{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-990.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-990.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-990.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-990.html"}],"law_id":85284,"edition_id":1,"section_id":85284,"structure_id":14577,"section_number":"13.1-990","catch_line":"Shares and shareholders","history":"Code 1950, \u00a7 13.1-148; 1960, c. 80; 1972, c. 693; 1985, c. 522.","full_text":"Each share of common stock of a corporation shall have a par value of $100, and shall be issued for cash.\n\t\tEach shareholder shall be entitled to one vote, in person or by proxy, for each share of capital stock held, and each member shall be entitled to one vote, in person or by proxy, for each $1000 of the authorized loan limit of such member as determined under \u00a7 13.1-989.\n\t\tThe rights given by Chapter 9 (\u00a7 13.1-601 et seq.) of this title to shareholders to attend meetings and to receive notice thereof and to exercise voting rights shall apply to members as well as to shareholders of a corporation created hereunder. The voting rights of the members shall be the same as if they were a separate class of shareholders, and shareholders and members shall in all cases vote separately by classes. A quorum at a meeting shall require the presence in person or by proxy of a majority of the holders of the voting rights of each class.","order_by":null,"text":{"0":{"id":305595,"text":"Each share of common stock of a corporation shall have a par value of $100, and shall be issued for cash.\n\t\tEach shareholder shall be entitled to one vote, in person or by proxy, for each share of capital stock held, and each member shall be entitled to one vote, in person or by proxy, for each $1000 of the authorized loan limit of such member as determined under \u00a7 13.1-989.\n\t\tThe rights given by Chapter 9 (\u00a7 13.1-601 et seq.) of this title to shareholders to attend meetings and to receive notice thereof and to exercise voting rights shall apply to members as well as to shareholders of a corporation created hereunder. The voting rights of the members shall be the same as if they were a separate class of shareholders, and shareholders and members shall in all cases vote separately by classes. A quorum at a meeting shall require the presence in person or by proxy of a majority of the holders of the voting rights of each class.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-990\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 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 1972, chapter 693; in 1985, chapter 522.<\/p>","references":false,"refers_to":[{"id":62759,"section_number":"13.1-601","catch_line":"Short title","order_by":null,"url":"\/13.1-601\/"},{"id":80429,"section_number":"13.1-989","catch_line":"Membership in corporation; loans from members","order_by":null,"url":"\/13.1-989\/"}],"permalink":{"id":148315,"object_type":"law","relational_id":85284,"identifier":"13.1-990","token":"13.1\/11\/13.1-990","url":"\/13.1-990\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-990\/","token":"13.1\/11\/13.1-990","dublin_core":{"Title":"Shares and shareholders","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-990","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Each share of common stock of a corporation shall have a par value of $100, and shall be issued for cash.\n\t\tEach shareholder shall be entitled to one vote, in person or by proxy, for each share of capital stock held, and each member shall be entitled to one vote, in person or by proxy, for each $1000 of the authorized loan limit of such member as determined under \u00a7 13.1-989<\/a>.\n\t\tThe rights given by Chapter 9 (\u00a7 13.1-601<\/a> et seq.) of this title to shareholders to attend meetings and to receive notice thereof and to exercise voting rights shall apply to members as well as to shareholders of a corporation created hereunder. The voting rights of the members shall be the same as if they were a separate class of shareholders, and shareholders and members shall in all cases vote separately by classes. A quorum at a meeting shall require the presence in person or by proxy of a majority of the holders of the voting rights of each class.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSHARES AND SHAREHOLDERS (\u00a7 13.1-990)\n\nEach share of common stock of a corporation shall have a par value of $100, and\nshall be issued for cash.\n\t\tEach shareholder shall be entitled to one vote, in person or by proxy, for\neach share of capital stock held, and each member shall be entitled to one vote,\nin person or by proxy, for each $1000 of the authorized loan limit of such\nmember as determined under \u00a7 13.1-989.\n\t\tThe rights given by Chapter 9 (\u00a7 13.1-601 et seq.) of this title to\nshareholders to attend meetings and to receive notice thereof and to exercise\nvoting rights shall apply to members as well as to shareholders of a corporation\ncreated hereunder. The voting rights of the members shall be the same as if they\nwere a separate class of shareholders, and shareholders and members shall in all\ncases vote separately by classes. A quorum at a meeting shall require the\npresence in person or by proxy of a majority of the holders of the voting rights\nof each class.\n\nHISTORY: Code 1950, \u00a7 13.1-148; 1960, c. 80; 1972, c. 693; 1985, c. 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}}