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.

With regard to railroads, canals, and all transportation and transmission companies, the State Corporation Commission has all the power and authority formerly belonging to the office of railroad commissioner; examines them as to their condition, the causes of accidents, etc.; requires changes and improvements; contracts with them for the conveyance of convicts, lunatics, etc.

Every railroad company in Virginia has a charter from the State, in which are stated certain conditions on which, in the interests of the people, they must carry on their business.  It is the duty of the Commission to examine the railroads from time to time to see that they are operated in such a way that there shall be no danger to the people who travel upon them.

To contract is to make an arrangement or a bargain for some work to be done.  The Commission makes contracts with the railway companies for carrying convicts to prison from the place in which they are tried and convicted, and for carrying lunatics to the asylum or hospital in which they are to be confined.

With regard to internal improvements in which the State is interested, the Commission has all the authority formerly exercised by the Board of Public Works; appoints State directors and State proxies for works in which the State is interested; keeps a register of all property belonging to the State; represents the State in relation to all corporations whether as a stockholder, creditor, mortgagor, or otherwise.