Virginia Code 32.1-373: Definitions
As used in this chapter, unless the context requires a different meaning:
Terms Used In Virginia Code 32.1-373
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Nonprofit entity: means (i) a foreign or domestic nonstock corporation licensed and subject to regulation under Chapter 42 of Title 38. See Virginia Code 32.1-373
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, corporation, partnership, or association or any other legal entity. See Virginia Code 32.1-3
“Disposition of assets” means any action undertaken by a nonprofit entity to dispose of control of all or substantially all of its assets pursuant to an agreement of sale, transfer, lease, exchange, option, joint venture, or partnership, or to convert to a for-profit entity or to otherwise restructure the nonprofit entity or its assets, resulting in a change in control or governance of the entity or assets.
“Nonprofit entity” means (i) a foreign or domestic nonstock corporation licensed and subject to regulation under Chapter 42 of Title 38.2 or (ii) a person that is exempt from taxation under 26 U.S.C. § 501(c)(3) or (4) and is, or owns, one of the following: (a) a hospital licensed under Chapter 5 of Title 37.2; (b) a health maintenance organization licensed under Chapter 43 of Title 38.2; (c) a nursing home, including a facility known by varying nomenclature or designation such as convalescent home, skilled nursing facility or skilled care facility, intermediate care facility, extended care facility, or certified nursing facility or nursing care facility, licensed under the provisions of Article 1 (§ 32.1-123 et seq.) of Chapter 5 of Title 38.2.
1997, c. 615, § 55-531; 2000, c. 266; 2002, c. 516; 2005, c. 839; 2019, c. 712.