                                 CODE OF VIRGINIA

COVERED INSTITUTIONS; OPERATIONAL AUTHORITY; CREATION OF ENTITIES AND
PARTICIPATION IN JOINT VENTURES (§ 23.1-1010)

Each covered institution may:

1. Create or assist in the creation of; own in whole or in part or otherwise
control; participate in or with any entities, public or private; and purchase,
receive, subscribe for, own, hold, vote, use, employ, sell, mortgage, lend,
pledge, or otherwise acquire or dispose of any (i) shares or obligations of, or
other interests in, any entity organized for any purpose within or outside the
Commonwealth and (ii) obligations of any person or corporation. No part of the
assets or net earnings of such institution shall inure to the benefit of, or be
distributable to, any private individual except that reasonable compensation may
be paid for services rendered to or for such institution in furtherance of its
public purposes and benefits may be conferred that are in conformity with its
public purposes.

2. Participate in joint ventures with individuals, corporations, governmental
bodies or agencies, partnerships, associations, insurers, or other entities to
facilitate any activities or programs consistent with its public purposes and
the intent of this article.

3. Create or continue the existence of one or more nonprofit entities for the
purpose of soliciting, accepting, managing, and administering grants and gifts
and bequests, including endowment gifts and bequests and gifts and bequests in
trust.

4. In carrying out any activities authorized by this article, provide
appropriate assistance, including (i) making loans from its funds, other than
general fund appropriations or proceeds of bonds issued under Article X, Section
9 (a), 9 (b), or 9 (c) of the Constitution of Virginia or under Article X,
Section 9 (d) of the Constitution of Virginia if such issuance is supported by
general funds and (ii) providing the time of its employees to corporations,
partnerships, associations, joint ventures, or other entities whether such
entities are owned or controlled in whole or in part or directly or indirectly
by such institution.

HISTORY: 2005, cc. 933, 945, § 23-38.101; 2016, c. 588.