We are all familiar with the Condominium Act and the Property Owners Association Act but how often do we think about the Nonstock Corporation Act? Most of our Associations were formed as nonstock corporations so when we are looking at whether there is compliance with the law, we need to be aware of this Chapter of the Virginia Code.
The Nonstock Corporation Act, §§13.1-801 et seq. has some important provisions which are worth a second look, including:
13.1-825 General Powers and purposes of the Nonstock Association
13.1-827 Emergency Powers
13.1-870 Standards of Conduct for Directors
13.1-871 Conflicts of Interest
Lots of other important topics, like voting and meetings, are discussed in the Nonstock Corporation Act so if you can’t find a ready answer in the Declaration and Bylaws for your Association maybe the solution is waiting in Title 13.1 of the Virginia Code.