Virginia § 22.1-232 - Contracts
Full text of Virginia Code of Virginia § 22.1-232 — Contracts, with citation guidance and answers to common questions.
§ 22.1-232. Contracts
A. Where a school board undertakes a career and technical education project by contract with a corporation, the school board may advance, contribute and loan funds to the corporation. The contract shall contain:
1. a system of accounting;
2. the terms upon which any profits from the sale of the project will be allocated between the school board and the corporation;
3. conditions for the return with interest of any funds advanced by the school board;
4. a provision that upon the dissolution of the corporation, any assets remaining after payment of just debts shall be transferred to and become the property of the school board;
5. a provision that, upon the completion of any project, the school board may determine not to participate in further projects;
6. a provision that the school board may at any time require the return of funds to which it is entitled.
B. Where the school board contributes or loans funds to the corporation, such contract shall provide for the posting of a bond with surety by the officers of the corporation conditioned to protect the rights of the school board.
C. Such contract may provide for the establishment of an escrow fund for the purpose of funding future projects.
Code 1950, §§ 22-330.41, 22-330.42; 1974, c. 336; 1980, c. 559; 2001, c. 483.
Frequently Asked Questions About Virginia § 22.1-232
What does Code of Virginia § 22.1-232 cover?
Section 22.1-232 ("Contracts") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 22.1-232?
A common citation format is "Code of Virginia § 22.1-232" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 22.1-232 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.