Notwithstanding the provisions of § 13.1-855, a nonstock corporation shall have a board of directors consisting of at least twelve but no more than twenty members. A majority of the members of the board of directors of a nonstock corporation operating a dental services plan shall be participating dentists. A majority of the members of the board of directors of a nonstock corporation operating an optometric services plan shall be participating optometrists.

Terms Used In Virginia Code 38.2-4508

  • 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.
  • Nonstock corporation: means a foreign or domestic nonstock corporation which is subject to regulation and licensing under this chapter and which operates a dental services plan or an optometric services plan. See Virginia Code 38.2-4501
  • Optometric services plan: means any arrangement for offering or administering prepaid optometric services by a nonstock corporation licensed under this chapter. See Virginia Code 38.2-4501
  • Plan: means any dental services plan or any optometric services plan subject to regulation under this chapter. See Virginia Code 38.2-4501

1980, c. 682, § 38.1-898; 1986, c. 562; 1987, c. 520.

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