                                 CODE OF VIRGINIA

ISSUE OF OBLIGATIONS (§ 56-497)

A cooperative shall have the power and is hereby authorized, from time to time,
to issue its obligations in anticipation of its revenues for any corporate
purpose. Such obligations may be authorized by resolution of the board, and may
bear such date or dates, mature at such time or times, not exceeding fifty years
from their respective dates, bear such interest, be payable at such times, be in
such denominations, be in such form, either coupon or registered, carry such
registration privileges, be executed in such manner, be payable in such medium
of payment, at such place or places, and be subject to such terms of redemption,
not exceeding par and accrued interest, as such resolution may provide. Such
obligations may be sold in such manner and upon such terms as the board may
determine at not less than par and accrued interest. Pending the preparation or
execution of definitive bonds, or obligations, interim receipts or certificates
or temporary bonds may be delivered to purchasers of such obligations.

HISTORY: 1950, p. 593; 1956, c. 434; 1979, c. 129.