§ 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.
History
This law was first created in 1978. The record of its establishment is cataloged in chapter 634 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1978 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2017, chapter 4.
1978, c. 634, § 45.1-197.14; 2017, c. 4; 2021, Sp. Sess. I, c. 387.