{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/13.1-982.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/13.1-982.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/13.1-982.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/13.1-982.html"}],"law_id":347165,"edition_id":2,"section_id":347165,"structure_id":49830,"section_number":"13.1-982","catch_line":"Definitions","history":"Code 1950, \u00a7 13.1-141; 1960, c. 80; 1985, c. 522; 1996, c. 77.","full_text":"As used in this chapter, unless a different meaning is required by the context, the following words and phrases shall have the following meanings:\n\n“Board of directors.” — The board of directors of a corporation created under this chapter.\n\n“Commission.” — The State Corporation Commission of Virginia.\n\n“Corporation.” — A Virginia industrial development corporation created under the provisions of this chapter.\n\n“Financial institution.” — Any bank, trust company, savings institution, industrial loan association or insurance company.\n\n“Loan limit.” — For any member, the maximum amount permitted to be outstanding at one time on loans made by such member to a corporation as determined under the provisions of this chapter.\n\n“Member.” — Any financial institution which shall undertake to lend money to a corporation created under this chapter, upon its call and in accordance with the provisions of this chapter.\n\n","order_by":null,"text":{"0":{"id":1295638,"text":"As used in this chapter, unless a different meaning is required by the context, the following words and phrases shall have the following meanings:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":""},"1":{"id":1295639,"text":"“Board of directors.” — The board of directors of a corporation created under this chapter.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"2":{"id":1295640,"text":"“Commission.” — The State Corporation Commission of Virginia.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"3":{"id":1295641,"text":"“Corporation.” — A Virginia industrial development corporation created under the provisions of this chapter.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"4":{"id":1295642,"text":"“Financial institution.” — Any bank, trust company, savings institution, industrial loan association or insurance company.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"5":{"id":1295643,"text":"“Loan limit.” — For any member, the maximum amount permitted to be outstanding at one time on loans made by such member to a corporation as determined under the provisions of this chapter.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"6":{"id":1295644,"text":"“Member.” — Any financial institution which shall undertake to lend money to a corporation created under this chapter, upon its call and in accordance with the provisions of this chapter.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":""}},"ancestry":[{"id":49830,"edition_id":2,"name":"Industrial Development Corporations","identifier":"11","label":"chapter","depth":2,"order_by":14,"parent_id":49726,"metadata":{"child_laws":18,"child_structures":0},"date_created":"2026-08-02 02:16:19","date_modified":"2026-08-02 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cited","url":"\/13.1-981\/","token":"13.1\/11\/13.1-981","metadata":false},{"id":347165,"structure_id":49830,"section_number":"13.1-982","catch_line":"Definitions","url":"\/13.1-982\/","token":"13.1\/11\/13.1-982","metadata":{"court_decisions":""}},{"id":347166,"structure_id":49830,"section_number":"13.1-983","catch_line":"Incorporation","url":"\/13.1-983\/","token":"13.1\/11\/13.1-983","metadata":false},{"id":347167,"structure_id":49830,"section_number":"13.1-984","catch_line":"Corporate name","url":"\/13.1-984\/","token":"13.1\/11\/13.1-984","metadata":false},{"id":347168,"structure_id":49830,"section_number":"13.1-985","catch_line":"Governor to approve articles of incorporation","url":"\/13.1-985\/","token":"13.1\/11\/13.1-985","metadata":false},{"id":347169,"structure_id":49830,"section_number":"13.1-986","catch_line":"How funds may be derived","url":"\/13.1-986\/","token":"13.1\/11\/13.1-986","metadata":false},{"id":347170,"structure_id":49830,"section_number":"13.1-987","catch_line":"Restrictions on powers of corporation","url":"\/13.1-987\/","token":"13.1\/11\/13.1-987","metadata":false},{"id":347171,"structure_id":49830,"section_number":"13.1-988","catch_line":"Acquisition, transfer, etc., of securities and shares of corporation","url":"\/13.1-988\/","token":"13.1\/11\/13.1-988","metadata":false},{"id":347172,"structure_id":49830,"section_number":"13.1-989","catch_line":"Membership in corporation; loans from members","url":"\/13.1-989\/","token":"13.1\/11\/13.1-989","metadata":false},{"id":347173,"structure_id":49830,"section_number":"13.1-990","catch_line":"Shares and 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shareholders","url":"\/13.1-995\/","token":"13.1\/11\/13.1-995","metadata":false},{"id":347179,"structure_id":49830,"section_number":"13.1-996","catch_line":"Corporation not authorized to receive money on deposit; deposit of funds of corporation","url":"\/13.1-996\/","token":"13.1\/11\/13.1-996","metadata":false},{"id":347180,"structure_id":49830,"section_number":"13.1-997","catch_line":"Books and records","url":"\/13.1-997\/","token":"13.1\/11\/13.1-997","metadata":false},{"id":347181,"structure_id":49830,"section_number":"13.1-998","catch_line":"Credit of Commonwealth not pledged","url":"\/13.1-998\/","token":"13.1\/11\/13.1-998","metadata":false}],"previous_section":{"id":347164,"structure_id":49830,"section_number":"13.1-981","catch_line":"How chapter 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The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 times. 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. Those modifications are as follows: in 1960, chapter 80; in 1985, chapter 522; in 1996, chapter 77<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1375285,"object_type":"law","relational_id":347165,"identifier":"13.1-982","token":"13.1\/11\/13.1-982","url":"\/13.1-982\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/13.1-982\/","token":"13.1\/11\/13.1-982","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-982","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless a different meaning is required by the context, the following words and phrases shall have the following meanings:<\/p>

“Board of directors.” — The board of directors of a corporation created under this chapter.<\/p>

“Commission.” — The State Corporation Commission of Virginia.<\/p>

“Corporation.” — A Virginia industrial development corporation created under the provisions of this chapter.<\/p>

“Financial institution.” — Any bank, trust company, savings institution, industrial loan association or insurance company.<\/p>

“Loan limit.” — For any member, the maximum amount permitted to be outstanding at one time on loans made by such member to a corporation as determined under the provisions of this chapter.<\/p>

“Member.” — Any financial institution which shall undertake to lend money to a corporation created under this chapter, upon its call and in accordance with the provisions of this chapter.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 13.1-982)\n\nAs used in this chapter, unless a different meaning is required by the context,\nthe following words and phrases shall have the following meanings:\n\n“Board of directors.” — The board of directors of a\ncorporation created under this chapter.\n\n“Commission.” — The State Corporation Commission of Virginia.\n\n“Corporation.” — A Virginia industrial development corporation\ncreated under the provisions of this chapter.\n\n“Financial institution.” — Any bank, trust company, savings\ninstitution, industrial loan association or insurance company.\n\n“Loan limit.” — For any member, the maximum amount permitted\nto be outstanding at one time on loans made by such member to a corporation as\ndetermined under the provisions of this chapter.\n\n“Member.” — Any financial institution which shall undertake to\nlend money to a corporation created under this chapter, upon its call and in\naccordance with the provisions of this chapter.\n\nHISTORY: Code 1950, \u00a7 13.1-141; 1960, c. 80; 1985, c. 522; 1996, c. 77.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}