13.1-303 - Investment in other stock. - Virginia Statutes

§ 13.1-303. Investment in other stock.

At any regular meeting or any regularly called special meeting of a stockcooperative association at which at least a majority of all its stockholdersshall be present or represented, any such association may by a majority voteof the stockholders present or represented subscribe for shares and investits capital or reserve fund in the capital stock of any corporation orcooperative association; provided that it shall not so invest a total amountin excess of twenty-five percent of the amount of its capital stock.

(Code 1950, § 13-240; 1956, c. 428; 1994, c. 217.)