Virginia Code 15.2-7505: Financial interests of board members and employees prohibited
A. No member of the board or employee of the land bank entity shall acquire any interest, direct or indirect, in real property of the land bank entity, in any real property to be acquired by the land bank entity, or in any real property to be acquired from the land bank entity.
Terms Used In Virginia Code 15.2-7505
- Act: means this chapter, the Land Bank Entities Act (§ Virginia Code 15.2-7500
- board: means the board of directors of an authority or a corporation. See Virginia Code 15.2-7500
- Contract: A legal written agreement that becomes binding when signed.
- Land bank entity: means any authority, planning district commission, corporation, or existing nonprofit entity established or designated by a locality to carry out the purposes of the Act. See Virginia Code 15.2-7500
- local government: shall be construed to mean a county, city, or town as the context may require. See Virginia Code 15.2-102
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: means lands, structures, and any and all easements and every estate and right therein, legal and equitable, including terms for years and liens by way of judgment, mortgage, or otherwise, and any and all fixtures and improvements located thereon. See Virginia Code 15.2-7500
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
B. With regard to any contract or proposed contract for materials or services to be furnished to or used by a land bank entity, members of the board and employees of a land bank entity are subject to the provisions of the State and Local Government Conflict of Interests Act (§ 2.2-3100 et seq.).
C. The board may adopt supplemental rules and regulations addressing potential conflicts of interest and ethical guidelines for members of the board and employees of the land bank entity.