Code of Virginia - Title 13.1 Corporations - Chapter 11 Industrial Development Corporations

13.1-981 How chapter cited
This chapter shall be known and may be cited as the "Virginia Industrial Development Corporation Act." (Code 1950, § 13.1-140; 1960, c. 80; 1985, c. ...

13.1-982 Definitions
As used in this chapter, unless a different meaning is required by the context, the following words and phrases shall have the following meanings: "Board ...

13.1-983 Incorporation
An industrial development corporation may be incorporated in the Commonwealth pursuant to the provisions of Article 3 (§ 13.1-618 et seq.) of Chapter 9 of ...

13.1-984 Corporate name
Every corporation created under this chapter shall have as part of its corporate name or title the words "Industrial Development." (Code 1950, § 13.1-143; 1960, ...

13.1-985 Governor to approve articles of incorporation
The articles of incorporation shall not be issued by the Commission unless approved by the Governor in writing. Such approval shall not be given by ...

13.1-986 How funds may be derived
A corporation created under this chapter may derive funds from the sale of its shares and debentures, from loans from its members on the terms ...

13.1-987 Restrictions on powers of corporation
The powers of a corporation shall be subject to the following restrictions: 1. It shall not approve any application for a loan until the applicant ...

13.1-988 Acquisition, transfer, etc., of securities and shares of corporation
Notwithstanding any other provision of law, any person, corporation, including a public service corporation, financial institution or railroad may acquire, hold, sell, assign, transfer, mortgage, ...

13.1-989 Membership in corporation; loans from members
A. Any financial institution is authorized to become a member of a corporation by making application to the board of directors on such form and ...

13.1-990 Shares and shareholders
Each share of common stock of a corporation shall have a par value of $100, and shall be issued for cash. Each shareholder shall be ...

13.1-991 Directors
The business and affairs of a corporation shall be conducted by a board of directors. The number of directors shall be a multiple of three. ...

13.1-992 Executive committee
The board of directors, by a resolution adopted by a majority of the directors present and constituting a quorum at any meeting, may designate five ...

13.1-993 Restrictions on amendments to articles of incorporation
No amendment to the articles of incorporation shall be made which increases the obligation of a member to make loans to the corporation or which ...

13.1-994 Earned surplus
Each year the corporation shall set apart as earned surplus not less than ten percent of its net earnings for the preceding fiscal year until ...

13.1-995 Members to have rights of shareholders
The rights given to shareholders under the provisions of §§ 13.1-614, 13.1-624, 13.1-629, 13.1-742 and 13.1-744 shall apply to members as well as to shareholders ...

13.1-996 Corporation not authorized to receive money on deposit; deposit of funds of corporation
No corporation organized under the provisions of this chapter shall at any time be authorized to receive money on deposit. The corporation shall not deposit ...

13.1-997 Books and records
A corporation shall keep, in addition to the books and records required by § 13.1-770, a record showing the names and addresses of all members ...

13.1-998 Credit of Commonwealth not pledged
Under no circumstances is the credit of the Commonwealth pledged herein. (Code 1950, § 13.1-155; 1960, c. 80; 1985, c. 522.) ...