{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-7506.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-7506.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-7506.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-7506.html"}],"law_id":83436,"edition_id":1,"section_id":83436,"structure_id":14164,"section_number":"15.2-7506","catch_line":"Powers of land bank entity","history":"2016, cc. 159, 383.","full_text":"A\n\nThe land bank entity shall have the power to:1\n\nAdopt, amend, and repeal bylaws for the regulation of its affairs and the conduct of its business;2\n\nSue and be sued in its own name and plead and be interpleaded in all civil actions, including actions to clear title to property of the land bank entity;3\n\nAdopt a seal and alter the same at its pleasure;4\n\nBorrow money from private lenders, localities, or the state or from federal government funds, as may be necessary, for the operation and work of the land bank entity;5\n\nProcure insurance or guarantees from the Commonwealth or federal government of the payments of any debts or parts thereof incurred by the land bank entity and pay premiums in connection therewith;6\n\nEnter into contracts and other instruments necessary, incidental, or convenient to the performance of its duties and the exercise of its powers;7\n\nEnter into contracts and other instruments necessary, incidental, or convenient to the performance of functions by the land bank entity on behalf of localities or agencies or departments of localities or to the performance by localities or agencies or departments of localities of functions on behalf of the land bank entity;8\n\nMake and execute contracts and other instruments necessary or convenient to the exercise of the powers of the land bank entity;9\n\nProcure insurance against losses in connection with the real property, assets, or activities of the land bank entity;10\n\nInvest funds of the land bank entity, at the discretion of the board, in instruments, obligations, securities, or real property determined proper by the board and name and use depositories for its funds;11\n\nEnter into contracts for the management of, the collection of rent from, or the sale of real property of the land bank entity;12\n\nDesign, develop, construct, demolish, reconstruct, rehabilitate, renovate, relocate, and otherwise improve real property or rights or interests in real property;13\n\nFix, charge, and collect rents, fees, and charges for the use of real property of the land bank entity and for services provided by the land bank entity;14\n\nGrant or acquire a license, easement, lease, or option with respect to real property of the land bank entity;15\n\nEnter into partnerships, joint ventures, and other collaborative relationships with municipalities and other public and private entities for the ownership, management, development, and disposition of real property;16\n\nAccept grants and donations from any source, as may be necessary, for the operations of the land bank entity;17\n\nAccept real estate from any source, subject to the limitations and restrictions set out in § 15.2-7507;18\n\nMake loans or provide grants to carry out activities consistent with the purposes of the land bank entity; and19\n\nDo all other things necessary or convenient to achieve the objectives and purposes of the land bank entity or other laws that relate to the purposes and responsibility of the land bank entity.B\n\nThe land bank entity shall neither possess nor exercise the power of eminent domain.","order_by":null,"text":{"0":{"id":298936,"text":"The land bank entity shall have the power to:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":298937,"text":"Adopt, amend, and repeal bylaws for the regulation of its affairs and the conduct of its business;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":298938,"text":"Sue and be sued in its own name and plead and be interpleaded in all civil actions, including actions to clear title to property of the land bank entity;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":298939,"text":"Adopt a seal and alter the same at its pleasure;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":298940,"text":"Borrow money from private lenders, localities, or the state or from federal government funds, as may be necessary, for the operation and work of the land bank entity;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":298941,"text":"Procure insurance or guarantees from the Commonwealth or federal government of the payments of any debts or parts thereof incurred by the land bank entity and pay premiums in connection therewith;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":298942,"text":"Enter into contracts and other instruments necessary, incidental, or convenient to the performance of its duties and the exercise of its powers;","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":298943,"text":"Enter into contracts and other instruments necessary, incidental, or convenient to the performance of functions by the land bank entity on behalf of localities or agencies or departments of localities or to the performance by localities or agencies or departments of localities of functions on behalf of the land bank entity;","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":298944,"text":"Make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the land bank entity;","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":298945,"text":"Procure insurance against losses in connection with the real property, assets, or activities of the land bank entity;","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"A10"},"10":{"id":298946,"text":"Invest funds of the land bank entity, at the discretion of the board, in instruments, obligations, securities, or real property determined proper by the board and name and use depositories for its funds;","type":"section","prefixes":["A","10"],"prefix":"10","entire_prefix":"A10","prefix_anchor":"A10","level":2,"prior_prefix":"A9","next_prefix":"A11"},"11":{"id":298947,"text":"Enter into contracts for the management of, the collection of rent from, or the sale of real property of the land bank entity;","type":"section","prefixes":["A","11"],"prefix":"11","entire_prefix":"A11","prefix_anchor":"A11","level":2,"prior_prefix":"A10","next_prefix":"A12"},"12":{"id":298948,"text":"Design, develop, construct, demolish, reconstruct, rehabilitate, renovate, relocate, and otherwise improve real property or rights or interests in real property;","type":"section","prefixes":["A","12"],"prefix":"12","entire_prefix":"A12","prefix_anchor":"A12","level":2,"prior_prefix":"A11","next_prefix":"A13"},"13":{"id":298949,"text":"Fix, charge, and collect rents, fees, and charges for the use of real property of the land bank entity and for services provided by the land bank entity;","type":"section","prefixes":["A","13"],"prefix":"13","entire_prefix":"A13","prefix_anchor":"A13","level":2,"prior_prefix":"A12","next_prefix":"A14"},"14":{"id":298950,"text":"Grant or acquire a license, easement, lease, or option with respect to real property of the land bank entity;","type":"section","prefixes":["A","14"],"prefix":"14","entire_prefix":"A14","prefix_anchor":"A14","level":2,"prior_prefix":"A13","next_prefix":"A15"},"15":{"id":298951,"text":"Enter into partnerships, joint ventures, and other collaborative relationships with municipalities and other public and private entities for the ownership, management, development, and disposition of real property;","type":"section","prefixes":["A","15"],"prefix":"15","entire_prefix":"A15","prefix_anchor":"A15","level":2,"prior_prefix":"A14","next_prefix":"A16"},"16":{"id":298952,"text":"Accept grants and donations from any source, as may be necessary, for the operations of the land bank entity;","type":"section","prefixes":["A","16"],"prefix":"16","entire_prefix":"A16","prefix_anchor":"A16","level":2,"prior_prefix":"A15","next_prefix":"A17"},"17":{"id":298953,"text":"Accept real estate from any source, subject to the limitations and restrictions set out in § 15.2-7507;","type":"section","prefixes":["A","17"],"prefix":"17","entire_prefix":"A17","prefix_anchor":"A17","level":2,"prior_prefix":"A16","next_prefix":"A18"},"18":{"id":298954,"text":"Make loans or provide grants to carry out activities consistent with the purposes of the land bank entity; and","type":"section","prefixes":["A","18"],"prefix":"18","entire_prefix":"A18","prefix_anchor":"A18","level":2,"prior_prefix":"A17","next_prefix":"A19"},"19":{"id":298955,"text":"Do all other things necessary or convenient to achieve the objectives and purposes of the land bank entity or other laws that relate to the purposes and responsibility of the land bank entity.","type":"section","prefixes":["A","19"],"prefix":"19","entire_prefix":"A19","prefix_anchor":"A19","level":2,"prior_prefix":"A18","next_prefix":"B"},"20":{"id":298956,"text":"The land bank entity shall neither possess nor exercise the power of eminent domain.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A19"}},"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 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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 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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":false,"refers_to":[{"id":76485,"section_number":"15.2-7507","catch_line":"Acquisition of property","order_by":null,"url":"\/15.2-7507\/"}],"permalink":{"id":160857,"object_type":"law","relational_id":83436,"identifier":"15.2-7506","token":"15.2\/IV\/75\/15.2-7506","url":"\/15.2-7506\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-7506\/","token":"15.2\/IV\/75\/15.2-7506","dublin_core":{"Title":"Powers of land bank entity","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-7506","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The land bank entity<\/span> shall have the power to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Adopt, amend<\/span>, and repeal bylaws for the regulation of its affairs and the conduct of its business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Sue and be sued in its own name and plead and be interpleaded in all civil actions<\/span>, including actions to clear title to property of the land bank entity<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Adopt a seal and alter the same at its pleasure; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Borrow money from private lenders, localities, or the state or from federal government funds, as may be necessary, for the operation and work of the land bank entity<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Procure insurance or guarantees from the Commonwealth or federal government of the payments of any debts or parts thereof incurred by the land bank entity<\/span> and pay premiums in connection therewith; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Enter into contracts<\/span> and other instruments necessary, incidental, or convenient to the performance of its duties and the exercise of its powers; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Enter into contracts<\/span> and other instruments necessary, incidental, or convenient to the performance of functions by the land bank entity<\/span> on behalf of localities or agencies or departments of localities or to the performance by localities or agencies or departments of localities of functions on behalf of the land bank entity<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Make and execute contracts<\/span> and other instruments necessary or convenient to the exercise of the powers of the land bank entity<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Procure insurance against losses in connection with the real property<\/span>, assets<\/span>, or activities of the land bank entity<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Invest funds of the land bank entity<\/span>, at the discretion of the board<\/span>, in instruments, obligations, securities, or real property<\/span> determined proper by the board<\/span> and name and use depositories for its funds; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Enter into contracts<\/span> for the management of, the collection of rent from, or the sale of real property<\/span> of the land bank entity<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Design, develop, construct, demolish, reconstruct, rehabilitate, renovate, relocate, and otherwise improve real property<\/span> or rights or interests in real property<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Fix, charge, and collect rents, fees, and charges for the use of real property<\/span> of the land bank entity<\/span> and for services provided by the land bank entity<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> Grant or acquire a license, easement, lease, or option with respect to real property<\/span> of the land bank entity<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> Enter into partnerships, joint ventures, and other collaborative relationships with municipalities and other public and private entities for the ownership, management, development, and disposition<\/span> of real property<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> Accept grants and donations from any source, as may be necessary, for the operations of the land bank entity<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

17.<\/span> Accept real estate from any source, subject to the limitations and restrictions set out in § 15.2-7507<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

18.<\/span> Make loans or provide grants to carry out activities consistent with the purposes of the land bank entity<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

19.<\/span> Do all other things necessary or convenient to achieve the objectives and purposes of the land bank entity<\/span> or other laws<\/span> that relate to the purposes and responsibility of the land bank entity<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The land bank entity<\/span> shall neither possess nor exercise the power of eminent domain. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF LAND BANK ENTITY (\u00a7 15.2-7506)\n\nA. The land bank entity shall have the power to:\n\n 1. Adopt, amend, and repeal bylaws for the regulation of its affairs and the\n conduct of its business;\n\n 2. Sue and be sued in its own name and plead and be interpleaded in all civil\n actions, including actions to clear title to property of the land bank entity;\n\n 3. Adopt a seal and alter the same at its pleasure;\n\n 4. Borrow money from private lenders, localities, or the state or from federal\n government funds, as may be necessary, for the operation and work of the land\n bank entity;\n\n 5. Procure insurance or guarantees from the Commonwealth or federal government\n of the payments of any debts or parts thereof incurred by the land bank entity\n and pay premiums in connection therewith;\n\n 6. Enter into contracts and other instruments necessary, incidental, or\n convenient to the performance of its duties and the exercise of its powers;\n\n 7. Enter into contracts and other instruments necessary, incidental, or\n convenient to the performance of functions by the land bank entity on behalf\n of localities or agencies or departments of localities or to the performance\n by localities or agencies or departments of localities of functions on behalf\n of the land bank entity;\n\n 8. Make and execute contracts and other instruments necessary or convenient to\n the exercise of the powers of the land bank entity;\n\n 9. Procure insurance against losses in connection with the real property,\n assets, or activities of the land bank entity;\n\n 10. Invest funds of the land bank entity, at the discretion of the board, in\n instruments, obligations, securities, or real property determined proper by\n the board and name and use depositories for its funds;\n\n 11. Enter into contracts for the management of, the collection of rent from,\n or the sale of real property of the land bank entity;\n\n 12. Design, develop, construct, demolish, reconstruct, rehabilitate, renovate,\n relocate, and otherwise improve real property or rights or interests in real\n property;\n\n 13. Fix, charge, and collect rents, fees, and charges for the use of real\n property of the land bank entity and for services provided by the land bank\n entity;\n\n 14. Grant or acquire a license, easement, lease, or option with respect to\n real property of the land bank entity;\n\n 15. Enter into partnerships, joint ventures, and other collaborative\n relationships with municipalities and other public and private entities for\n the ownership, management, development, and disposition of real property;\n\n 16. Accept grants and donations from any source, as may be necessary, for the\n operations of the land bank entity;\n\n 17. Accept real estate from any source, subject to the limitations and\n restrictions set out in § 15.2-7507;\n\n 18. Make loans or provide grants to carry out activities consistent with the\n purposes of the land bank entity; and\n\n 19. Do all other things necessary or convenient to achieve the objectives and\n purposes of the land bank entity or other laws that relate to the purposes and\n responsibility of the land bank entity.\n\nB. The land bank entity shall neither possess nor exercise the power of eminent\ndomain.\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}}