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.
1950, p. 593; 1956, c. 434; 1979, c. 129.
Structure Code of Virginia
Title 56 - Public Service Companies
Chapter 16 - Telephone Cooperatives Act
§ 56-486. Who may form cooperative; purpose
§ 56-488. Certificate of incorporation
§ 56-489. Limitation of use of words "telephone cooperative."
§ 56-490. Filing certificate of incorporation
§ 56-491. Board of directors; officers
§ 56-492. Powers of board of directors
§ 56-493. Membership; voting; nonprofit operation
§ 56-494. Service to members; to nonmembers
§ 56-495. Powers granted corporation
§ 56-496. Disposition of property
§ 56-497. Issue of obligations
§ 56-499. Purchase of own obligations
§ 56-500. Consolidation or merger
§ 56-501.1. Payment of certain patronage capital to spouse or next of kin of deceased person
§ 56-502. Regulation by State Corporation Commission
§ 56-506. Construction of chapter; conflicting laws
§ 56-507. Adoption of provisions by existing corporation
§ 56-508. Extension of service to territory not being served