{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/56-497.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/56-497.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/56-497.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/56-497.html"}],"law_id":370510,"edition_id":2,"section_id":370510,"structure_id":52771,"section_number":"56-497","catch_line":"Issue of obligations","history":"1950, p. 593; 1956, c. 434; 1979, c. 129.","full_text":"A cooperative shall have the power and is hereby authorized, from time to time, to issue its obligations in anticipation of its revenues 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, not exceeding fifty years from their respective dates, 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, not exceeding par and accrued interest, as such resolution may provide. Such obligations may be sold in such manner and upon such terms as the board may determine at not less than par and accrued interest. Pending the preparation or execution of definitive bonds, or obligations, interim receipts or certificates or temporary bonds may be delivered to purchasers of such obligations.\n\n","order_by":null,"text":{"0":{"id":1381960,"text":"A cooperative shall have the power and is hereby authorized, from time to time, to issue its obligations in anticipation of its revenues 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, not exceeding fifty years from their respective dates, 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, not exceeding par and accrued interest, as such resolution may provide. Such obligations may be sold in such manner and upon such terms as the board may determine at not less than par and accrued interest. Pending the preparation or execution of definitive bonds, or obligations, interim receipts or certificates or temporary bonds may be delivered to purchasers of such obligations.","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":"<abbr title=\"Court of Appeals\">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":370509,"structure_id":52771,"section_number":"56-496","catch_line":"Disposition of property","url":"\/56-496\/","token":"56\/16\/56-496","metadata":false},"next_section":{"id":370511,"structure_id":52771,"section_number":"56-498","catch_line":"Covenants","url":"\/56-498\/","token":"56\/16\/56-498","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/56-497\/","history_text":"<p>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 129.<\/p>","references":false,"refers_to":false,"permalink":{"id":1477177,"object_type":"law","relational_id":370510,"identifier":"56-497","token":"56\/16\/56-497","url":"\/56-497\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/56-497\/","token":"56\/16\/56-497","dublin_core":{"Title":"Issue of obligations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 56-497","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>A <span class=\"dictionary\">cooperative<\/span> shall have the power and is hereby authorized, from time to time, to <span class=\"dictionary\">issue<\/span> its <span class=\"dictionary\">obligations<\/span> in anticipation of its revenues for any corporate purpose. Such <span class=\"dictionary\">obligations<\/span> may be authorized by resolution of the <span class=\"dictionary\">board<\/span>, and may bear such date or dates, mature at such time or times, not exceeding fifty years from their respective dates, bear such interest, be payable at such times, be in such denominations, be in such form, either coupon or registered, carry such registration <span class=\"dictionary\">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 <span class=\"dictionary\">redemption<\/span>, not exceeding par and accrued interest, as such resolution may provide. Such <span class=\"dictionary\">obligations<\/span> may be sold in such manner and upon such terms as the <span class=\"dictionary\">board<\/span> may determine at not less than par and accrued interest. Pending the preparation or execution of definitive <span class=\"dictionary\">bonds<\/span>, or <span class=\"dictionary\">obligations<\/span>, interim receipts or certificates or temporary <span class=\"dictionary\">bonds<\/span> may be delivered to purchasers of such <span class=\"dictionary\">obligations<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nISSUE OF OBLIGATIONS (\u00a7 56-497)\n\nA cooperative shall have the power and is hereby authorized, from time to time,\nto issue its obligations in anticipation of its revenues for any corporate\npurpose. Such obligations may be authorized by resolution of the board, and may\nbear such date or dates, mature at such time or times, not exceeding fifty years\nfrom their respective dates, bear such interest, be payable at such times, be in\nsuch denominations, 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,\nnot exceeding par and accrued interest, as such resolution may provide. Such\nobligations may be sold in such manner and upon such terms as the board may\ndetermine at not less than par and accrued interest. Pending the preparation or\nexecution of definitive bonds, or obligations, interim receipts or certificates\nor temporary bonds may be delivered to purchasers of such obligations.\n\nHISTORY: 1950, p. 593; 1956, c. 434; 1979, c. 129.","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"}}