duties
The corporation shall be governed by a board of directors composed of seven (7) directors. The directors shall be residents of this state, shall have expertise in their businesses or professions, and shall be appointed by the governor. All appointments shall be filed with the secretary of state within five (5) working days of appointment. […]
§ 4-51-104. Chief Executive Officer — Board Duties
The board of directors shall appoint and shall provide for the compensation of a chief executive officer who shall be an employee of the corporation and who shall direct the day-to-day operations and management of the corporation. The chief executive officer shall be vested with such powers and duties as specified by the board and […]
§ 4-51-105. Corporate Powers
The corporation shall have any and all powers necessary or convenient to its usefulness in carrying out and effectuating the purposes and provisions of this chapter that are not in conflict with the constitution of the state of Tennessee and that are generally exercised by corporations engaged in entrepreneurial pursuits, including, but not limited to, […]
§ 4-51-106. Investments
Investment of funds of the corporation shall be undertaken in a manner that first seeks to ensure preservation of principal, that next ensures the liquidity needs of the corporation are met and, after satisfaction of these objectives, seeks a market rate of return. Pursuant to § 4-51-105(a)(3), the corporation shall adopt an investment policy to […]
§ 4-51-101. Creation of Corporation
There is hereby created a corporation, which shall be known as the “Tennessee education lottery corporation.” The corporation shall be registered with the secretary of state and shall be subject to the corporate laws of the state. The corporation shall be a body, politic and corporate, and a quasi-public instrumentality, and not a state agency […]