23-16 - Powers of institutions. - Virginia Statutes

§ 23-16. Powers of institutions.

In addition to any powers to sue and be sued heretofore conferred upon it,every institution shall have power, in its proper corporate name and style,if any, to sue, and also power to be sued on any bonds, agreements or othercontractual or quasi-contractual obligations issued, made or incurredpursuant to this chapter and for the enforcement thereof and of any duty inconnection therewith and of any debt thereon or evidence thereby and of anyterms, provisions, conditions, or covenants contained therein or made inconnection with the issuance, making or procuring thereof, and for theenforcement of any contract or agreement with or liability of any nature to afederal agency or the holders of any bonds or any trustee therefor orrepresentative thereof.

In addition to the powers now enjoyed by it, every institution shall havepower in its proper corporate name and style, if any:

(a) To have a common seal and alter the same at pleasure.

(b) To acquire and hold real or personal property or interests therein in itsown name.

(c) To execute all instruments necessary or convenient for the purposes ofthis chapter.

(d) With the consent of the Governor, to issue bonds and to provide for therights of the holders thereof and to secure the same, all as hereinafterprovided.

(e) To perform any acts and do any things authorized by this chapter under,through or by means of its own officers, agents or employees, or by contractswith private corporations, firms or individuals.

(f) To do all acts and things necessary or convenient to carry out the powersand purposes expressly given in this chapter.

(1933, p. 84.)