{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-7503.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-7503.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-7503.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-7503.html"}],"law_id":68906,"edition_id":1,"section_id":68906,"structure_id":14164,"section_number":"15.2-7503","catch_line":"Board of directors; qualifications; terms; vacancies; compensation and expenses","history":"2016, cc. 159, 383.","full_text":"A\n\nEach land bank entity created pursuant to the Act shall be governed by a board of not less than five members appointed by the governing body of the participating locality. When a land bank entity is created by two or more localities, the governing body of each locality shall appoint at least two members, one of whom may be a member of the governing body. After initial staggered terms, the term of all board members shall be four years. When one or more additional localities join an existing land bank entity, each of such participating localities shall be represented by not less than two members on the board. The first members shall be appointed immediately upon the admission of the locality into the land bank entity in the same manner as were the initial members of the land bank entity.B\n\nThe board shall elect one of its members to serve as chairman and one of its members to serve as vice-chairman and shall elect a secretary and a treasurer who need not be members of the board. The offices of secretary and treasurer may be combined. A majority of the members of the board shall constitute a quorum, and the vote of a majority of such quorum shall be necessary for any action taken by the land bank entity. No vacancy in the membership of the board shall impair the right of a quorum to exercise all the rights and perform all the duties of the land bank entity.C\n\nThe localities that created or thereafter join the land bank entity, by ordinance or concurrent ordinances, may provide for the payment of compensation to the members of the board and for the reimbursement to each member of the land bank entity the amount of his actual expenses necessarily incurred in the performance of that member’s duties.","order_by":null,"text":{"0":{"id":249406,"text":"Each land bank entity created pursuant to the Act shall be governed by a board of not less than five members appointed by the governing body of the participating locality. When a land bank entity is created by two or more localities, the governing body of each locality shall appoint at least two members, one of whom may be a member of the governing body. After initial staggered terms, the term of all board members shall be four years. When one or more additional localities join an existing land bank entity, each of such participating localities shall be represented by not less than two members on the board. The first members shall be appointed immediately upon the admission of the locality into the land bank entity in the same manner as were the initial members of the land bank entity.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":249407,"text":"The board shall elect one of its members to serve as chairman and one of its members to serve as vice-chairman and shall elect a secretary and a treasurer who need not be members of the board. The offices of secretary and treasurer may be combined. A majority of the members of the board shall constitute a quorum, and the vote of a majority of such quorum shall be necessary for any action taken by the land bank entity. No vacancy in the membership of the board shall impair the right of a quorum to exercise all the rights and perform all the duties of the land bank entity.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":249408,"text":"The localities that created or thereafter join the land bank entity, by ordinance or concurrent ordinances, may provide for the payment of compensation to the members of the board and for the reimbursement to each member of the land bank entity the amount of his actual expenses necessarily incurred in the performance of that member’s duties.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-7503\/","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.<\/p>","references":[{"id":62244,"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","order_by":null,"url":"\/15.2-7512\/"}],"refers_to":false,"permalink":{"id":160845,"object_type":"law","relational_id":68906,"identifier":"15.2-7503","token":"15.2\/IV\/75\/15.2-7503","url":"\/15.2-7503\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-7503\/","token":"15.2\/IV\/75\/15.2-7503","dublin_core":{"Title":"Board of directors; qualifications; terms; vacancies; compensation and expenses","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-7503","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each land bank entity<\/span> created pursuant to the Act<\/span> shall be governed by a board<\/span> of not less than five members appointed by the governing body<\/span> of the participating locality<\/span>. When a land bank entity<\/span> is created by two or more localities, the governing body<\/span> of each locality<\/span> shall appoint at least two members, one of whom may be a member of the governing body<\/span>. After initial staggered terms, the term of all board<\/span> members shall be four years. When one or more additional localities join an existing land bank entity<\/span>, each of such participating localities shall be represented by not less than two members on the board<\/span>. The first members shall be appointed immediately upon the admission of the locality<\/span> into the land bank entity<\/span> in the same manner as were the initial members of the land bank entity<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The board<\/span> shall elect one of its members to serve as chairman and one of its members to serve as vice-chairman and shall elect a secretary and a treasurer who need not be members of the board<\/span>. The offices of secretary and treasurer may be combined. A majority of the members of the board<\/span> shall constitute a quorum, and the vote of a majority of such quorum shall be necessary for any action taken by the land bank entity<\/span>. No vacancy in the membership of the board<\/span> shall impair the right of a quorum to exercise all the rights and perform all the duties of the land bank entity<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The localities that created or thereafter join the land bank entity<\/span>, by ordinance<\/span> or concurrent ordinances<\/span>, may provide for the payment of compensation to the members of the board<\/span> and for the reimbursement to each member of the land bank entity<\/span> the amount of his actual expenses necessarily incurred in the performance of that member’s duties. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOARD OF DIRECTORS; QUALIFICATIONS; TERMS; VACANCIES; COMPENSATION AND EXPENSES\n(\u00a7 15.2-7503)\n\nA. Each land bank entity created pursuant to the Act shall be governed by a\nboard of not less than five members appointed by the governing body of the\nparticipating locality. When a land bank entity is created by two or more\nlocalities, the governing body of each locality shall appoint at least two\nmembers, one of whom may be a member of the governing body. After initial\nstaggered terms, the term of all board members shall be four years. When one or\nmore additional localities join an existing land bank entity, each of such\nparticipating localities shall be represented by not less than two members on\nthe board. The first members shall be appointed immediately upon the admission\nof the locality into the land bank entity in the same manner as were the initial\nmembers of the land bank entity.\n\nB. The board shall elect one of its members to serve as chairman and one of its\nmembers to serve as vice-chairman and shall elect a secretary and a treasurer\nwho need not be members of the board. The offices of secretary and treasurer may\nbe combined. A majority of the members of the board shall constitute a quorum,\nand the vote of a majority of such quorum shall be necessary for any action\ntaken by the land bank entity. No vacancy in the membership of the board shall\nimpair the right of a quorum to exercise all the rights and perform all the\nduties of the land bank entity.\n\nC. The localities that created or thereafter join the land bank entity, by\nordinance or concurrent ordinances, may provide for the payment of compensation\nto the members of the board and for the reimbursement to each member of the land\nbank entity the amount of his actual expenses necessarily incurred in the\nperformance of that member’s duties.\n\nHISTORY: 2016, cc. 159, 383.","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}}