§ 3.1-27.48. (Repealed effective October 1, 2008) Limitations, subsidiary corporations
A. Any economic development corporation formed pursuant to this chapter shall restrict its equity investments and related business dealings to business firms which will use such investments for the creation or location of new businesses and industries in rural Virginia or for the expansion of existing businesses and industries in the rural areas of the Commonwealth. Consistent with the purpose for which an economic development corporation may be formed, funds invested in Virginia business firms by purchase of stock or otherwise shall be used by the firms solely for the purpose of enhancing their productive capacities or ability to do business within the Commonwealth, or to facilitate their ability to add value within the Commonwealth to goods or services for export to out-of-state markets.
B. No person, firm or corporation other than the Foundation shall subscribe for, own or hold directly or indirectly more than twenty-five percent of the issued shares of the common stock of any economic development corporation at any time.
C. Any local government may in accordance with present law, participate or invest in the funding or operation of any economic development corporation formed pursuant to this chapter.
(1984, c. 731.)
Sections: Previous 3.1-27.37 3.1-27.38 3.1-27.39 3.1-27.40 3.1-27.41 3.1-27.42 3.1-27.43 3.1-27.44 3.1-27.45 3.1-27.46 3.1-27.47 3.1-27.48 3.1-27.49 3.1-27.50 NextLast modified: April 2, 2009