13.1-990 - Shares and shareholders. - Virginia Statutes

§ 13.1-990. Shares and shareholders.

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, foreach share of capital stock held, and each member shall be entitled to onevote, in person or by proxy, for each $1000 of the authorized loan limit ofsuch member as determined under § 13.1-989.

The rights given by Chapter 9 (§ 13.1-601 et seq.) of this title toshareholders to attend meetings and to receive notice thereof and to exercisevoting rights shall apply to members as well as to shareholders of acorporation created hereunder. The voting rights of the members shall be thesame as if they were a separate class of shareholders, and shareholders andmembers shall in all cases vote separately by classes. A quorum at a meetingshall require the presence in person or by proxy of a majority of the holdersof the voting rights of each class.

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