13.1-988 - Acquisition, transfer, etc., of securities and shares of corporation. - Virginia Statutes

§ 13.1-988. Acquisition, transfer, etc., of securities and shares ofcorporation.

Notwithstanding any other provision of law, any person, corporation,including a public service corporation, financial institution or railroad mayacquire, hold, sell, assign, transfer, mortgage, pledge or otherwise disposeof any bonds, notes, debentures, securities or other evidences ofindebtedness, or the shares of capital stock of a corporation createdhereunder, provided that the amount of capital stock which may be acquired byany member of such corporation shall not exceed ten percent of the loan limitof such member.

(Code 1950, § 13.1-146; 1960, c. 80; 1985, c. 522.)