{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/56-496.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/56-496.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/56-496.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/56-496.html"}],"law_id":370509,"edition_id":2,"section_id":370509,"structure_id":52771,"section_number":"56-496","catch_line":"Disposition of property","history":"1950, p. 593; 1956, c. 434; 1979, c. 103.","full_text":"No cooperative may sell, lease or dispose of any of its property other than property which, in the judgment of the board, is neither necessary nor useful in operating or maintaining the cooperative’s system and which in any one year shall not exceed ten per centum in value of the value of all the property of the cooperative, unless authorized so to do by the votes of at least a two-thirds majority of its members; provided, however, that a cooperative: (i) may mortgage or otherwise encumber its assets by a vote of at least two-thirds of its board of directors; or (ii) may sell or transfer its assets to another cooperative upon the vote of a majority of its members at any regular or special meeting if the notice of such meeting contains a copy of the terms of the proposed sale or transfer.\n\n","order_by":null,"text":{"0":{"id":1381959,"text":"No cooperative may sell, lease or dispose of any of its property other than property which, in the judgment of the board, is neither necessary nor useful in operating or maintaining the cooperative’s system and which in any one year shall not exceed ten per centum in value of the value of all the property of the cooperative, unless authorized so to do by the votes of at least a two-thirds majority of its members; provided, however, that a cooperative: (i) may mortgage or otherwise encumber its assets by a vote of at least two-thirds of its board of directors; or (ii) may sell or transfer its assets to another cooperative upon the vote of a majority of its members at any regular or special meeting if the notice of such meeting contains a copy of the terms of the proposed sale or transfer.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":52771,"edition_id":2,"name":"Telephone Cooperatives Act","identifier":"16","label":"chapter","depth":2,"order_by":32,"parent_id":52702,"metadata":{"child_laws":25,"child_structures":0},"date_created":"2026-08-02 03:04:20","date_modified":"2026-08-02 12:35:45","permalink":{"id":1477127,"object_type":"structure","relational_id":52771,"identifier":"16","token":"56\/16","url":"\/56\/16\/","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":370495,"structure_id":52771,"section_number":"56-485","catch_line":"Short title","url":"\/56-485\/","token":"56\/16\/56-485","metadata":false},{"id":370496,"structure_id":52771,"section_number":"56-486","catch_line":"Who may form cooperative; purpose","url":"\/56-486\/","token":"56\/16\/56-486","metadata":false},{"id":370497,"structure_id":52771,"section_number":"56-487","catch_line":"Definitions","url":"\/56-487\/","token":"56\/16\/56-487","metadata":false},{"id":370498,"structure_id":52771,"section_number":"56-488","catch_line":"Certificate of incorporation","url":"\/56-488\/","token":"56\/16\/56-488","metadata":false},{"id":370499,"structure_id":52771,"section_number":"56-489","catch_line":"Limitation of use of words \"telephone cooperative.\"","url":"\/56-489\/","token":"56\/16\/56-489","metadata":false},{"id":370503,"structure_id":52771,"section_number":"56-490","catch_line":"Filing certificate of incorporation","url":"\/56-490\/","token":"56\/16\/56-490","metadata":false},{"id":370504,"structure_id":52771,"section_number":"56-491","catch_line":"Board of directors; officers","url":"\/56-491\/","token":"56\/16\/56-491","metadata":{"court_decisions":{"0":{"name":"Simmons v. Simmons","case_number":"Record No. 0287-85","citation":"339 S.E.2d 198","date":"1986-01-21","url":"https:\/\/www.courtlistener.com\/opinion\/1251270\/simmons-v-simmons\/","abstract":" .\u202f.\u202f. 339 S.E.2d 198 (1986) .\u202f.\u202f. ","court_html":"COA<\/abbr>"}}}},{"id":370505,"structure_id":52771,"section_number":"56-492","catch_line":"Powers of board of directors","url":"\/56-492\/","token":"56\/16\/56-492","metadata":false},{"id":370506,"structure_id":52771,"section_number":"56-493","catch_line":"Membership; voting; nonprofit operation","url":"\/56-493\/","token":"56\/16\/56-493","metadata":false},{"id":370507,"structure_id":52771,"section_number":"56-494","catch_line":"Service to members; to nonmembers","url":"\/56-494\/","token":"56\/16\/56-494","metadata":false},{"id":370508,"structure_id":52771,"section_number":"56-495","catch_line":"Powers granted corporation","url":"\/56-495\/","token":"56\/16\/56-495","metadata":false},{"id":370509,"structure_id":52771,"section_number":"56-496","catch_line":"Disposition of property","url":"\/56-496\/","token":"56\/16\/56-496","metadata":false},{"id":370510,"structure_id":52771,"section_number":"56-497","catch_line":"Issue of obligations","url":"\/56-497\/","token":"56\/16\/56-497","metadata":false},{"id":370511,"structure_id":52771,"section_number":"56-498","catch_line":"Covenants","url":"\/56-498\/","token":"56\/16\/56-498","metadata":false},{"id":370512,"structure_id":52771,"section_number":"56-499","catch_line":"Purchase of own obligations","url":"\/56-499\/","token":"56\/16\/56-499","metadata":false},{"id":370515,"structure_id":52771,"section_number":"56-500","catch_line":"Consolidation or merger","url":"\/56-500\/","token":"56\/16\/56-500","metadata":false},{"id":370517,"structure_id":52771,"section_number":"56-501","catch_line":"Repealed","url":"\/56-501\/","token":"56\/16\/56-501","metadata":false},{"id":370516,"structure_id":52771,"section_number":"56-501.1","catch_line":"Payment of certain patronage capital to spouse or next of kin of deceased person","url":"\/56-501.1\/","token":"56\/16\/56-501.1","metadata":false},{"id":370518,"structure_id":52771,"section_number":"56-502","catch_line":"Regulation by State Corporation Commission","url":"\/56-502\/","token":"56\/16\/56-502","metadata":false},{"id":370519,"structure_id":52771,"section_number":"56-503","catch_line":"Dissolution","url":"\/56-503\/","token":"56\/16\/56-503","metadata":false},{"id":370520,"structure_id":52771,"section_number":"56-504","catch_line":"Charter amendments","url":"\/56-504\/","token":"56\/16\/56-504","metadata":false},{"id":370521,"structure_id":52771,"section_number":"56-505","catch_line":"Charter fees","url":"\/56-505\/","token":"56\/16\/56-505","metadata":false},{"id":370522,"structure_id":52771,"section_number":"56-506","catch_line":"Construction of chapter; conflicting laws","url":"\/56-506\/","token":"56\/16\/56-506","metadata":false},{"id":370523,"structure_id":52771,"section_number":"56-507","catch_line":"Adoption of provisions by existing corporation","url":"\/56-507\/","token":"56\/16\/56-507","metadata":false},{"id":370528,"structure_id":52771,"section_number":"56-508","catch_line":"Extension of service to territory not being served","url":"\/56-508\/","token":"56\/16\/56-508","metadata":false}],"previous_section":{"id":370508,"structure_id":52771,"section_number":"56-495","catch_line":"Powers granted corporation","url":"\/56-495\/","token":"56\/16\/56-495","metadata":false},"next_section":{"id":370510,"structure_id":52771,"section_number":"56-497","catch_line":"Issue of obligations","url":"\/56-497\/","token":"56\/16\/56-497","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/56-496\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 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 1956, chapter 434; in 1979, chapter 103.<\/p>","references":false,"refers_to":false,"permalink":{"id":1477173,"object_type":"law","relational_id":370509,"identifier":"56-496","token":"56\/16\/56-496","url":"\/56-496\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/56-496\/","token":"56\/16\/56-496","dublin_core":{"Title":"Disposition of property","Type":"Text","Format":"text\/html","Identifier":"\u00a7 56-496","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

No cooperative<\/span> may sell, lease or dispose of any of its property other than property which, in the judgment<\/span> of the board<\/span>, is neither necessary nor useful in operating or maintaining the cooperative<\/span>’s system<\/span> and which in any one year shall not exceed ten per centum in value of the value of all the property of the cooperative<\/span>, unless authorized so to do by the votes of at least a two-thirds majority of its members<\/span>; provided, however, that a cooperative<\/span>: (i) may mortgage or otherwise encumber its assets<\/span> by a vote of at least two-thirds of its board<\/span> of directors; or (ii) may sell or transfer its assets<\/span> to another cooperative<\/span> upon the vote of a majority of its members<\/span> at any regular or special meeting if the notice of such meeting contains a copy of the terms of the proposed sale or transfer.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISPOSITION OF PROPERTY (\u00a7 56-496)\n\nNo cooperative may sell, lease or dispose of any of its property other than\nproperty which, in the judgment of the board, is neither necessary nor useful in\noperating or maintaining the cooperative’s system and which in any one\nyear shall not exceed ten per centum in value of the value of all the property\nof the cooperative, unless authorized so to do by the votes of at least a\ntwo-thirds majority of its members; provided, however, that a cooperative: (i)\nmay mortgage or otherwise encumber its assets by a vote of at least two-thirds\nof its board of directors; or (ii) may sell or transfer its assets to another\ncooperative upon the vote of a majority of its members at any regular or special\nmeeting if the notice of such meeting contains a copy of the terms of the\nproposed sale or transfer.\n\nHISTORY: 1950, p. 593; 1956, c. 434; 1979, c. 103.","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"}}