Notwithstanding any other provision of law, any person, corporation, including a public service corporation, financial institution or railroad may acquire, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of any bonds, notes, debentures, securities or other evidences of indebtedness, or the shares of capital stock of a corporation created hereunder, provided that the amount of capital stock which may be acquired by any member of such corporation shall not exceed ten percent of the loan limit of such member.
Va. Code Ann. § 13.1-988
Acquisition, transfer, etc., of securities and shares of corporation
Known as the Virginia Industrial Development Corporation Act
The act spans §§ 13.1-981–13.1-998 (18 sections).
Code 1950, § 13.1-146; 1960, c. 80; 1985, c. 522.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.