Terms Used In Virginia Code > Title 23.1 > Subtitle II > Chapter 6 > Article 2 - Scholarships

• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the Virginia Resources Authority created in Chapter 21 of Title 62. See Virginia Code 15.2-2430
• Authority: means the Virginia Resources Authority created in Chapter 21 of Title 62. See Virginia Code 15.2-2419
• Baccalaureate: means that bachelor's degrees or more advanced degrees, or both, are granted. See Virginia Code 23.1-100
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Company: means any association, aggregate of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
• 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.
• Council: means the State Council of Higher Education for Virginia. See Virginia Code 23.1-100
• County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the Virginia Infrastructure Project Loan Fund. See Virginia Code 15.2-2430
• Fund: means the Virginia Broadband Infrastructure Loan Fund. See Virginia Code 15.2-2419
• Governing board: includes the State Board and the board of visitors of each baccalaureate public institution of higher education. See Virginia Code 23.1-100
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
• Insurer: means an insurance company. See Virginia Code 38.2-100
• Legacy: A gift of property made by will.
• Local government: means any county, city, town, municipal corporation, authority, district, commission, or political subdivision created by the General Assembly or pursuant to the Constitution or laws of the Commonwealth. See Virginia Code 15.2-2430
• Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
• Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
• Personal property: All property that is not real property.
• Private institution of higher education: includes each nonprofit private institution of higher education and proprietary private institution of higher education in the Commonwealth. See Virginia Code 23.1-100
• Project: means any undertaking by a local government to build or facilitate the building of a facility, located at or adjacent to (i) a solid waste management facility permitted by the Department of Environmental Quality or (ii) a sewerage system or sewage treatment work described in § 62. See Virginia Code 15.2-2430
• Public institution of higher education: includes the System as a whole and each associate-degree-granting and baccalaureate public institution of higher education in the Commonwealth. See Virginia Code 23.1-100
• rates: means any rate of premium, policy fee, membership fee or any other charge made by an insurer for or in connection with a contract or policy of insurance. See Virginia Code 38.2-100
• Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
• 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
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
• state agency: means the same as that term is defined in § 2. See Virginia Code 1-206
• State Board: means the State Board for Community Colleges. See Virginia Code 23.1-100
• sworn: means "affirm" or "affirmed. See Virginia Code 1-250
• System: means the Virginia Community College System. See Virginia Code 23.1-100
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July one, nineteen hundred seventy-one, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 15.2-102
• Trustee: A person or institution holding and administering property in trust.
• Virginia student: means any student who has established domicile in the Commonwealth pursuant to § 23. See Virginia Code 23.1-100