§ 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. 522.
§ 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 of directors.” — The board of directors of a corporation created under this chapter. “Commission.” — The State Corporation Commission of Virginia. “Corporation.” — A Virginia industrial development corporation created […]
§ 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 this title, and all the provisions of Chapter 9 (§ 13.1-601 et seq.) of this title not in conflict with or inconsistent with the provisions of this chapter shall apply […]
§ 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, c. 80; 1985, c. 522.
§ 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 the Governor until he first shall have sought the advice of the Chief Executive Officer of the Virginia Economic Development Partnership. Code 1950, § 13.1-144; 1960, c. 80; 1985, c. […]
§ 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 and conditions set forth in this chapter, from any other financial institution or person and from any agency established by the federal government or the Commonwealth of Virginia. Code 1950, […]
§ 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 shall have shown that he has applied to a financial institution that could lawfully lend the amount of money sought and that the financial institution has refused in writing to […]
§ 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, pledge or otherwise dispose of any bonds, notes, debentures, securities or other evidences of indebtedness, or the shares of capital stock of a corporation created hereunder, provided that the amount […]
§ 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 in such manner as the board of directors may require and membership shall become effective upon acceptance of such application by the board. Membership shall be for the duration of […]
§ 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 entitled to one vote, in person or by proxy, for each share of capital stock held, and each member shall be entitled to one vote, in person or by proxy, […]
§ 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. Two-thirds of the directors shall be elected by the members and one-third shall be elected by the shareholders. Any vacancy in the office of a director elected by the members […]
§ 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 or more directors to constitute an executive committee which, to the extent provided in such resolution or the bylaws of the corporation, shall have and may exercise all the authority […]
§ 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 makes any change in the principal amount, interest rate, maturity date, or in the security or credit position of any outstanding loan made by a member to the corporation or […]
§ 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 such surplus shall be equal in value to one-half of the amount paid in on the capital stock then outstanding. Whenever the amount of surplus so established shall become impaired, […]
§ 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 of a corporation created hereunder. Code 1950, § 13.1-152; 1960, c. 80; 1985, c. 522.
§ 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 any of its funds in any banking institution unless such institution has been designated as a depository by appropriate vote of the board of directors or executive committee. Code 1950, […]
§ 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 of the corporation and the current status of loans made by each to the corporation. Members shall have the same rights with respect to such books and records as are […]
§ 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.