{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-1103.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-1103.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-1103.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-1103.html"}],"law_id":71395,"edition_id":1,"section_id":71395,"structure_id":14061,"section_number":"23.1-1103","catch_line":"Institutions; powers generally","history":"1933, p. 84, \u00a7 23-16; 2016, c. 588.","full_text":"Any institution may, in its proper corporate name and style:\n\n1\n\nSue and be sued (i) on any bond, agreement, or other contractual or quasi-contractual obligation issued, made, or incurred pursuant to this chapter; (ii) on any duty, debt, evidence of debt, term, provision, condition, or covenant relating to any bond, agreement, or other contractual or quasi-contractual obligation issued, made, or incurred pursuant to this chapter; (iii) for the enforcement of any bond, agreement, or other contractual or quasi-contractual obligations issued, made, or incurred pursuant to this chapter; or (iv) for the enforcement of any contract or agreement with or liability to any federal agency or bondholder or any trustee or representative of such bondholder.2\n\nAdopt and alter a common seal.3\n\nAcquire and hold real or personal property or interests in such property in its own name.4\n\nExecute any instrument that it deems necessary or convenient to carry out the purposes of this chapter.5\n\nWith the consent of the Governor, issue bonds and provide for and secure the rights of the bondholders.6\n\nPerform any act authorized by this chapter through its own officers, agents, or employees, or by contracts with private corporations, firms, or individuals.7\n\nPerform any act that it deems necessary or convenient to carry out the powers and purposes expressly provided in this chapter.","order_by":null,"text":{"0":{"id":257403,"text":"Any institution may, in its proper corporate name and style:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":257404,"text":"Sue and be sued (i) on any bond, agreement, or other contractual or quasi-contractual obligation issued, made, or incurred pursuant to this chapter; (ii) on any duty, debt, evidence of debt, term, provision, condition, or covenant relating to any bond, agreement, or other contractual or quasi-contractual obligation issued, made, or incurred pursuant to this chapter; (iii) for the enforcement of any bond, agreement, or other contractual or quasi-contractual obligations issued, made, or incurred pursuant to this chapter; or (iv) for the enforcement of any contract or agreement with or liability to any federal agency or bondholder or any trustee or representative of such bondholder.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":257405,"text":"Adopt and alter a common seal.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":257406,"text":"Acquire and hold real or personal property or interests in such property in its own name.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":257407,"text":"Execute any instrument that it deems necessary or convenient to carry out the purposes of this chapter.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":257408,"text":"With the consent of the Governor, issue bonds and provide for and secure the rights of the bondholders.","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":257409,"text":"Perform any act authorized by this chapter through its own officers, agents, or employees, or by contracts with private corporations, firms, or individuals.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":257410,"text":"Perform any act that it deems necessary or convenient to carry out the powers and purposes expressly provided in this chapter.","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6"}},"ancestry":[{"id":14061,"edition_id":1,"name":"Bonds and Other Obligations","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":14060,"metadata":{},"date_created":"2026-06-26 03:46:44","date_modified":"2026-06-26 03:46:44","permalink":{"id":185641,"object_type":"structure","relational_id":14061,"identifier":"11","token":"23.1\/III\/11","url":"\/23.1\/III\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14060,"edition_id":1,"name":"Management and Financing","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:46:44","date_modified":"2026-06-26 03:46:44","permalink":{"id":185513,"object_type":"structure","relational_id":14060,"identifier":"III","token":"23.1\/III","url":"\/23.1\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13111,"edition_id":1,"name":"Institutions of Higher Education; 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exemption from taxation","url":"\/23.1-1115\/","token":"23.1\/III\/11\/23.1-1115","metadata":false},{"id":85366,"structure_id":14061,"section_number":"23.1-1116","catch_line":"Commonwealth not to limit revenues of institutions","url":"\/23.1-1116\/","token":"23.1\/III\/11\/23.1-1116","metadata":false},{"id":87467,"structure_id":14061,"section_number":"23.1-1117","catch_line":"Borrowing to purchase real estate","url":"\/23.1-1117\/","token":"23.1\/III\/11\/23.1-1117","metadata":false},{"id":86618,"structure_id":14061,"section_number":"23.1-1118","catch_line":"Discretion of Governor in granting or withholding consent or approval","url":"\/23.1-1118\/","token":"23.1\/III\/11\/23.1-1118","metadata":false},{"id":55164,"structure_id":14061,"section_number":"23.1-1119","catch_line":"Payment of interest on bonds of the Commonwealth held by public institutions of higher education and private institutions of higher education","url":"\/23.1-1119\/","token":"23.1\/III\/11\/23.1-1119","metadata":false},{"id":66554,"structure_id":14061,"section_number":"23.1-1120","catch_line":"Exchange and cancellation of consol coupon bonds of the Commonwealth","url":"\/23.1-1120\/","token":"23.1\/III\/11\/23.1-1120","metadata":false},{"id":56613,"structure_id":14061,"section_number":"23.1-1121","catch_line":"Certificates of indebtedness","url":"\/23.1-1121\/","token":"23.1\/III\/11\/23.1-1121","metadata":false},{"id":66049,"structure_id":14061,"section_number":"23.1-1122","catch_line":"Provisions of chapter to control","url":"\/23.1-1122\/","token":"23.1\/III\/11\/23.1-1122","metadata":false}],"previous_section":{"id":77622,"structure_id":14061,"section_number":"23.1-1102","catch_line":"Purpose of institutions","url":"\/23.1-1102\/","token":"23.1\/III\/11\/23.1-1102","metadata":false},"next_section":{"id":62715,"structure_id":14061,"section_number":"23.1-1104","catch_line":"Institutions; powers; projects and bonds","url":"\/23.1-1104\/","token":"23.1\/III\/11\/23.1-1104","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1103\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 2016, chapter 588<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":185655,"object_type":"law","relational_id":71395,"identifier":"23.1-1103","token":"23.1\/III\/11\/23.1-1103","url":"\/23.1-1103\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-1103\/","token":"23.1\/III\/11\/23.1-1103","dublin_core":{"Title":"Institutions; powers generally","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1103","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Any institution<\/span> may, in its proper corporate name and style:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Sue and be sued (i) on any bond<\/span>, agreement, or other contractual or quasi-contractual obligation issued, made, or incurred pursuant to this chapter; (ii) on any duty, debt, evidence<\/span> of debt, term, provision, condition, or covenant relating to any bond<\/span>, agreement, or other contractual or quasi-contractual obligation issued, made, or incurred pursuant to this chapter; (iii) for the enforcement of any bond<\/span>, agreement, or other contractual or quasi-contractual obligations issued, made, or incurred pursuant to this chapter; or (iv) for the enforcement of any contract<\/span> or agreement with or liability to any federal agency or bondholder or any trustee or representative of such bondholder. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Adopt and alter a common seal. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Acquire and hold real or personal property or interests in such property in its own name. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Execute any instrument that it deems necessary or convenient to carry out the purposes of this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> With the consent of the Governor, issue<\/span> bonds<\/span> and provide for and secure the rights of the bondholders. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Perform any act authorized by this chapter through its own officers, agents, or employees, or by contracts<\/span> with private corporations, firms, or individuals. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Perform any act that it deems necessary or convenient to carry out the powers and purposes expressly provided in this chapter. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINSTITUTIONS; POWERS GENERALLY (\u00a7 23.1-1103)\n\nAny institution may, in its proper corporate name and style:\n\n1. Sue and be sued (i) on any bond, agreement, or other contractual or\nquasi-contractual obligation issued, made, or incurred pursuant to this chapter;\n(ii) on any duty, debt, evidence of debt, term, provision, condition, or\ncovenant relating to any bond, agreement, or other contractual or\nquasi-contractual obligation issued, made, or incurred pursuant to this chapter;\n(iii) for the enforcement of any bond, agreement, or other contractual or\nquasi-contractual obligations issued, made, or incurred pursuant to this\nchapter; or (iv) for the enforcement of any contract or agreement with or\nliability to any federal agency or bondholder or any trustee or representative\nof such bondholder.\n\n2. Adopt and alter a common seal.\n\n3. Acquire and hold real or personal property or interests in such property in\nits own name.\n\n4. Execute any instrument that it deems necessary or convenient to carry out the\npurposes of this chapter.\n\n5. With the consent of the Governor, issue bonds and provide for and secure the\nrights of the bondholders.\n\n6. Perform any act authorized by this chapter through its own officers, agents,\nor employees, or by contracts with private corporations, firms, or individuals.\n\n7. Perform any act that it deems necessary or convenient to carry out the powers\nand purposes expressly provided in this chapter.\n\nHISTORY: 1933, p. 84, \u00a7 23-16; 2016, c. 588.","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}}