Code of Virginia § 36-149. Formation of corporation.
172 words·~1 min read·
/va/title-36/chapter-9/36-149A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purposes set forth in §§ 36-141 through 36-148 , the HDA may form a corporation to administer and manage the portion of the Fund under its control in accordance with the provisions thereof and to exercise and perform any or all of the powers and duties provided therein. Such corporation shall be under the control and supervision of the HDA. Such corporation shall have such of the powers and duties of the HDA set forth in the above referenced sections as HDA shall delegate to such corporation and such other powers and duties as shall be provided by the documents and instruments creating and governing the corporation and by applicable state law.
The provisions of the above referenced sections authorizing or requiring the HDA to exercise any power or to perform any duty shall be deemed to authorize or require such corporation to exercise any such power or to perform any such duty as shall be delegated by the HDA to such corporation.
1988, c. 687; 2013, c. 754 .