Each share of common stock of a corporation shall have a par value of $ 100, and shall be issued for cash.Each shareholder shall be entitled to one vote, in person or by proxy, for each share of capital stock held, and each member shall be entitled to one vote, in person or by proxy, for each $ 1000 of the authorized loan limit of such member as determined under § 13.1-989.The rights given by Chapter 9 (§ 13.1-601 et seq.) of this title to shareholders to attend meetings and to receive notice thereof and to exercise voting rights shall apply to members as well as to shareholders of a corporation created hereunder. The voting rights of the members shall be the same as if they were a separate class of shareholders, and shareholders and members shall in all cases vote separately by classes. A quorum at a meeting shall require the presence in person or by proxy of a majority of the holders of the voting rights of each class.

History

Code 1950, § 13.1-148; 1960, c. 80; 1972, c. 693; 1985, c. 522.