CODE OF VIRGINIA

POWER TO ISSUE OBLIGATIONS (§ 56-231.25)

A cooperative shall have power and is hereby authorized, from time to time, to
issue its obligations for any corporate purpose. Such obligations may be
authorized by resolution of the board, and may bear such date or dates, mature
at such time or times, bear such interest, be payable at such times, be in such
denominations, be in such form, either coupon or registered, carry such
registration privileges, be executed in such manner, be payable in such medium
of payment, at such place or places, and be subject to such terms of redemption,
as such resolution may provide. Such obligations may be sold in such manner and
upon such terms as the board may determine. Pending the preparation or execution
of definitive bonds, or obligations, interim receipts or certificates of
temporary bonds may be delivered to the purchaser of such obligations.

HISTORY: 1999, c. 874; 2000, cc. 944, 999.