56-231.43 - Powers.
§ 56-231.43. Powers.
A. Each cooperative formed under this article shall have power to do any andall lawful acts or things, including, but not limited to the power:
1. To purchase, sell, generate, store, transport or transmit energy, energyservices, products and equipment.
2. To sue and be sued.
3. To have a seal and alter the same at pleasure.
4. To acquire, hold and dispose of property, real and personal, tangible andintangible, or interests therein and to pay in cash or property or on credit,and to secure and procure payment of all or any part of the purchase pricethereof on such terms and conditions as the board shall determine.
5. To render service and to acquire, own, operate, maintain and improve asystem or systems.
6. To accept gifts or grants of money or of property, real or personal, andto accept voluntary and uncompensated services.
7. To sell, lease, mortgage or otherwise encumber or dispose of all or anyparts of its property.
8. To contract debts, borrow money and to issue or assume the payment ofbonds and other obligations.
9. To fix, maintain and collect reasonable fees, rents, tolls and othercharges for service rendered.
10. To exercise, with respect to its construction of regulated transmissionfacilities as a power supply cooperative, all the powers set forth in §56-49, including the power of eminent domain as prescribed for other publicservice corporations by general law.
11. To assist its members, by loans or otherwise, in the acquisition by themof energy and electrical, technological and other equipment related to thebusiness of the cooperative.
12. To issue nonassessable nonvoting common and preferred capital stock orsimilar securities and pay dividends thereon.
13. To perform any and all of the foregoing acts through or by means of itsown officers, agents and employees, or by contract.
B. A cooperative shall have the power and is authorized, from time to time,to issue its obligations for any corporate purpose.
1. The obligations may be authorized by resolution of the board, and may bearany date or dates, mature at any time or times, bear any interest, be payableat any times, be in any denominations, be in any form, either coupon orregistered, carry any registration privileges, be executed in any manner, bepayable in any medium of payment, at any place or places, and be subject toany terms of redemption, as provided by the resolution.
2. These obligations may be sold in the manner and upon the terms as theboard may determine. Pending the preparation or execution of definitive bondsor obligations, interim receipts or certificates of temporary bonds may bedelivered to the purchaser of such obligations.
C. A cooperative may purchase any of its own obligations.
D. The Virginia Securities Act (§ 13.1-501 et seq.) shall not apply tomembership certificates issued by a cooperative or its cooperativeaffiliates, or subsidiaries organized prior to January 1, 1999.
(1999, c. 874; 2000, cc. 944, 999.)