Terms Used In Virginia Code > Title 13.1 > Chapter 10 > Article 7.1 - . Member or Director Agreements.

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Articles of incorporation: means all documents constituting, at any particular time, the charter of a corporation. See Virginia Code 13.1-803
• Board of directors: means the group of persons vested with the management of the business of the corporation irrespective of the name by which such group is designated, and "director" means a member of the board of directors. See Virginia Code 13.1-803
• Commission: means the State Corporation Commission of Virginia. See Virginia Code 13.1-803
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Department: means the Department of Taxation. See Virginia Code 58.1-1
• Employee: includes , unless otherwise provided in the bylaws, an officer but not a director. See Virginia Code 13.1-803
• Member: means one having a membership interest in a corporation in accordance with the provisions of its articles of incorporation or bylaws. See Virginia Code 13.1-803
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: includes an individual and an entity. See Virginia Code 13.1-803
• Voting power: means the current power to vote in the election of directors. See Virginia Code 13.1-803
• written: means any information in the form of a document. See Virginia Code 13.1-803