{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/56-231.25.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/56-231.25.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/56-231.25.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/56-231.25.html"}],"law_id":370107,"edition_id":2,"section_id":370107,"structure_id":52718,"section_number":"56-231.25","catch_line":"Power to issue obligations","history":"1999, c. 874; 2000, cc. 944, 999.","full_text":"A cooperative shall have power and is hereby authorized, from time to time, to issue its obligations 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, 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, as such resolution may provide. Such obligations may be sold in such manner and upon such terms as the board may determine. Pending the preparation or execution of definitive bonds, or obligations, interim receipts or certificates of temporary bonds may be delivered to the purchaser of such obligations.\n\n","order_by":null,"text":{"0":{"id":1380658,"text":"A cooperative shall have power and is hereby authorized, from time to time, to issue its obligations 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, 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, as such resolution may provide. Such obligations may be sold in such manner and upon such terms as the board may determine. Pending the preparation or execution of definitive bonds, or obligations, interim receipts or certificates of temporary bonds may be delivered to the purchaser of such obligations.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":52718,"edition_id":2,"name":"Utility Consumer Services Cooperatives Act","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":52717,"metadata":{"child_laws":26,"child_structures":0},"date_created":"2026-08-02 03:03:30","date_modified":"2026-08-02 12:35:37","permalink":{"id":1478327,"object_type":"structure","relational_id":52718,"identifier":"1","token":"56\/9.1\/1","url":"\/56\/9.1\/1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52717,"edition_id":2,"name":"Utility Consumer Services Cooperatives and Utility Aggregation Cooperatives","identifier":"9.1","label":"chapter","depth":2,"order_by":11,"parent_id":52702,"metadata":{"child_laws":43,"child_structures":2},"date_created":"2026-08-02 03:03:30","date_modified":"2026-08-02 12:35:37","permalink":{"id":1478325,"object_type":"structure","relational_id":52717,"identifier":"9.1","token":"56\/9.1","url":"\/56\/9.1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52702,"edition_id":2,"name":"Public Service Companies","identifier":"56","label":"title","depth":1,"order_by":121,"parent_id":null,"metadata":{"child_laws":710,"child_structures":93},"date_created":"2026-08-02 03:03:25","date_modified":"2026-08-02 12:35:34","permalink":{"id":1475475,"object_type":"structure","relational_id":52702,"identifier":"56","token":"56","url":"\/56\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":370097,"structure_id":52718,"section_number":"56-231.15","catch_line":"Definitions","url":"\/56-231.15\/","token":"56\/9.1\/1\/56-231.15","metadata":false},{"id":370098,"structure_id":52718,"section_number":"56-231.16","catch_line":"Organization; purpose","url":"\/56-231.16\/","token":"56\/9.1\/1\/56-231.16","metadata":false},{"id":370099,"structure_id":52718,"section_number":"56-231.17","catch_line":"Articles of incorporation","url":"\/56-231.17\/","token":"56\/9.1\/1\/56-231.17","metadata":false},{"id":370100,"structure_id":52718,"section_number":"56-231.18","catch_line":"Name of other corporations not to include term \"electric cooperative\" or \"utility consumer services cooperative.\"","url":"\/56-231.18\/","token":"56\/9.1\/1\/56-231.18","metadata":false},{"id":370101,"structure_id":52718,"section_number":"56-231.19","catch_line":"Filing articles of incorporation; effect thereof; other provisions of law applicable","url":"\/56-231.19\/","token":"56\/9.1\/1\/56-231.19","metadata":false},{"id":370102,"structure_id":52718,"section_number":"56-231.20","catch_line":"Repealed","url":"\/56-231.20\/","token":"56\/9.1\/1\/56-231.20","metadata":false},{"id":370103,"structure_id":52718,"section_number":"56-231.21","catch_line":"Dissolution and termination of cooperatives","url":"\/56-231.21\/","token":"56\/9.1\/1\/56-231.21","metadata":false},{"id":370104,"structure_id":52718,"section_number":"56-231.22","catch_line":"Charter amendments","url":"\/56-231.22\/","token":"56\/9.1\/1\/56-231.22","metadata":false},{"id":370105,"structure_id":52718,"section_number":"56-231.23","catch_line":"General powers granted","url":"\/56-231.23\/","token":"56\/9.1\/1\/56-231.23","metadata":false},{"id":370106,"structure_id":52718,"section_number":"56-231.24","catch_line":"Power to dispose of property","url":"\/56-231.24\/","token":"56\/9.1\/1\/56-231.24","metadata":false},{"id":370107,"structure_id":52718,"section_number":"56-231.25","catch_line":"Power to issue obligations","url":"\/56-231.25\/","token":"56\/9.1\/1\/56-231.25","metadata":false},{"id":370108,"structure_id":52718,"section_number":"56-231.26","catch_line":"Covenants in connection with obligations","url":"\/56-231.26\/","token":"56\/9.1\/1\/56-231.26","metadata":false},{"id":370109,"structure_id":52718,"section_number":"56-231.27","catch_line":"Power to purchase its own obligations","url":"\/56-231.27\/","token":"56\/9.1\/1\/56-231.27","metadata":false},{"id":370110,"structure_id":52718,"section_number":"56-231.28","catch_line":"Board of directors of cooperatives","url":"\/56-231.28\/","token":"56\/9.1\/1\/56-231.28","metadata":false},{"id":370111,"structure_id":52718,"section_number":"56-231.29","catch_line":"Powers of board of directors","url":"\/56-231.29\/","token":"56\/9.1\/1\/56-231.29","metadata":false},{"id":370112,"structure_id":52718,"section_number":"56-231.30","catch_line":"Rights and liabilities of members","url":"\/56-231.30\/","token":"56\/9.1\/1\/56-231.30","metadata":false},{"id":370113,"structure_id":52718,"section_number":"56-231.31","catch_line":"Payment of certain patronage capital to spouse or next of kin of deceased person","url":"\/56-231.31\/","token":"56\/9.1\/1\/56-231.31","metadata":false},{"id":370114,"structure_id":52718,"section_number":"56-231.31:1","catch_line":"Donation of certain patronage capital to the cooperative","url":"\/56-231.31_1\/","token":"56\/9.1\/1\/56-231.31_1","metadata":false},{"id":370115,"structure_id":52718,"section_number":"56-231.32","catch_line":"Service to members","url":"\/56-231.32\/","token":"56\/9.1\/1\/56-231.32","metadata":false},{"id":370116,"structure_id":52718,"section_number":"56-231.33","catch_line":"Adequate service; 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This law was first created in 1999. The record of its establishment is cataloged in chapter 874<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. 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. That modification is as follows: in 2000, chapters 944<\/a> and 999<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1478369,"object_type":"law","relational_id":370107,"identifier":"56-231.25","token":"56\/9.1\/1\/56-231.25","url":"\/56-231.25\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/56-231.25\/","token":"56\/9.1\/1\/56-231.25","dublin_core":{"Title":"Power to issue obligations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 56-231.25","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A cooperative<\/span> shall have power and is hereby authorized, from time to time, to issue<\/span> its obligations<\/span> for any corporate purpose. Such obligations<\/span> may be authorized by resolution of the board<\/span>, and may bear such date or dates, mature at such time or times, bear such interest, be payable at such times, be in such denominations, be in such form, either coupon or registered, carry such registration privileges<\/span>, 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<\/span>, as such resolution may provide. Such obligations<\/span> may be sold in such manner and upon such terms as the board<\/span> may determine. Pending the preparation or execution of definitive bonds<\/span>, or obligations<\/span>, interim receipts or certificates of temporary bonds<\/span> may be delivered to the purchaser of such obligations<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWER TO ISSUE OBLIGATIONS (\u00a7 56-231.25)\n\nA cooperative shall have power and is hereby authorized, from time to time, to\nissue its obligations for any corporate purpose. Such obligations may be\nauthorized by resolution of the board, and may bear such date or dates, mature\nat such time or times, bear such interest, be payable at such times, be in such\ndenominations, be in such form, either coupon or registered, carry such\nregistration privileges, be executed in such manner, be payable in such medium\nof payment, at such place or places, and be subject to such terms of redemption,\nas such resolution may provide. Such obligations may be sold in such manner and\nupon such terms as the board may determine. Pending the preparation or execution\nof definitive bonds, or obligations, interim receipts or certificates of\ntemporary bonds may be delivered to the purchaser of such obligations.\n\nHISTORY: 1999, c. 874; 2000, cc. 944, 999.","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"}}