§ 23-38.101. Creation of entities; participation in joint ventures.
A. A covered institution may create or assist in the creation of; may own inwhole or in part or otherwise control; may participate in or with anyentities, public or private; and may purchase, receive, subscribe for, own,hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise acquireor dispose of any (i) shares or obligations of, or other interests in, anyentities organized for any purpose within or without the Commonwealth, and(ii) obligations of any person or corporation. No part of the assets or netearnings of such institution shall inure to the benefit of, or bedistributable to, any private individual, except that reasonable compensationmay be paid for services rendered to or for such institution in furtheranceof its public purposes, and benefits may be conferred that are in conformitywith said purposes.
B. A covered institution may participate in joint ventures with individuals,corporations, governmental bodies or agencies, partnerships, associations,insurers or other entities to facilitate any activities or programsconsistent with the public purposes and intent of this subchapter.
C. A covered institution may create or continue the existence of one or morenonprofit entities for the purpose of soliciting, accepting, managing, andadministering grants, gifts and bequests, endowment gifts and bequests, andgifts and bequests in trust.
D. In carrying out any activities authorized by this subchapter, a coveredinstitution may provide appropriate assistance, including (i) making loansfrom its funds, other than general fund appropriations or proceeds of bondsissued under Article X, Section 9(a), 9(b), or 9(c), or 9(d), if suchissuance is Commonwealth general fund supported, of the Constitution ofVirginia, and (ii) providing the time of its employees to corporations,partnerships, associations, joint ventures or other entities, whether or notsuch corporations, partnerships, associations, joint ventures or otherentities are owned or controlled in whole or in part, directly or indirectly,by such institution.
§ 23-38.101. Creation of entities; participation in joint ventures.
A. A covered institution may create or assist in the creation of; may own inwhole or in part or otherwise control; may participate in or with anyentities, public or private; and may purchase, receive, subscribe for, own,hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise acquireor dispose of any (i) shares or obligations of, or other interests in, anyentities organized for any purpose within or without the Commonwealth, and(ii) obligations of any person or corporation. No part of the assets or netearnings of such institution shall inure to the benefit of, or bedistributable to, any private individual, except that reasonable compensationmay be paid for services rendered to or for such institution in furtheranceof its public purposes, and benefits may be conferred that are in conformitywith said purposes.
B. A covered institution may participate in joint ventures with individuals,corporations, governmental bodies or agencies, partnerships, associations,insurers or other entities to facilitate any activities or programsconsistent with the public purposes and intent of this subchapter.
C. A covered institution may create or continue the existence of one or morenonprofit entities for the purpose of soliciting, accepting, managing, andadministering grants, gifts and bequests, endowment gifts and bequests, andgifts and bequests in trust.
D. In carrying out any activities authorized by this subchapter, a coveredinstitution may provide appropriate assistance, including (i) making loansfrom its funds, other than general fund appropriations or proceeds of bondsissued under Article X, Section 9(a), 9(b), or 9(c), or 9(d), if suchissuance is Commonwealth general fund supported, of the Constitution ofVirginia, and (ii) providing the time of its employees to corporations,partnerships, associations, joint ventures or other entities, whether or notsuch corporations, partnerships, associations, joint ventures or otherentities are owned or controlled in whole or in part, directly or indirectly,by such institution.
§ 23-38.101. Creation of entities; participation in joint ventures.
A. A covered institution may create or assist in the creation of; may own inwhole or in part or otherwise control; may participate in or with anyentities, public or private; and may purchase, receive, subscribe for, own,hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise acquireor dispose of any (i) shares or obligations of, or other interests in, anyentities organized for any purpose within or without the Commonwealth, and(ii) obligations of any person or corporation. No part of the assets or netearnings of such institution shall inure to the benefit of, or bedistributable to, any private individual, except that reasonable compensationmay be paid for services rendered to or for such institution in furtheranceof its public purposes, and benefits may be conferred that are in conformitywith said purposes.
B. A covered institution may participate in joint ventures with individuals,corporations, governmental bodies or agencies, partnerships, associations,insurers or other entities to facilitate any activities or programsconsistent with the public purposes and intent of this subchapter.
C. A covered institution may create or continue the existence of one or morenonprofit entities for the purpose of soliciting, accepting, managing, andadministering grants, gifts and bequests, endowment gifts and bequests, andgifts and bequests in trust.
D. In carrying out any activities authorized by this subchapter, a coveredinstitution may provide appropriate assistance, including (i) making loansfrom its funds, other than general fund appropriations or proceeds of bondsissued under Article X, Section 9(a), 9(b), or 9(c), or 9(d), if suchissuance is Commonwealth general fund supported, of the Constitution ofVirginia, and (ii) providing the time of its employees to corporations,partnerships, associations, joint ventures or other entities, whether or notsuch corporations, partnerships, associations, joint ventures or otherentities are owned or controlled in whole or in part, directly or indirectly,by such institution.
