Virginia Code 33.2-3815: Dissolution of authority
A member of the authority may withdraw from the authority only upon dissolution of the authority as set forth herein. Whenever the board determines that the purpose for which the authority was created has been substantially fulfilled or is impractical or impossible to accomplish and that all obligations incurred by the authority have been paid or that cash or a sufficient amount of United States government securities has been deposited for their payment, or provisions satisfactory for the timely payment of all its outstanding obligations have been arranged, the board may adopt resolutions declaring and finding that the authority shall be dissolved. Appropriate attested copies of such resolutions shall be delivered to the Governor so that legislation dissolving such authority may be introduced in the General Assembly. The dissolution of the authority shall become effective according to the terms of such legislation. The title to all funds and other property owned by such authority at the time of such dissolution shall vest in the members that have contributed to the authority in proportion to their respective contributions.
Terms Used In Virginia Code 33.2-3815
- Authority: means a regional passenger rail station authority created pursuant to this chapter. See Virginia Code 33.2-3800
- Board: means the board of directors of the authority. See Virginia Code 33.2-3800
- Members: means the counties, cities, towns, and institutions of higher education that comprise the authority. See Virginia Code 33.2-3800
- United States: includes 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 1-255