The term corporation or company includes all trusts, associations and joint stock companies having any powers or privileges not possessed by individuals or unlimited partnerships. Charter means the charter of incorporation under which any such corporation is formed.
A transportation company is any company or person engaged in the business of a common carrier. A transmission company includes any company or person owning and operating a telephone or telegraph line for hire. Public service corporations include transportation and transmission companies, gas, electric light, heat and power companies and all persons authorized to use or occupy any street or public place in a manner not permitted to the general public.
Bonds are certificates of indebtedness issued by any corporation and secured by a mortgage or trust deed.
Domestic corporations are such as are chartered under the laws of Virginia. Foreign corporations are such as are incorporated under the laws of some other state or country.
The General Assembly may place under the control of the Corporation Commission divisions or bureaus of insurance, banking, etc.
Every domestic and foreign corporation doing business in the state shall file in the office of the Corporation Commission an annual report as prescribed by law setting forth various facts regarding its business, and organization, the names of its officers, its place of business and such other information as may be required by law.
A corporation may be established for the transaction of any lawful business or to promote or conduct any legitimate object or purpose.
Any number of persons not less than three may associate to incorporate a college, an alumni association, a literary society, a cemetery company or association, a fraternal benefit association, a fraternal association, society, order or lodge, a society for the prevention of cruelty to children or animals, a charitable or benevolent association, or social, hunting, fishing club, or any society, organization or association of a similar nature.
A corporation may be limited as to duration to the time stated in its charter. But when no time is so limited it shall be perpetual, subject to the power of repeal reserved to the General Assembly.
A corporation may sue and be sued in any court of law and equity.