Bass, Berry & Sims attorney Riney Green set the record straight in an article regarding the recent misinterpretation of an amendment to the Tennessee Business Corporation Act (TBCA). As chair of the Tennessee Bar Association corporate law committee that proposed the specific amendment, Riney provided insight on the true meaning behind the 2015 amendment, which includes a new provision at Section 48-24-109, and was passed overwhelmingly by the Tennessee General Assembly in March 2015. As quoted in the article, Riney explains, “the statute creates …. safe harbor protection from liability for directors of a corporation which are in dissolution. This is a very non-controversial provision and it’s unfortunate that the misunderstanding of it has created …. confusion.”
The full article, “Lawyer Says New Law is ‘Disaster’ for Business Leaders,” was published by the Chattanooga Times Free Press on June 5, 2015 and is available online.