§ 23.1-1103 Institutions; powers generally
Any institution may, in its proper corporate name and style:
1. 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.
3. Acquire and hold real or personal property or interests in such property in its own name.
4. Execute any instrument that it deems necessary or convenient to carry out the purposes of this chapter.
5. With the consent of the Governor, issue bonds and provide for and secure the rights of the bondholders.
6. Perform any act authorized by this chapter through its own officers, agents, or employees, or by contracts with private corporations, firms, or individuals.
7. Perform any act that it deems necessary or convenient to carry out the powers and purposes expressly provided in this chapter.
History
This law was first created in 1933. The record of its establishment is cataloged at page 84 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1933 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2016, chapter 588.
1933, p. 84, § 23-16; 2016, c. 588.