CODE OF VIRGINIA

SHARES AND SHAREHOLDERS (§ 13.1-990)

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.