13.1-301 - Organization of cooperative associations; purposes; name; par value stock required.
§ 13.1-301. Organization of cooperative associations; purposes; name; parvalue stock required.
Any number of persons, not less than five, may, under the provisions ofArticle 3 (§ 13.1-618 et seq.) of Chapter 9 of this title or Article 3 (§13.1-818 et seq.) of Chapter 10 of this title, associate themselves togetheras a cooperative association, society, company or exchange, for the purposeof (i) conducting any housing, agricultural, fishing, dairy, mercantile,merchandise, brokerage, water, sewer, manufacturing, service or mechanicalbusiness on the cooperative plan or (ii) representing or providing financingfor cooperative associations, societies, companies, or exchanges organizedpursuant to the laws of this Commonwealth or any other state, provided thatthe word "cooperative" shall be included as a part of the name. Except fora cooperative association organized to conduct business as a water or sewercompany, no cooperative association organized under this article shallconduct any business in this Commonwealth as a public service company orexercise any privileges of such company.
The provisions of Chapter 9 (§ 13.1-601 et seq.) and Chapter 10 (§ 13.1-801et seq.) of this title, as the case may be, shall apply to cooperativeassociations created under this section or subject to the provisions of thisarticle, except so far as the same are in conflict with the followingsections of this article which shall be applicable only to such cooperativeassociations, and except that no stock cooperative association shall issuestock without nominal or par value.
(Code 1950, § 13-238; 1952, c. 668; 1956, c. 428; 1986, c. 363; 1992, cc.155, 653; 1994, c. 217.)