Section 49-7-816 - Transaction of business - NomineesAll of the board's business shall be transacted, all of its funds invested, all warrants for money drawn, any payments made and all of its cash and securities and other property shall be held:
(1) In the name of the board;(2) In the name of its nominee; provided, that the nominee is authorized by board resolution solely for the purpose of facilitating the transfer of securities and restricted to members of the board, or a partnership composed of any such members; or(3) For the account of the board or its nominee in such forms as are standard in the investment community for the timely transaction of business or ownership identification, such as book entry accounts.Acts 1996, ch. 991, § 1; T.C.A., § 49-7-814.