23-50.8 - Rights, powers and privileges of corporation generally. - Virginia Statutes

§ 23-50.8. Rights, powers and privileges of corporation generally.

The corporation is vested with all the rights, powers and privilegesconferred upon and subject to all the provisions relating to similarcorporations under the laws of this Commonwealth so far as they areapplicable and shall have, in addition to those other powers, all thecorporate powers given to nonstock corporations by the provisions of Chapter10 (§ 13.1-801 et seq.) of Title 13.1, except in those cases where by theexpress terms of the provisions thereof it is confined to corporationscreated under Title 13.1. The corporation shall also have the power to take,hold, receive and enjoy any gift, grant, devise or bequest to VirginiaCommonwealth University or its predecessors, the same to be held for the usesand purposes designated by the donor, if any, or if not so designated, forthe general purposes of the corporation, whether given directly orindirectly; and to accept, execute and administer any trust in which it mayhave an interest under the terms of the instrument creating the trust. Thecorporation shall control and expend the funds appropriated to it by theCommonwealth provided by law.

(1968, c. 93.)