13.1-983 - Incorporation.
§ 13.1-983. Incorporation.
An industrial development corporation may be incorporated in the Commonwealthpursuant to the provisions of Article 3 (§ 13.1-618 et seq.) of Chapter 9 ofthis title, and all the provisions of Chapter 9 (§ 13.1-601 et seq.) of thistitle not in conflict with or inconsistent with the provisions of thischapter shall apply to such corporation except as hereinafter otherwiseprovided. The purpose clause of the articles of incorporation shall recitethat the purposes for which the corporation is formed are to stimulate andpromote the business prosperity and economic welfare of the Commonwealth andits citizens; to encourage and assist through financial aid, advice,technical assistance and other appropriate means the location of newbusinesses and industries and the rehabilitation, improvement and expansionof existing businesses and industries throughout the Commonwealth; and infurtherance of such purposes, to cooperate with the Virginia EconomicDevelopment Partnership and with other organizations, public and private.
(Code 1950, § 13.1-142; 1960, c. 80; 1984, c. 750; 1985, c. 522; 1996, cc.590, 598.)