CODE OF VIRGINIA

INVESTMENT IN OTHER STOCK (§ 13.1-303)

At any regular meeting or any regularly called special meeting of a stock
cooperative association at which at least a majority of all its stockholders
shall be present or represented, any such association may by a majority vote of
the stockholders present or represented subscribe for shares and invest its
capital or reserve fund in the capital stock of any corporation or cooperative
association; provided that it shall not so invest a total amount in excess of
twenty-five percent of the amount of its capital stock.

HISTORY: Code 1950, § 13-240; 1956, c. 428; 1994, c. 217.