{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-814.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-814.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-814.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-814.html"}],"law_id":64620,"edition_id":1,"section_id":64620,"structure_id":13083,"section_number":"13.1-814","catch_line":"Shares of stock and dividends prohibited","history":"Code 1950, \u00a7 13.1-229; 1956, c. 428; 1985, cc. 380, 522.","full_text":"A corporation shall not issue shares of stock. No dividend shall be paid and no part of the income of a corporation shall be distributed to its members, directors or officers, except that a corporation may make distributions to another nonprofit corporation that is a member of such corporation or has the power to appoint one or more of its directors. A corporation may pay compensation in a reasonable amount to its members, directors or officers for services rendered, including pensions, may confer benefits upon its members in conformity with its purposes, and may make distributions to its members or others as permitted by this Act upon dissolution or final liquidation and no such payment, benefit or distribution shall be deemed to be a dividend or a distribution of income.","order_by":null,"text":{"0":{"id":235182,"text":"A corporation shall not issue shares of stock. No dividend shall be paid and no part of the income of a corporation shall be distributed to its members, directors or officers, except that a corporation may make distributions to another nonprofit corporation that is a member of such corporation or has the power to appoint one or more of its directors. A corporation may pay compensation in a reasonable amount to its members, directors or officers for services rendered, including pensions, may confer benefits upon its members in conformity with its purposes, and may make distributions to its members or others as permitted by this Act upon dissolution or final liquidation and no such payment, benefit or distribution shall be deemed to be a dividend or a distribution of income.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13083,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":13004,"metadata":{},"date_created":"2026-06-26 03:44:15","date_modified":"2026-06-26 03:44:15","permalink":{"id":147503,"object_type":"structure","relational_id":13083,"identifier":"1","token":"13.1\/10\/1","url":"\/13.1\/10\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13004,"edition_id":1,"name":"Virginia Nonstock Corporation Act","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":147501,"object_type":"structure","relational_id":13004,"identifier":"10","token":"13.1\/10","url":"\/13.1\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":76305,"structure_id":13083,"section_number":"13.1-801","catch_line":"Short title","url":"\/13.1-801\/","token":"13.1\/10\/1\/13.1-801","metadata":false},{"id":86334,"structure_id":13083,"section_number":"13.1-802","catch_line":"Reservation of power to amend or repeal","url":"\/13.1-802\/","token":"13.1\/10\/1\/13.1-802","metadata":false},{"id":65210,"structure_id":13083,"section_number":"13.1-803","catch_line":"Definitions","url":"\/13.1-803\/","token":"13.1\/10\/1\/13.1-803","metadata":false},{"id":73985,"structure_id":13083,"section_number":"13.1-804","catch_line":"Filing requirements","url":"\/13.1-804\/","token":"13.1\/10\/1\/13.1-804","metadata":false},{"id":78470,"structure_id":13083,"section_number":"13.1-804.1","catch_line":"Filing with the Commission pursuant to reorganization","url":"\/13.1-804.1\/","token":"13.1\/10\/1\/13.1-804.1","metadata":false},{"id":64300,"structure_id":13083,"section_number":"13.1-805","catch_line":"Issuance of certificate by Commission; recordation of documents","url":"\/13.1-805\/","token":"13.1\/10\/1\/13.1-805","metadata":false},{"id":57394,"structure_id":13083,"section_number":"13.1-806","catch_line":"Effective time and date of document","url":"\/13.1-806\/","token":"13.1\/10\/1\/13.1-806","metadata":false},{"id":58842,"structure_id":13083,"section_number":"13.1-807","catch_line":"Correcting filed articles","url":"\/13.1-807\/","token":"13.1\/10\/1\/13.1-807","metadata":false},{"id":54131,"structure_id":13083,"section_number":"13.1-808","catch_line":"Evidentiary effect of copy of filed document","url":"\/13.1-808\/","token":"13.1\/10\/1\/13.1-808","metadata":false},{"id":86181,"structure_id":13083,"section_number":"13.1-809","catch_line":"Certificate of good standing","url":"\/13.1-809\/","token":"13.1\/10\/1\/13.1-809","metadata":false},{"id":64245,"structure_id":13083,"section_number":"13.1-810","catch_line":"Notices and other communications","url":"\/13.1-810\/","token":"13.1\/10\/1\/13.1-810","metadata":false},{"id":62349,"structure_id":13083,"section_number":"13.1-810.1","catch_line":"Number of members","url":"\/13.1-810.1\/","token":"13.1\/10\/1\/13.1-810.1","metadata":false},{"id":76433,"structure_id":13083,"section_number":"13.1-811","catch_line":"Penalty for signing false documents","url":"\/13.1-811\/","token":"13.1\/10\/1\/13.1-811","metadata":false},{"id":59695,"structure_id":13083,"section_number":"13.1-812","catch_line":"Unlawful to transact or offer to transact business as a corporation unless authorized","url":"\/13.1-812\/","token":"13.1\/10\/1\/13.1-812","metadata":false},{"id":77969,"structure_id":13083,"section_number":"13.1-813","catch_line":"Hearing and finality of Commission action; injunctions","url":"\/13.1-813\/","token":"13.1\/10\/1\/13.1-813","metadata":false},{"id":64620,"structure_id":13083,"section_number":"13.1-814","catch_line":"Shares of stock and dividends prohibited","url":"\/13.1-814\/","token":"13.1\/10\/1\/13.1-814","metadata":false},{"id":78466,"structure_id":13083,"section_number":"13.1-814.1","catch_line":"Special provisions for community associations","url":"\/13.1-814.1\/","token":"13.1\/10\/1\/13.1-814.1","metadata":false}],"previous_section":{"id":77969,"structure_id":13083,"section_number":"13.1-813","catch_line":"Hearing and finality of Commission action; injunctions","url":"\/13.1-813\/","token":"13.1\/10\/1\/13.1-813","metadata":false},"next_section":{"id":78466,"structure_id":13083,"section_number":"13.1-814.1","catch_line":"Special provisions for community associations","url":"\/13.1-814.1\/","token":"13.1\/10\/1\/13.1-814.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-814\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1956, chapter 428; in 1985, chapters 380 and 522.<\/p>","references":[{"id":84512,"section_number":"38.2-230","catch_line":"Distributions by nonstock corporation","order_by":null,"url":"\/38.2-230\/"}],"refers_to":false,"permalink":{"id":147565,"object_type":"law","relational_id":64620,"identifier":"13.1-814","token":"13.1\/10\/1\/13.1-814","url":"\/13.1-814\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-814\/","token":"13.1\/10\/1\/13.1-814","dublin_core":{"Title":"Shares of stock and dividends prohibited","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-814","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>A <span class=\"dictionary\">corporation<\/span> shall not <span class=\"dictionary\">issue<\/span> <span class=\"dictionary\">shares<\/span> of stock. No dividend shall be paid and no part of the income of a <span class=\"dictionary\">corporation<\/span> shall be distributed to its <span class=\"dictionary\">members<\/span>, <span class=\"dictionary\">directors<\/span> or officers, except that a <span class=\"dictionary\">corporation<\/span> may make distributions to another nonprofit <span class=\"dictionary\">corporation<\/span> that is a <span class=\"dictionary\">member<\/span> of such <span class=\"dictionary\">corporation<\/span> or has the power to appoint one or more of its <span class=\"dictionary\">directors<\/span>. A <span class=\"dictionary\">corporation<\/span> may pay compensation in a reasonable amount to its <span class=\"dictionary\">members<\/span>, <span class=\"dictionary\">directors<\/span> or officers for services rendered, including pensions, may confer benefits upon its <span class=\"dictionary\">members<\/span> in conformity with its purposes, and may make distributions to its <span class=\"dictionary\">members<\/span> or others as permitted by this Act upon dissolution or final <span class=\"dictionary\">liquidation<\/span> and no such payment, benefit or distribution shall be deemed to be a dividend or a distribution of income.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nSHARES OF STOCK AND DIVIDENDS PROHIBITED (\u00a7 13.1-814)\n\nA corporation shall not issue shares of stock. No dividend shall be paid and no\npart of the income of a corporation shall be distributed to its members,\ndirectors or officers, except that a corporation may make distributions to\nanother nonprofit corporation that is a member of such corporation or has the\npower to appoint one or more of its directors. A corporation may pay\ncompensation in a reasonable amount to its members, directors or officers for\nservices rendered, including pensions, may confer benefits upon its members in\nconformity with its purposes, and may make distributions to its members or\nothers as permitted by this Act upon dissolution or final liquidation and no\nsuch payment, benefit or distribution shall be deemed to be a dividend or a\ndistribution of income.\n\nHISTORY: Code 1950, \u00a7 13.1-229; 1956, c. 428; 1985, cc. 380, 522.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}