§ 56-485. Short title
This chapter may be cited as the “Telephone Cooperatives Act.” 1950, p. 588; 1956, c. 434.
§ 56-486. Who may form cooperative; purpose
Any number of natural persons not less than five may, by executing, filing and recording a certificate as hereinafter set forth, form a cooperative, either with or without capital stock, not organized for pecuniary profit, for the purpose of promoting and encouraging the fullest possible use of telephone service by making telephone service and facilities […]
§ 56-487. Definitions
The following terms, whenever used or referred to in this chapter, shall have the following meanings, unless a different meaning appears from the context: (1) “Cooperative” shall mean a telephone corporation formed under this chapter. (2) “Municipality” shall mean any city or incorporated town of the Commonwealth. (3) “Person” shall mean and include natural persons, […]
§ 56-488. Certificate of incorporation
The certificate of incorporation shall be entitled and endorsed “Certificate of Incorporation of the…….. Telephone Co-operative” (the blank space being filled in with the distinguishing part of the name of the cooperative) and shall state: (1) The name of the cooperative, which name need not contain the word “corporation” or “incorporated” but shall be such […]
§ 56-489. Limitation of use of words “telephone cooperative.”
The words “telephone cooperative” shall not be used in the corporate names of corporations other than those formed pursuant to the provisions of this chapter. 1950, p. 590; 1956, c. 434.
§ 56-490. Filing certificate of incorporation
The natural persons executing the certificate of incorporation shall be residents of the territory in which the principal operations of the cooperative are to be conducted who intend to use telephone service to be furnished by the cooperative. The certificate of incorporation shall be subscribed by at least five such persons and acknowledged by them […]
§ 56-491. Board of directors; officers
Every cooperative formed hereunder shall have a board of directors of five or more members, which shall constitute the governing body of the cooperative. The directors, other than those named in the certificate of incorporation, shall be elected annually by the members entitled to vote, unless the bylaws provide that, in lieu of electing the […]
§ 56-492. Powers of board of directors
The board of directors of a cooperative shall have power to do all things necessary and incidental in conducting the business of the cooperative, including but not limited to: (1) If authorized by the certificate of incorporation, or by resolution of its members, the power to adopt and amend bylaws for the management and regulation […]
§ 56-493. Membership; voting; nonprofit operation
A cooperative may issue to its members certificates of membership. Only members shall be entitled to vote at the meetings of the members of the cooperative. A member entitled to vote may vote in person or, unless the articles of incorporation or the bylaws otherwise provide, may vote by proxy executed in writing by the […]
§ 56-494. Service to members; to nonmembers
Except as hereinafter provided, the corporate purpose of each cooperative formed hereunder shall be to render service to its members only, and no person shall become or remain a member unless such person uses telephone service supplied by the cooperative and shall have complied with the terms and conditions in respect to membership contained in […]
§ 56-495. Powers granted corporation
Each corporation formed under this chapter shall have power to do any and all acts or things necessary or incidental for carrying out the purpose for which it was formed, including, but not limited to: 1. To furnish or provide telephone service or any of the facilities necessary therefor in connection with the furnishing or […]
§ 56-496. Disposition of property
No cooperative may sell, lease or dispose of any of its property other than property which, in the judgment of the board, is neither necessary nor useful in operating or maintaining the cooperative’s system and which in any one year shall not exceed ten per centum in value of the value of all the property […]
§ 56-497. Issue of obligations
A cooperative shall have the power and is hereby authorized, from time to time, to issue its obligations in anticipation of its revenues for any corporate purpose. Such obligations may be authorized by resolution of the board, and may bear such date or dates, mature at such time or times, not exceeding fifty years from […]
§ 56-498. Covenants
In connection with the issuance of any obligations a cooperative may make covenants or agreements and do any and all acts or things that a corporation can make or do under the laws of the Commonwealth of Virginia. 1950, p. 593; 1956, c. 434.
§ 56-499. Purchase of own obligations
A cooperative shall have power out of any funds available therefor to purchase any obligations issued by it at a price not exceeding the principal amount thereof and accrued interest thereon. All bonds so purchased shall be cancelled. 1950, p. 593; 1956, c. 434.
§ 56-500. Consolidation or merger
Any two or more cooperatives created under the provisions of this chapter may consolidate or merge into a single corporation in the manner prescribed by Title 13.1, which consolidated or merged corporation shall exercise all the powers and authority and shall be vested with all the rights, franchises and privileges of each of the corporations […]
§ 56-501. Repealed
Repealed by Acts 1998, c. 252.
§ 56-501.1. Payment of certain patronage capital to spouse or next of kin of deceased person
When there is held by any telephone cooperative, engaged in the business of furnishing telephone service, any patronage capital to the credit of a deceased person, in an amount not exceeding $500, upon whose estate there shall have been no qualification, it shall be lawful for such telephone cooperative, after 120 days from the death […]
§ 56-502. Regulation by State Corporation Commission
Every cooperative organized under this chapter shall be subject to the jurisdiction of the State Corporation Commission with respect to telephone services and facilities in the same manner and to the same extent as are other similar utilities under the laws of Virginia, except that (i) the Commission shall have no jurisdiction over the rates, […]
§ 56-503. Dissolution
A cooperative created hereunder may be dissolved in the manner prescribed by Article 16 (§ 13.1-742 et seq.) of Chapter 9 or Article 13 (§ 13.1-902 et seq.) of Chapter 10 of Title 13.1. 1950, p. 594; 1956, c. 434.