Code of Virginia § 23.1-1010. Covered institutions; operational authority; creation of entities and participation in joint ventures.

323 words·~1 min read·/va/title-23-1/chapter-10/23-1-1010

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

Each covered institution may:

1. Create or assist in the creation of; own in whole or in part or otherwise control; participate in or with any entities, public or private; and purchase, receive, subscribe for, own, hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise acquire or dispose of any

(i)shares or obligations of, or other interests in, any entity organized for any purpose within or outside the Commonwealth and

(ii)obligations of any person or corporation. No part of the assets or net earnings of such institution shall inure to the benefit of, or be distributable to, any private individual except that reasonable compensation may be paid for services rendered to or for such institution in furtherance of its public purposes and benefits may be conferred that are in conformity with its public purposes.

2. Participate in joint ventures with individuals, corporations, governmental bodies or agencies, partnerships, associations, insurers, or other entities to facilitate any activities or programs consistent with its public purposes and the intent of this article.

3. Create or continue the existence of one or more nonprofit entities for the purpose of soliciting, accepting, managing, and administering grants and gifts and bequests, including endowment gifts and bequests and gifts and bequests in trust.

4. In carrying out any activities authorized by this article, provide appropriate assistance, including

(i)making loans from its funds, other than general fund appropriations or proceeds of bonds issued under Article X, Section 9 (a), 9 (b), or 9

(c)of the Constitution of Virginia or under Article X, Section 9

(d)of the Constitution of Virginia if such issuance is supported by general funds and

(ii)providing the time of its employees to corporations, partnerships, associations, joint ventures, or other entities whether such entities are owned or controlled in whole or in part or directly or indirectly by such institution.

2005, cc. 933 , 945 , § 23-38.101; 2016, c. 588 .