56-486 - Who may form cooperative; purpose. - Virginia Statutes

§ 56-486. Who may form cooperative; purpose.

Any number of natural persons not less than five may, by executing, filingand recording a certificate as hereinafter set forth, form a cooperative,either with or without capital stock, not organized for pecuniary profit, forthe purpose of promoting and encouraging the fullest possible use oftelephone service by making telephone service and facilities available at thelowest cost consistent with sound economy and prudent management of thebusiness of such cooperatives.

(1950, p. 588; 1956, c. 434.)