Any nonstock corporation subject to this chapter shall not engage in any other business. However, a nonstock corporation may assist in the administration of governmental health care programs in a manner provided for by contract or regulations. A nonstock corporation’s charter may provide for ex officio directors and directors elected by persons or associations who are not directors or members of the nonstock corporation.

Terms Used In Virginia Code 38.2-4520

  • 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.
  • 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

1980, c. 682, § 38.1-909; 1986, c. 562.

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