Terms Used In Virginia Code > Title 22.1 > Chapter 20.1 - Western Virginia Public Education Consortium

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Bank: means any national bank, any bank organized under Chapter 8 (§ Virginia Code 6.2-300
• Case law: The law as laid down in cases that have been decided in the decisions of the courts.
• Commission: shall mean the "State Corporation Commission. See Virginia Code 56-265.13:2
• Commission: means the State Corporation Commission. See Virginia Code 56-1
• Commission: means the State Corporation Commission. See Virginia Code 6.2-100
• company: includes all corporations created by acts of the General Assembly of Virginia, or under the general incorporation laws of this Commonwealth, or doing business therein, and shall exclude all municipal corporations, other political subdivisions, and public institutions owned or controlled by the Commonwealth. See Virginia Code 56-1
• Council: means the State Council of Higher Education for Virginia. See Virginia Code 23.1-100
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Loan: means a loan or forbearance of money. See Virginia Code 6.2-300
• Local exchange telephone service: means telephone service provided in a geographical area established for the administration of communication services and consists of one or more central offices together with associated facilities which are used in providing local exchange service. See Virginia Code 56-1
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• municipal corporation: shall include an authority created by a governmental unit exempt from the referendum requirement of § Virginia Code 56-1
• Person: includes individuals, partnerships, limited liability companies, and corporations. See Virginia Code 56-1
• Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
• Public institution of higher education: includes the System as a whole and each associate-degree-granting and baccalaureate public institution of higher education in the Commonwealth. See Virginia Code 23.1-100
• Rate: means rate charged for any service rendered or to be rendered. See Virginia Code 56-1
• regulation: include joint rates, joint charges and joint regulations, respectively. See Virginia Code 56-1
• Savings institution: means any savings institution, as defined in § Virginia Code 6.2-300
• Statute: A law passed by a legislature.
• Supreme Court: means the Supreme Court of Virginia. See Virginia Code 1-249
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}