13.1-825 - Purposes. - Virginia Statutes

§ 13.1-825. Purposes.

Every corporation incorporated under this Act has the purpose of engaging inany lawful activity, unless:

1. A statute requires the corporation to issue shares or one of the purposesof the corporation is to conduct the business of a public service companyother than a sewer company; or

2. A more limited purpose is (i) set forth in the articles of incorporationor (ii) required to be set forth in the articles of incorporation by anyother law of the Commonwealth.

(Code 1950, § 13.1-204; 1956, c. 428; 1958, c. 564; 1960, c. 296; 1971, Ex.Sess., c. 98; 1985, c. 522; 2007, c. 925.)