Virginia Code 56-231.43: Powers.
A. Each cooperative formed under this article shall have power to do any and all lawful acts or things, including, but not limited to the power:
Terms Used In Virginia Code 56-231.43
- Board: means any board of directors of a cooperative formed under or which becomes subject to this article. See Virginia Code 56-231.38
- Contract: A legal written agreement that becomes binding when signed.
- Cooperative: means a power supply cooperative formed under the former Power Supply Cooperatives Act (§ 56-231. See Virginia Code 56-231.38
- Energy: means and includes all energy, regardless of how or where it is generated or produced. See Virginia Code 56-231.38
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligations: means all evidences of indebtedness issued by or the payment of which is assumed by a cooperative. See Virginia Code 56-231.38
- System: means any plant, works, facility, or property used or useful in connection with the purchase, generation, sale or transmission of energy, utility products and services, or both. See Virginia Code 56-231.38
1. To purchase, sell, generate, store, transport or transmit energy, energy services, products and equipment.
2. To sue and be sued.
3. To have a seal and alter the same at pleasure.
4. To acquire, hold and dispose of property, real and personal, tangible and intangible, or interests therein and to pay in cash or property or on credit, and to secure and procure payment of all or any part of the purchase price thereof on such terms and conditions as the board shall determine.
5. To render service and to acquire, own, operate, maintain and improve a system or systems.
6. To accept gifts or grants of money or of property, real or personal, and to accept voluntary and uncompensated services.
7. To sell, lease, mortgage or otherwise encumber or dispose of all or any parts of its property.
8. To contract debts, borrow money and to issue or assume the payment of bonds and other obligations.
9. To fix, maintain and collect reasonable fees, rents, tolls and other charges for service rendered.
10. To exercise, with respect to its construction of regulated transmission facilities as a power supply cooperative, all the powers set forth in § 56-49, including the power of eminent domain as prescribed for other public service corporations by general law.
11. To assist its members, by loans or otherwise, in the acquisition by them of energy and electrical, technological and other equipment related to the business of the cooperative.
12. To issue nonassessable nonvoting common and preferred capital stock or similar securities and pay dividends thereon.
13. To perform any and all of the foregoing acts through or by means of its own officers, agents and employees, or by contract.
B. A cooperative shall have the power and is authorized, from time to time, to issue its obligations for any corporate purpose.
1. The obligations may be authorized by resolution of the board, and may bear any date or dates, mature at any time or times, bear any interest, be payable at any times, be in any denominations, be in any form, either coupon or registered, carry any registration privileges, be executed in any manner, be payable in any medium of payment, at any place or places, and be subject to any terms of redemption, as provided by the resolution.
2. These obligations may be sold in the manner and upon the terms as the board may determine. Pending the preparation or execution of definitive bonds or obligations, interim receipts or certificates of temporary bonds may be delivered to the purchaser of such obligations.
C. A cooperative may purchase any of its own obligations.
D. The Virginia Securities Act (§ 13.1-501 et seq.) shall not apply to membership certificates issued by a cooperative or its cooperative affiliates, or subsidiaries organized prior to January 1, 1999.