Tennessee § 45-8-101 - Functions and powers — Supervision.

§ 45-8-101. Functions and powers — Supervision.

Small business investment companies chartered by the secretary of state and licensed by the small business administration shall be authorized to perform all the functions and exercise all the powers in this state and be subject to all the limitations as prescribed by the Small Business Investment Act of 1958, Public Law 85-699, 85th Congress, second session, 72 Stat. 689 ( 15 U.S.C. § 661 et seq.), and all rules and regulations promulgated under that act. So long as the company is licensed, regulated, supervised and inspected by the small business administration, it shall not be subject to supervision by agencies of the state, except by the department of commerce and insurance under title 48, chapter 1, part 1. Acts 1959, ch. 22, § 1 (T.C.A. (Supp.), § 48-827); impl. am. Acts 1971, ch. 137, § 1; T.C.A., § 45-2501. Compiler's Notes. Acts 1959, ch. 22 contained a preamble which read: “Whereas, the 85th Congress enacted Public Law 85-699, known as the ‘Small Business Investment Act of 1958’ effective August 21, 1958, entitled, ‘An Act to make long-term credit more readily available for small business concerns and for other purposes,’ providing for the chartering, licensing and regulation of small business investment companies under the supervision of the small business administration; and “Whereas, small business investment companies licensed under the act are authorized to provide equity capital and long-term loan funds that small business concerns need for the sound financing of their business operations and for their growth, expansion and modernization; and “Whereas, it is important to the economic development and growth of communities, towns, cities and counties throughout Tennessee that the purposes of the act of Congress be fully implemented in this state. “Now, therefore,” Former chapter 8 has been designated as part 1 of this chapter in view of the addition of part 2 of this chapter in 1989. Cross-References. Business enterprise office, title 4, ch. 26. Capital preplanning accounts, § 12-4-109 . Community-based development organizations, title 13, ch. 14, part 2. Development credit corporations, title 48, ch. 101, part 1. Economic and community development, title 4, ch. 3, part 7. Local development authority, title 4, ch. 31. Minority owned, women owned and small business procurement and contracting, title 12, ch. 3, part 8. Small business development center, § 49-8-603 . Law Reviews. State and Local Taxation of Financial Institutions: An Opportunity for Reform (C. James Judson & Susan G. Duffy), 39 Vand. L. Rev. 1057 (1986).