Code of Virginia § 23.1-1103. Institutions; powers generally.
231 words·~1 min read·
/va/title-23-1/chapter-11/23-1-1103·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any institution may, in its proper corporate name and style:
1. Sue and be sued
(i)on any bond, agreement, or other contractual or quasi-contractual obligation issued, made, or incurred pursuant to this chapter;
(ii)on any duty, debt, evidence of debt, term, provision, condition, or covenant relating to any bond, agreement, or other contractual or quasi-contractual obligation issued, made, or incurred pursuant to this chapter;
(iii)for the enforcement of any bond, agreement, or other contractual or quasi-contractual obligations issued, made, or incurred pursuant to this chapter; or
(iv)for the enforcement of any contract or agreement with or liability to any federal agency or bondholder or any trustee or representative of such bondholder.
2. Adopt and alter a common seal.
3. Acquire and hold real or personal property or interests in such property in its own name.
4. Execute any instrument that it deems necessary or convenient to carry out the purposes of this chapter.
5. With the consent of the Governor, issue bonds and provide for and secure the rights of the bondholders.
6. Perform any act authorized by this chapter through its own officers, agents, or employees, or by contracts with private corporations, firms, or individuals.
7. Perform any act that it deems necessary or convenient to carry out the powers and purposes expressly provided in this chapter.
1933, p. 84, § 23-16; 2016, c. 588 .