Virginia Code 23.1-1103: Institutions; powers generally
Any institution may, in its proper corporate name and style:
Terms Used In Virginia Code 23.1-1103
- Bond: means any bond, note, or other evidence of indebtedness or obligation of an institution issued by an institution pursuant to this chapter. See Virginia Code 23.1-1100
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Institution: means each public institution of higher education, as that term is defined in § 23. See Virginia Code 23.1-1100
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.
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.