                                 CODE OF VIRGINIA

PERMISSIBLE LIMITATION OF STOCK OWNERSHIP OR VOTING RIGHTS (§ 13.1-307)

Any cooperative association may, either in its charter or by bylaws, provide and
require that no membership or share of its stock shall be issued to or owned by
any person not a member of a nonstock corporation or nonstock corporations named
or designated in such charter or bylaws, or may in like manner provide that
memberships or shares of its stock may be issued to or owned by persons not
members of such designated nonstock corporation or nonstock corporations, but
that when so owned such stock shall have no voting power. The provisions of this
section shall not apply to any worker cooperative established under Article 3
(§ 13.1-346 et seq.).

HISTORY: Code 1950, § 13-244; 1956, c. 428; 1994, c. 217; 2020, c. 673.