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The Virginia State Corporation Commission is a state-owned agency vested with the primary right to look after the workings of the numerous business agencies within the Commonwealth as well inquire after the economic investments within the state. It is the duty of the State Corporation Commission of the Commonwealth of Virginia to look after the state-owned financial institutions, the securities, to provide grants to retail businesses and also to look after the railroads within the state.
The Virginia State Corporation Commission serves as the head office of the Virginia government which is responsible for registering all business venture within the state. Business ventures may be of the following types; limited liability companies, limited partnerships, business trusts, besides the corporation also fulfills the function of Uniform Commercial Code filing.
The State Corporation Commission of Virginia was established as early as 1902 by a special charter of the Virginia constitution of 1902 and was vested with the primary duty to oversee railroads and other public works. Officially the SCC began operating from 1903 and over time several new functions has been added to its jurisdiction.
The 3 commissioners of the Virginia State Corporation Commission are enabled to hold office for a period of 6 years and are elected by the General Assembly of Virginia. Under the commissioners, there are at least 600 employees working for the State corporation Commission. The integral legislative, administrative and judicial departments of the SCC ensure, that the commission does not have to depend on the Virginia government for its working, and its decisions can only be challenged in the Virginia supreme court.
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