Virginia § 23.1-1103 - Institutions; powers generally
Full text of Virginia Code of Virginia § 23.1-1103 — Institutions; powers generally, with citation guidance and answers to common questions.
§ 23.1-1103. Institutions; powers generally
Any institution may, in its proper corporate name and style:
1. Sue and be sued (i) on any bond, agreement, or other contractual or quasi-contractual obligation issued, made, or incurred pursuant to this chapter; (ii) on any duty, debt, evidence of debt, term, provision, condition, or covenant relating to any bond, agreement, or other contractual or quasi-contractual obligation issued, made, or incurred pursuant to this chapter; (iii) for the enforcement of any bond, agreement, or other contractual or quasi-contractual obligations issued, made, or incurred pursuant to this chapter; or (iv) for the enforcement of any contract or agreement with or liability to any federal agency or bondholder or any trustee or representative of such bondholder.
2. Adopt and alter a common seal.
3. Acquire and hold real or personal property or interests in such property in its own name.
4. Execute any instrument that it deems necessary or convenient to carry out the purposes of this chapter.
5. With the consent of the Governor, issue bonds and provide for and secure the rights of the bondholders.
6. Perform any act authorized by this chapter through its own officers, agents, or employees, or by contracts with private corporations, firms, or individuals.
7. Perform any act that it deems necessary or convenient to carry out the powers and purposes expressly provided in this chapter.
1933, p. 84, § 23-16; 2016, c. 588.
Frequently Asked Questions About Virginia § 23.1-1103
What does Code of Virginia § 23.1-1103 cover?
Section 23.1-1103 ("Institutions; powers generally") 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 § 23.1-1103?
A common citation format is "Code of Virginia § 23.1-1103" (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 § 23.1-1103 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.