Virginia § 15.2-7500 - Definitions
Full text of Virginia Code of Virginia § 15.2-7500 — Definitions, with citation guidance and answers to common questions.
§ 15.2-7500. Definitions
As used in this chapter, unless the context requires a different meaning:
"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 (§ 13.1-801 et seq.) 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.
Frequently Asked Questions About Virginia § 15.2-7500
What does Code of Virginia § 15.2-7500 cover?
Section 15.2-7500 ("Definitions") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 15.2-7500?
A common citation format is "Code of Virginia § 15.2-7500" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 15.2-7500 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.