Virginia Code > Title 22.1 > Chapter 13 > Article 5 – Career and Technical Education Projects.
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Terms Used In Virginia Code > Title 22.1 > Chapter 13 > Article 5 - Career and Technical Education Projects.
- 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.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- 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
- 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
- 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