West Virginia Code 31F-1-103 – Construction of chapter
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(a) This chapter shall apply to all benefit corporations.
Terms Used In West Virginia Code 31F-1-103
- Benefit corporation: means a corporation organized pursuant to the provisions of this chapter:
(1) That has elected to become subject to this article. See West Virginia Code 31F-1-102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Statute: A law passed by a legislature.
(b) The existence of a provision of this chapter does not of itself create an implication that a contrary or different rule of law applies to a corporation organized pursuant to the provisions of this code that is not a benefit corporation. This chapter does not affect a statute or rule of law that applies to a corporation that is not a benefit corporation.
(c) The specific provisions of this chapter control over the general provisions of other chapters of this code.