Who are the members of a Virginia nonstock corporation?
A member of a nonstock corporation is a person who has a membership interest in the corporation. This is not, however, the equivalent of a “member” of the board of directors. An individual serving on the board of directors is known as a “director.” The articles of incorporation must set forth whether or not the nonstock corporation will have members. If there will be members, the articles must set forth (i) the classes of members, if there is more than one class (ii) the qualifications required to become a member of each class, and (iii) the rights of each class of members, including the right to vote, if any. In the alternative, the articles may provide that one or more of these items will be as set forth in the corporation’s bylaws (which are not filed in the Office of the Clerk). A nonstock corporation is not required to have (i) members, (ii) more than one class of members, or (iii) members with voting rights. It is up to you to determine the appropriate organizational structure fo
