13.1-307 - Permissible limitation of stock ownership or voting rights. - Virginia Statutes

§ 13.1-307. Permissible limitation of stock ownership or voting rights.

Any cooperative association may, either in its charter or by bylaws, provideand require that no membership or share of its stock shall be issued to orowned by any person not a member of a nonstock corporation or nonstockcorporations named or designated in such charter or bylaws, or may in likemanner provide that memberships or shares of its stock may be issued to orowned by persons not members of such designated nonstock corporation ornonstock corporations, but that when so owned such stock shall have no votingpower.

(Code 1950, § 13-244; 1956, c. 428; 1994, c. 217.)