§ 38.2-4520 Corporate restrictions
Any nonstock corporation subject to this chapter shall not engage in any other business. However, a nonstock corporation may assist in the administration of governmental health care programs in a manner provided for by contract or regulations. A nonstock corporation’s charter may provide for ex officio directors and directors elected by persons or associations who are not directors or members of the nonstock corporation.
History
This law was first created in 1980. The record of its establishment is cataloged in chapter 682 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1980 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 1986, chapter 562.
1980, c. 682, § 38.1-909; 1986, c. 562.