Virginia Code 15.2-7500: Definitions
As used in this chapter, unless the context requires a different meaning:
Terms Used In Virginia Code 15.2-7500
- Act: means this chapter, the Land Bank Entities Act (§ 15. See Virginia Code 15.2-7500
- Authority: means any political subdivision, a body politic and corporate, created, organized, and operated pursuant to the provisions of the Act. See Virginia Code 15.2-7500
- board: means the board of directors of an authority or a corporation. See Virginia Code 15.2-7500
- Corporation: means any nonprofit, nonstock corporation created under Chapter 10 of Title 13. See Virginia Code 15.2-7500
- 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.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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 § 15. See Virginia Code 15.2-7500
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
“Act” means this chapter, the Land Bank Entities Act (§ 15.2-7500 et seq.).
“Authority” means any political subdivision, a body politic and corporate, created, organized, and operated pursuant to the provisions of the Act.
“Board of directors” or “board” means the board of directors of an authority or a corporation.
“Corporation” means any nonprofit, nonstock corporation created under Chapter 10 of Title 13.1 and operated pursuant to the provisions of the Act.
“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 § 15.2-953.
“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.
“Real property” means lands, structures, and any and all easements and every estate and right therein, legal and equitable, including terms for years and liens by way of judgment, mortgage, or otherwise, and any and all fixtures and improvements located thereon.