Virginia Code 15.2-7501: Creation of land bank entities by localities
A. Subject to a public hearing held pursuant to § 15.2-7502, a locality may by ordinance, or two or more localities may by concurrent ordinances, create a land bank entity as either an authority or a corporation, under an appropriate name and title, for the purpose of assisting the locality to address vacant, abandoned, and tax delinquent properties. Other localities may join the authority or corporation as provided in the ordinance.
Terms Used In Virginia Code 15.2-7501
- 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.
- 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. See Virginia Code 15.2-7500
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
An authority created pursuant to the Act shall be created as a public body corporate and as a political subdivision of the Commonwealth. A corporation created pursuant to the Act shall be a nonprofit, nonstock corporation created under Chapter 10 of Title 13.1.
B. Each ordinance shall include the following:
1. The name of the authority or corporation and the address of its principal office;
2. The name of each locality creating the authority or corporation;
3. The purpose for which the authority or corporation is created; and
4. The names, addresses, and terms of office of the initial members of the board of directors of the authority or corporation.