Virginia Code 22.1-232: Contracts.
A. Where a school board undertakes a career and technical education project by contract with a corporation, the school board may advance, contribute and loan funds to the corporation. The contract shall contain:
Terms Used In Virginia Code 22.1-232
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bond with surety: includes the payment in cash of the full amount of the required bond and, in such case, no surety shall be required. See Virginia Code 1-205
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means a nonstock, nonprofit corporation or foundation established for the express purpose of promoting career and technical education in a school division within the meaning of § 501(c)(3) of the United States Internal Revenue Code. See Virginia Code 22.1-228
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- project: means a project that supplements the regular career and technical education program in a school division and that is designed to provide effective practical training to students in the secondary schools of the school division and in which participation is optional and voluntary. See Virginia Code 22.1-228
- School board: means the school board that governs a school division. See Virginia Code 22.1-1
1. a system of accounting;
2. the terms upon which any profits from the sale of the project will be allocated between the school board and the corporation;
3. conditions for the return with interest of any funds advanced by the school board;
4. a provision that upon the dissolution of the corporation, any assets remaining after payment of just debts shall be transferred to and become the property of the school board;
5. a provision that, upon the completion of any project, the school board may determine not to participate in further projects;
6. a provision that the school board may at any time require the return of funds to which it is entitled.
B. Where the school board contributes or loans funds to the corporation, such contract shall provide for the posting of a bond with surety by the officers of the corporation conditioned to protect the rights of the school board.
C. Such contract may provide for the establishment of an escrow fund for the purpose of funding future projects.
Code 1950, §§ 22-330.41, 22-330.42; 1974, c. 336; 1980, c. 559; 2001, c. 483.