Virginia Code 15.2-7512: Designation of planning district commission or existing nonprofit entities to carry out the functions of a land bank entity
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A. Subject to a public hearing held pursuant to § 15.2-7502, a locality may by ordinance designate a planning district commission or an existing nonprofit entity and its governing board to carry out the functions of a land bank entity. The ordinance shall include a finding by the locality that the governance structure, articles of incorporation, charters, bylaws, and other corporate documents are sufficient to authorize the designated existing nonprofit entity to carry out the provisions of the Act.
Terms Used In Virginia Code 15.2-7512
- 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
- Existing nonprofit entity: means any nonprofit organization that is exempt from taxation under § 501(c)(3) of the Internal Revenue Code and eligible to receive donations from a locality pursuant to § Virginia Code 15.2-7500
- 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
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
B. A planning district commission or an existing nonprofit entity designated pursuant to this section shall not be required to comply with the provisions of § 15.2-7503.