Tennessee Code Title 49. Education § 49-7-604

(a) The trust corporation shall have a board of directors as provided in the document that creates the trust to be administered by the corporation. The board shall also serve as trustees of the trust. The board of directors and their successors shall be appointed in the manner provided in the document.

(b) The trust document shall also provide for the administration and maintenance of the trust funds and the manner in which funds shall be received and invested by the board acting as trustees for the trust, as well as the manner in which donations of real property may be made to the trust.

(c) Unless the trust document otherwise provides, investments of the trust funds shall be essentially the same as those authorized for the investment of trust funds in accordance with title 35, chapter 3.