{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-983.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-983.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-983.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-983.html"}],"law_id":56063,"edition_id":1,"section_id":56063,"structure_id":14577,"section_number":"13.1-983","catch_line":"Incorporation","history":"Code 1950, \u00a7 13.1-142; 1960, c. 80; 1984, c. 750; 1985, c. 522; 1996, cc. 590, 598.","full_text":"An industrial development corporation may be incorporated in the Commonwealth pursuant to the provisions of Article 3 (\u00a7 13.1-618 et seq.) of Chapter 9 of this title, and all the provisions of Chapter 9 (\u00a7 13.1-601 et seq.) of this title not in conflict with or inconsistent with the provisions of this chapter shall apply to such corporation except as hereinafter otherwise provided. The purpose clause of the articles of incorporation shall recite that the purposes for which the corporation is formed are to stimulate and promote the business prosperity and economic welfare of the Commonwealth and its citizens; to encourage and assist through financial aid, advice, technical assistance and other appropriate means the location of new businesses and industries and the rehabilitation, improvement and expansion of existing businesses and industries throughout the Commonwealth; and in furtherance of such purposes, to cooperate with the Virginia Economic Development Partnership and with other organizations, public and private.","order_by":null,"text":{"0":{"id":205497,"text":"An industrial development corporation may be incorporated in the Commonwealth pursuant to the provisions of Article 3 (\u00a7 13.1-618 et seq.) of Chapter 9 of this title, and all the provisions of Chapter 9 (\u00a7 13.1-601 et seq.) of this title not in conflict with or inconsistent with the provisions of this chapter shall apply to such corporation except as hereinafter otherwise provided. The purpose clause of the articles of incorporation shall recite that the purposes for which the corporation is formed are to stimulate and promote the business prosperity and economic welfare of the Commonwealth and its citizens; to encourage and assist through financial aid, advice, technical assistance and other appropriate means the location of new businesses and industries and the rehabilitation, improvement and expansion of existing businesses and industries throughout the Commonwealth; and in furtherance of such purposes, to cooperate with the Virginia Economic Development Partnership and with other organizations, public and private.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14577,"edition_id":1,"name":"Industrial Development Corporations","identifier":"11","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:48:44","date_modified":"2026-06-26 03:48:44","permalink":{"id":148277,"object_type":"structure","relational_id":14577,"identifier":"11","token":"13.1\/11","url":"\/13.1\/11\/","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":80825,"structure_id":14577,"section_number":"13.1-981","catch_line":"How chapter cited","url":"\/13.1-981\/","token":"13.1\/11\/13.1-981","metadata":false},{"id":69245,"structure_id":14577,"section_number":"13.1-982","catch_line":"Definitions","url":"\/13.1-982\/","token":"13.1\/11\/13.1-982","metadata":false},{"id":56063,"structure_id":14577,"section_number":"13.1-983","catch_line":"Incorporation","url":"\/13.1-983\/","token":"13.1\/11\/13.1-983","metadata":false},{"id":83258,"structure_id":14577,"section_number":"13.1-984","catch_line":"Corporate name","url":"\/13.1-984\/","token":"13.1\/11\/13.1-984","metadata":false},{"id":68339,"structure_id":14577,"section_number":"13.1-985","catch_line":"Governor to approve articles of incorporation","url":"\/13.1-985\/","token":"13.1\/11\/13.1-985","metadata":false},{"id":65825,"structure_id":14577,"section_number":"13.1-986","catch_line":"How funds may be derived","url":"\/13.1-986\/","token":"13.1\/11\/13.1-986","metadata":false},{"id":60972,"structure_id":14577,"section_number":"13.1-987","catch_line":"Restrictions on powers of corporation","url":"\/13.1-987\/","token":"13.1\/11\/13.1-987","metadata":false},{"id":58421,"structure_id":14577,"section_number":"13.1-988","catch_line":"Acquisition, transfer, etc., of securities and shares of corporation","url":"\/13.1-988\/","token":"13.1\/11\/13.1-988","metadata":false},{"id":80429,"structure_id":14577,"section_number":"13.1-989","catch_line":"Membership in corporation; loans from members","url":"\/13.1-989\/","token":"13.1\/11\/13.1-989","metadata":false},{"id":85284,"structure_id":14577,"section_number":"13.1-990","catch_line":"Shares and shareholders","url":"\/13.1-990\/","token":"13.1\/11\/13.1-990","metadata":false},{"id":72676,"structure_id":14577,"section_number":"13.1-991","catch_line":"Directors","url":"\/13.1-991\/","token":"13.1\/11\/13.1-991","metadata":false},{"id":72431,"structure_id":14577,"section_number":"13.1-992","catch_line":"Executive committee","url":"\/13.1-992\/","token":"13.1\/11\/13.1-992","metadata":false},{"id":77569,"structure_id":14577,"section_number":"13.1-993","catch_line":"Restrictions on amendments to articles of incorporation","url":"\/13.1-993\/","token":"13.1\/11\/13.1-993","metadata":false},{"id":69071,"structure_id":14577,"section_number":"13.1-994","catch_line":"Earned surplus","url":"\/13.1-994\/","token":"13.1\/11\/13.1-994","metadata":false},{"id":74233,"structure_id":14577,"section_number":"13.1-995","catch_line":"Members to have rights of shareholders","url":"\/13.1-995\/","token":"13.1\/11\/13.1-995","metadata":false},{"id":84215,"structure_id":14577,"section_number":"13.1-996","catch_line":"Corporation not authorized to receive money on deposit; deposit of funds of corporation","url":"\/13.1-996\/","token":"13.1\/11\/13.1-996","metadata":false},{"id":71494,"structure_id":14577,"section_number":"13.1-997","catch_line":"Books and records","url":"\/13.1-997\/","token":"13.1\/11\/13.1-997","metadata":false},{"id":80620,"structure_id":14577,"section_number":"13.1-998","catch_line":"Credit of Commonwealth not pledged","url":"\/13.1-998\/","token":"13.1\/11\/13.1-998","metadata":false}],"previous_section":{"id":69245,"structure_id":14577,"section_number":"13.1-982","catch_line":"Definitions","url":"\/13.1-982\/","token":"13.1\/11\/13.1-982","metadata":false},"next_section":{"id":83258,"structure_id":14577,"section_number":"13.1-984","catch_line":"Corporate name","url":"\/13.1-984\/","token":"13.1\/11\/13.1-984","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-983\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1960, chapter 80; in 1984, chapter 750; in 1985, chapter 522; in 1996, chapters 590<\/a> and 598<\/a>.<\/p>","references":false,"refers_to":[{"id":62759,"section_number":"13.1-601","catch_line":"Short title","order_by":null,"url":"\/13.1-601\/"},{"id":86934,"section_number":"13.1-618","catch_line":"Incorporators","order_by":null,"url":"\/13.1-618\/"}],"permalink":{"id":148287,"object_type":"law","relational_id":56063,"identifier":"13.1-983","token":"13.1\/11\/13.1-983","url":"\/13.1-983\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-983\/","token":"13.1\/11\/13.1-983","dublin_core":{"Title":"Incorporation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-983","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

An industrial development corporation may be incorporated in the Commonwealth pursuant to the provisions of Article 3 (\u00a7 13.1-618<\/a> et seq.) of Chapter 9 of this title, and all the provisions of Chapter 9 (\u00a7 13.1-601<\/a> et seq.) of this title not in conflict with or inconsistent with the provisions of this chapter shall apply to such corporation except as hereinafter otherwise provided. The purpose clause of the articles of incorporation shall recite that the purposes for which the corporation is formed are to stimulate and promote the business prosperity and economic welfare of the Commonwealth and its citizens; to encourage and assist through financial aid, advice, technical assistance and other appropriate means the location of new businesses and industries and the rehabilitation, improvement and expansion of existing businesses and industries throughout the Commonwealth; and in furtherance of such purposes, to cooperate with the Virginia Economic Development Partnership and with other organizations, public and private.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINCORPORATION (\u00a7 13.1-983)\n\nAn industrial development corporation may be incorporated in the Commonwealth\npursuant to the provisions of Article 3 (\u00a7 13.1-618 et seq.) of Chapter 9 of\nthis title, and all the provisions of Chapter 9 (\u00a7 13.1-601 et seq.) of this\ntitle not in conflict with or inconsistent with the provisions of this chapter\nshall apply to such corporation except as hereinafter otherwise provided. The\npurpose clause of the articles of incorporation shall recite that the purposes\nfor which the corporation is formed are to stimulate and promote the business\nprosperity and economic welfare of the Commonwealth and its citizens; to\nencourage and assist through financial aid, advice, technical assistance and\nother appropriate means the location of new businesses and industries and the\nrehabilitation, improvement and expansion of existing businesses and industries\nthroughout the Commonwealth; and in furtherance of such purposes, to cooperate\nwith the Virginia Economic Development Partnership and with other organizations,\npublic and private.\n\nHISTORY: Code 1950, \u00a7 13.1-142; 1960, c. 80; 1984, c. 750; 1985, c. 522; 1996,\ncc. 590, 598.","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}}