13.1-334 - Application to existing associations.
§ 13.1-334. Application to existing associations.
(a) This Act shall be applicable to any existing association formed under orwhich has adopted the provisions of the Agricultural Cooperative AssociationAct, Chapter 15, Title 13, as heretofore amended, and all such associationsshall have and may exercise and enjoy all the rights, privileges, authority,powers and capacity granted or afforded under and in pursuance of this Actand shall be subject to all restrictions and requirements of this Act to thesame extent and effect as though organized hereunder.
(b) Any agricultural cooperative marketing or purchasing associationorganized as a corporation under the laws of this Commonwealth may bringitself under and within the terms of this Act as if organized hereunder andmay thereafter operate in pursuance of the terms hereof, and may exercise andenjoy all the rights, privileges, authority, powers and capacity granted orafforded under and in pursuance of this Act and shall be subject to allrestrictions, limitations and requirements of this Act to the same extent andeffect as though organized hereunder, by filing in triplicate with theCommission, articles of adoption signed by its president or one of thevice-presidents, under the seal of the corporation, attested by its secretaryand acknowledged by them before an officer authorized by the laws of thisCommonwealth to take acknowledgments of deeds, certifying that by resolutionof the board of directors of such association duly adopted, such associationhas elected to bring itself within the terms of this Act. If the Commissionfinds that the articles comply with the requirements of law and that allrequired fees have been paid, it shall by order issue a certificate ofadoption, which shall be admitted to record in its office. Upon the issuanceof such certificate, it shall become effective in accordance with its terms.One original counterpart of the articles of adoption, together with thecertificate of adoption issued by the Commission, shall be certified by theCommission to the Commissioner of Agriculture and Consumer Services forfiling and another counterpart shall be certified to the Director of theState Agricultural Extension Division for filing.
(1956, c. 428.)