Virginia Code 32.1-354: Definitions
As used in this chapter, unless the context clearly indicates otherwise:
Terms Used In Virginia Code 32.1-354
- Agreement: means the agreement or agreements between the Commonwealth, as seller of the Tobacco Assets, and the Corporation, as purchaser of the Tobacco Assets. See Virginia Code 32.1-354
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Board of Trustees of the Foundation appointed pursuant to § 32. See Virginia Code 32.1-354
- Corporation: means the Tobacco Settlement Financing Corporation as created under state law. See Virginia Code 32.1-354
- 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.
- Director: means the director of the Foundation appointed pursuant to § 32. See Virginia Code 32.1-354
- Endowment: means the Virginia Tobacco Settlement Foundation Endowment established pursuant to § 32. See Virginia Code 32.1-354
- Foundation: means the Virginia Foundation for Healthy Youth, created pursuant to § 32. See Virginia Code 32.1-354
- Foundation Allocation: means 10 percent of the annual amount received under the Master Settlement Agreement by the Commonwealth, or that would have been received but for the sale of such allocation pursuant to an agreement, between the starting and ending dates specified in the agreement. See Virginia Code 32.1-354
- Fund: means the Virginia Tobacco Settlement Fund established pursuant to § 32. See Virginia Code 32.1-354
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- 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
- Tobacco Assets: means all right, title, and interest in and to the portion of the Foundation Allocation that may be sold to the Corporation from time to time. See Virginia Code 32.1-354
“Agreement” means the agreement or agreements between the Commonwealth, as seller of the Tobacco Assets, and the Corporation, as purchaser of the Tobacco Assets. The sale by the Commonwealth of the Tobacco Assets pursuant to any such agreement shall be a true sale and not a borrowing.
“Board” means the Board of Trustees of the Foundation appointed pursuant to § 32.1-357.
“Corporation” means the Tobacco Settlement Financing Corporation as created under state law.
“Director” means the director of the Foundation appointed pursuant to § 32.1-358.
“Endowment” means the Virginia Tobacco Settlement Foundation Endowment established pursuant to § 32.1-361.1.
“Foundation” means the Virginia Foundation for Healthy Youth, created pursuant to § 32.1-355.
“Foundation Allocation” means 10 percent of the annual amount received under the Master Settlement Agreement by the Commonwealth, or that would have been received but for the sale of such allocation pursuant to an agreement, between the starting and ending dates specified in the agreement.
“Fund” means the Virginia Tobacco Settlement Fund established pursuant to § 32.1-360.
“Period of sale” means the time during which a purchase under an agreement is entitled to receive the Foundation Allocation.
“Tobacco Assets” means all right, title, and interest in and to the portion of the Foundation Allocation that may be sold to the Corporation from time to time.