§ 3.1-27.47. (Repealed effective October 1, 2008) Subsidiary corporations
Economic development corporations may be incorporated in this Commonwealth pursuant to the provisions of Article 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1, and all the provisions of Chapter 9 (§ 13.1-601 et seq.) of Title 13.1 not in conflict with or inconsistent with the provisions of this chapter shall apply to such corporations. The purpose clause of the articles of incorporation shall recite that the purpose for which the corporation is formed is to stimulate and promote the economic prosperity of the Commonwealth and its citizens and to encourage and assist through equity investments, loans, loan guarantees, advice, technical assistance and other appropriate means, the creation and location of new businesses and industries and the expansion of existing businesses and industry, in the rural areas of the Commonwealth. In furtherance of these purposes, economic development corporations shall coordinate their activities with the Virginia Division of Industrial Development, the Virginia Department of Agriculture and Consumer Services and other organizations, public and private.
(1984, c. 731.)
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