Virginia § 45.2-1240 - Decreases in size of Fund
Full text of Virginia Code of Virginia § 45.2-1240 — Decreases in size of Fund, with citation guidance and answers to common questions.
§ 45.2-1240. Decreases in size of Fund
Whenever the size of the Fund decreases to less than $2 million, the Director shall suspend the return of payments pursuant to § 45.2-1237 and shall assess all members an equal amount for each affected acre, for a total amount sufficient to raise the Fund to $2 million. In lieu of such assessment, all members shall at the request of the Director post bonds or other securities within six months after the Director so notifies the members. Failure of a member to post bond or other surety or to pay the required assessment shall result in the revocation of the permit of the member and the forfeiture of the member's payments in accordance with § 45.2-1238.
1978, c. 634, § 45.1-197.14; 2017, c. 4; 2021, Sp. Sess. I, c. 387.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 45.2-1240
What does Code of Virginia § 45.2-1240 cover?
Section 45.2-1240 ("Decreases in size of Fund") 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 § 45.2-1240?
A common citation format is "Code of Virginia § 45.2-1240" (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 § 45.2-1240 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.