CODE OF VIRGINIA

INCORPORATION (§ 13.1-983)

An industrial development corporation may be incorporated in the Commonwealth
pursuant to the provisions of Article 3 (§ 13.1-618 et seq.) of Chapter 9 of
this title, and all the provisions of Chapter 9 (§ 13.1-601 et seq.) of this
title not in conflict with or inconsistent with the provisions of this chapter
shall apply to such corporation except as hereinafter otherwise provided. The
purpose clause of the articles of incorporation shall recite that the purposes
for which the corporation is formed are to stimulate and promote the business
prosperity and economic welfare of the Commonwealth and its citizens; to
encourage and assist through financial aid, advice, technical assistance and
other appropriate means the location of new businesses and industries and the
rehabilitation, improvement and expansion of existing businesses and industries
throughout the Commonwealth; and in furtherance of such purposes, to cooperate
with the Virginia Economic Development Partnership and with other organizations,
public and private.

HISTORY: Code 1950, § 13.1-142; 1960, c. 80; 1984, c. 750; 1985, c. 522; 1996,
cc. 590, 598.