{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-7500.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-7500.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-7500.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-7500.html"}],"law_id":58584,"edition_id":1,"section_id":58584,"structure_id":14164,"section_number":"15.2-7500","catch_line":"Definitions","history":"2016, cc. 159, 383; 2020, c. 147.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Act” means this chapter, the Land Bank Entities Act (\u00a7 15.2-7500 et seq.).\n\t\t“Authority” means any political subdivision, a body politic and corporate, created, organized, and operated pursuant to the provisions of the Act.\n\t\t“Board of directors” or “board” means the board of directors of an authority or a corporation.\n\t\t“Corporation” means any nonprofit, nonstock corporation created under Chapter 10 (\u00a7 13.1-801 et seq.) of Title 13.1 and operated pursuant to the provisions of the Act.\n\t\t“Existing nonprofit entity” means any nonprofit organization that is exempt from taxation under \u00a7 501(c)(3) of the Internal Revenue Code and eligible to receive donations from a locality pursuant to \u00a7 15.2-953.\n\t\t“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.\n\t\t“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.","order_by":null,"text":{"0":{"id":214730,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Act” means this chapter, the Land Bank Entities Act (\u00a7 15.2-7500 et seq.).\n\t\t“Authority” means any political subdivision, a body politic and corporate, created, organized, and operated pursuant to the provisions of the Act.\n\t\t“Board of directors” or “board” means the board of directors of an authority or a corporation.\n\t\t“Corporation” means any nonprofit, nonstock corporation created under Chapter 10 (\u00a7 13.1-801 et seq.) of Title 13.1 and operated pursuant to the provisions of the Act.\n\t\t“Existing nonprofit entity” means any nonprofit organization that is exempt from taxation under \u00a7 501(c)(3) of the Internal Revenue Code and eligible to receive donations from a locality pursuant to \u00a7 15.2-953.\n\t\t“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.\n\t\t“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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14164,"edition_id":1,"name":"Land Bank Entities Act","identifier":"75","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:47:06","date_modified":"2026-06-26 03:47:06","permalink":{"id":160831,"object_type":"structure","relational_id":14164,"identifier":"75","token":"15.2\/IV\/75","url":"\/15.2\/IV\/75\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12721,"edition_id":1,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":157897,"object_type":"structure","relational_id":12721,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58584,"structure_id":14164,"section_number":"15.2-7500","catch_line":"Definitions","url":"\/15.2-7500\/","token":"15.2\/IV\/75\/15.2-7500","metadata":false},{"id":55330,"structure_id":14164,"section_number":"15.2-7501","catch_line":"Creation of land bank entities by localities","url":"\/15.2-7501\/","token":"15.2\/IV\/75\/15.2-7501","metadata":false},{"id":61880,"structure_id":14164,"section_number":"15.2-7502","catch_line":"Public hearing required prior to creation or designation of a land bank entity","url":"\/15.2-7502\/","token":"15.2\/IV\/75\/15.2-7502","metadata":false},{"id":68906,"structure_id":14164,"section_number":"15.2-7503","catch_line":"Board of directors; qualifications; terms; vacancies; compensation and expenses","url":"\/15.2-7503\/","token":"15.2\/IV\/75\/15.2-7503","metadata":false},{"id":67445,"structure_id":14164,"section_number":"15.2-7504","catch_line":"Executive director; staff","url":"\/15.2-7504\/","token":"15.2\/IV\/75\/15.2-7504","metadata":false},{"id":59914,"structure_id":14164,"section_number":"15.2-7505","catch_line":"Financial interests of board members and employees prohibited","url":"\/15.2-7505\/","token":"15.2\/IV\/75\/15.2-7505","metadata":false},{"id":83436,"structure_id":14164,"section_number":"15.2-7506","catch_line":"Powers of land bank entity","url":"\/15.2-7506\/","token":"15.2\/IV\/75\/15.2-7506","metadata":false},{"id":76485,"structure_id":14164,"section_number":"15.2-7507","catch_line":"Acquisition of property","url":"\/15.2-7507\/","token":"15.2\/IV\/75\/15.2-7507","metadata":false},{"id":74738,"structure_id":14164,"section_number":"15.2-7508","catch_line":"Disposition of property","url":"\/15.2-7508\/","token":"15.2\/IV\/75\/15.2-7508","metadata":false},{"id":79346,"structure_id":14164,"section_number":"15.2-7509","catch_line":"Financing of operations","url":"\/15.2-7509\/","token":"15.2\/IV\/75\/15.2-7509","metadata":false},{"id":73952,"structure_id":14164,"section_number":"15.2-7510","catch_line":"Exemption from taxes or assessments","url":"\/15.2-7510\/","token":"15.2\/IV\/75\/15.2-7510","metadata":false},{"id":62530,"structure_id":14164,"section_number":"15.2-7511","catch_line":"Dissolution of land bank entity","url":"\/15.2-7511\/","token":"15.2\/IV\/75\/15.2-7511","metadata":false},{"id":62244,"structure_id":14164,"section_number":"15.2-7512","catch_line":"Designation of planning district commission or existing nonprofit entities to carry out the functions of a land bank entity","url":"\/15.2-7512\/","token":"15.2\/IV\/75\/15.2-7512","metadata":false}],"next_section":{"id":55330,"structure_id":14164,"section_number":"15.2-7501","catch_line":"Creation of land bank entities by localities","url":"\/15.2-7501\/","token":"15.2\/IV\/75\/15.2-7501","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-7500\/","history_text":"

This law was first created in 2016. The record of its establishment is cataloged in chapters 159<\/a> and 383<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2020, chapter 147<\/a>.<\/p>","references":[{"id":58584,"section_number":"15.2-7500","catch_line":"Definitions","order_by":null,"url":"\/15.2-7500\/"},{"id":82277,"section_number":"15.2-907.2","catch_line":"Authority of locality or land bank entity to be appointed to act as a receiver to repair derelict and blighted buildings in certain limited circumstances","order_by":null,"url":"\/15.2-907.2\/"},{"id":61813,"section_number":"58.1-3970.2","catch_line":"When delinquent taxes may be deemed paid in full","order_by":null,"url":"\/58.1-3970.2\/"}],"refers_to":[{"id":76305,"section_number":"13.1-801","catch_line":"Short title","order_by":null,"url":"\/13.1-801\/"},{"id":58584,"section_number":"15.2-7500","catch_line":"Definitions","order_by":null,"url":"\/15.2-7500\/"},{"id":56590,"section_number":"15.2-953","catch_line":"Donations to charitable institutions and associations, volunteer and nonprofit organizations, chambers of commerce, etc","order_by":null,"url":"\/15.2-953\/"}],"permalink":{"id":160833,"object_type":"law","relational_id":58584,"identifier":"15.2-7500","token":"15.2\/IV\/75\/15.2-7500","url":"\/15.2-7500\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-7500\/","token":"15.2\/IV\/75\/15.2-7500","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-7500","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“Act<\/span>” means this chapter, the Land Bank Entities Act<\/span> (\u00a7 15.2-7500<\/a> et seq.).\n\t\t“Authority<\/span>” means any political subdivision, a body politic and corporate, created, organized, and operated pursuant to the provisions of the Act<\/span>.\n\t\t“Board of directors<\/span>” or “board” means the board of directors<\/span> of an authority<\/span> or a corporation<\/span>.\n\t\t“Corporation<\/span>” means any nonprofit, nonstock corporation<\/span> created under Chapter 10 (\u00a7 13.1-801<\/a> et seq.) of Title 13.1 and operated pursuant to the provisions of the Act<\/span>.\n\t\t“Existing nonprofit entity<\/span>” means any nonprofit organization that is exempt from taxation under \u00a7 501(c)(3) of the Internal Revenue Code and eligible to receive donations from a locality<\/span> pursuant to \u00a7 15.2-953<\/a>.\n\t\t“Land bank entity<\/span>” means any authority<\/span>, planning district commission, corporation<\/span>, or existing nonprofit entity<\/span> established or designated by a locality<\/span> to carry out the purposes of the Act<\/span>.\n\t\t“Real property<\/span>” means lands, structures, and any and all easements and every estate and right therein, legal and equitable<\/span>, including terms for years and liens<\/span> by way of judgment<\/span>, mortgage, or otherwise, and any and all fixtures and improvements located thereon.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 15.2-7500)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Act” means this chapter, the Land Bank Entities Act (\u00a7 15.2-7500\net seq.).\n\t\t“Authority” means any political subdivision, a body politic and\ncorporate, created, organized, and operated pursuant to the provisions of the\nAct.\n\t\t“Board of directors” or “board” means the board of\ndirectors of an authority or a corporation.\n\t\t“Corporation” means any nonprofit, nonstock corporation created\nunder Chapter 10 (\u00a7 13.1-801 et seq.) of Title 13.1 and operated pursuant to\nthe provisions of the Act.\n\t\t“Existing nonprofit entity” means any nonprofit organization that\nis exempt from taxation under \u00a7 501(c)(3) of the Internal Revenue Code and\neligible to receive donations from a locality pursuant to \u00a7 15.2-953.\n\t\t“Land bank entity” means any authority, planning district\ncommission, corporation, or existing nonprofit entity established or designated\nby a locality to carry out the purposes of the Act.\n\t\t“Real property” means lands, structures, and any and all easements\nand every estate and right therein, legal and equitable, including terms for\nyears and liens by way of judgment, mortgage, or otherwise, and any and all\nfixtures and improvements located thereon.\n\nHISTORY: 2016, cc. 159, 383; 2020, c. 147.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}