Virginia Code 15.2-4204: Disposition of earnings and assets of planning district commissions
No part of the net earnings of any planning district commission organized under the provisions of this chapter shall inure to the benefit of, or be distributable to, any of its members, officers or other private persons, other than to its member localities as provided in this chapter. However, the commission may pay reasonable compensation for services rendered and make payments and distributions in furtherance of the purposes of a planning district commission as set forth in this chapter and in its charter and bylaws. Upon the dissolution or termination of any planning district commission, it shall, after paying or making provisions for the payment of its liabilities, distribute its assets to its member localities, pro rata, based upon the formula used to determine local government dues to the commission.
Terms Used In Virginia Code 15.2-4204
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- local government: shall be construed to mean a county, city, or town as the context may require. See Virginia Code 15.2-102
1989, c. 178, § 15.1-1403.1; 1995, cc. 732, 796; 1997, c. 587.