36-149 - Formation of corporation. - Virginia Statutes

§ 36-149. Formation of corporation.

For the purposes set forth in §§ 36-141 through 36-148, the HDA may form acorporation to administer and manage the Fund in accordance with theprovisions thereof and to exercise and perform any or all of the powers andduties provided therein. Such corporation shall be under the control andsupervision of the HDA. Such corporation shall have such of the powers andduties of the HDA set forth in the above referenced sections as HDA shalldelegate to such corporation and such other powers and duties as shall beprovided by the documents and instruments creating and governing thecorporation and by applicable state law. The provisions of the abovereferenced sections authorizing or requiring the HDA to exercise any power orto perform any duty shall be deemed to authorize or require such corporationto exercise any such power or to perform any such duty as shall be delegatedby the HDA to such corporation.

(1988, c. 687.)