Virginia Code 36-149: Formation of corporation
For the purposes set forth in §§ 36-141 through 36-148, the HDA may form a corporation to administer and manage the portion of the Fund under its control in accordance with the provisions thereof and to exercise and perform any or all of the powers and duties provided therein. Such corporation shall be under the control and supervision of the HDA. Such corporation shall have such of the powers and duties of the HDA set forth in the above referenced sections as HDA shall delegate to such corporation and such other powers and duties as shall be provided by the documents and instruments creating and governing the corporation and by applicable state law. The provisions of the above referenced sections authorizing or requiring the HDA to exercise any power or to perform any duty shall be deemed to authorize or require such corporation to exercise any such power or to perform any such duty as shall be delegated by the HDA to such corporation.
Terms Used In Virginia Code 36-149
- 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.
- Fund: means the Virginia Housing Trust Fund created by this chapter. See Virginia Code 36-141
- HDA: means the Virginia Housing Development Authority created in Chapter 1. See Virginia Code 36-141
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
1988, c. 687; 2013, c. 754.