Virginia Code 23.1-3209: Authority to contract debts and obligations payable from revenues.
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The Foundation, acting by and through the corporation authorized by § 23.1-3207, may contract debts and obligations to the extent of its anticipated revenues. Such debts and obligations shall be paid only from the revenues of the Foundation.
Terms Used In Virginia Code 23.1-3209
- Contract: A legal written agreement that becomes binding when signed.
- 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.