56-231.25 - Power to issue obligations. - Virginia Statutes

§ 56-231.25. Power to issue obligations.

A cooperative shall have power and is hereby authorized, from time to time,to issue its obligations for any corporate purpose. Such obligations may beauthorized by resolution of the board, and may bear such date or dates,mature at such time or times, bear such interest, be payable at such times,be in such denominations, be in such form, either coupon or registered, carrysuch registration privileges, be executed in such manner, be payable in suchmedium of payment, at such place or places, and be subject to such terms ofredemption, as such resolution may provide. Such obligations may be sold insuch manner and upon such terms as the board may determine. Pending thepreparation or execution of definitive bonds, or obligations, interimreceipts or certificates of temporary bonds may be delivered to the purchaserof such obligations.

(1999, c. 874; 2000, cc. 944, 999.)