Code of Virginia § 13.1-307. Permissible limitation of stock ownership or voting rights.

127 words·~1 min read·/va/title-13-1/chapter-3/13-1-307

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any cooperative association may, either in its charter or by bylaws, provide and require that no membership or share of its stock shall be issued to or owned by any person not a member of a nonstock corporation or nonstock corporations named or designated in such charter or bylaws, or may in like manner provide that memberships or shares of its stock may be issued to or owned by persons not members of such designated nonstock corporation or nonstock corporations, but that when so owned such stock shall have no voting power. The provisions of this section shall not apply to any worker cooperative established under Article 3 (§ 13.1-346 et seq.).

Code 1950, § 13-244; 1956, c. 428; 1994, c. 217 ; 2020, c. 673 .