{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-7511.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-7511.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-7511.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-7511.html"}],"law_id":62530,"edition_id":1,"section_id":62530,"structure_id":14164,"section_number":"15.2-7511","catch_line":"Dissolution of land bank entity","history":"2016, cc. 159, 383.","full_text":"A\n\nA land bank entity may be dissolved 60 calendar days after an affirmative resolution is approved by two-thirds of the membership of the board. Sixty calendar days’ advance written notice of consideration of a resolution of dissolution shall be (i) given to all governing bodies that created or are currently participating in the land bank entity, (ii) published in a local newspaper of general circulation, and (iii) sent by certified mail to the trustee of any outstanding bonds of the land bank entity. Upon dissolution of the land bank entity, all real property, personal property, and other assets of the land bank entity shall become the assets of the locality or localities that created the land bank entity. In the event that two or more localities create or are participating in a land bank entity, the withdrawal of one or more participating localities shall not result in the dissolution of the land bank entity unless the intergovernmental agreement so provides and no participating locality desires to continue the existence of the land bank entity.B\n\nNo land bank entity shall be dissolved unless all obligations and debts of such land bank entity have been lawfully satisfied or otherwise provided for.","order_by":null,"text":{"0":{"id":228034,"text":"A land bank entity may be dissolved 60 calendar days after an affirmative resolution is approved by two-thirds of the membership of the board. Sixty calendar days’ advance written notice of consideration of a resolution of dissolution shall be (i) given to all governing bodies that created or are currently participating in the land bank entity, (ii) published in a local newspaper of general circulation, and (iii) sent by certified mail to the trustee of any outstanding bonds of the land bank entity. Upon dissolution of the land bank entity, all real property, personal property, and other assets of the land bank entity shall become the assets of the locality or localities that created the land bank entity. In the event that two or more localities create or are participating in a land bank entity, the withdrawal of one or more participating localities shall not result in the dissolution of the land bank entity unless the intergovernmental agreement so provides and no participating locality desires to continue the existence of the land bank entity.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":228035,"text":"No land bank entity shall be dissolved unless all obligations and debts of such land bank entity have been lawfully satisfied or otherwise provided for.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-7511\/","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":false,"refers_to":false,"permalink":{"id":160877,"object_type":"law","relational_id":62530,"identifier":"15.2-7511","token":"15.2\/IV\/75\/15.2-7511","url":"\/15.2-7511\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-7511\/","token":"15.2\/IV\/75\/15.2-7511","dublin_core":{"Title":"Dissolution of land bank entity","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-7511","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A land bank entity<\/span> may be dissolved 60 calendar days after an affirmative resolution is approved by two-thirds of the membership of the board<\/span>. Sixty calendar days’ advance written notice of consideration of a resolution of dissolution shall be (i) given to all governing bodies that created or are currently participating in the land bank entity<\/span>, (ii) published in a local newspaper of general circulation, and (iii) sent by certified mail to the trustee of any outstanding bonds<\/span> of the land bank entity<\/span>. Upon dissolution of the land bank entity<\/span>, all real property<\/span>, personal property, and other assets<\/span> of the land bank entity<\/span> shall become the assets<\/span> of the locality<\/span> or localities that created the land bank entity<\/span>. In the event that two or more localities create or are participating in a land bank entity<\/span>, the withdrawal of one or more participating localities shall not result in the dissolution of the land bank entity<\/span> unless the intergovernmental agreement so provides and no participating locality<\/span> desires to continue the existence of the land bank entity<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No land bank entity<\/span> shall be dissolved unless all obligations and debts of such land bank entity<\/span> have been lawfully satisfied or otherwise provided for. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISSOLUTION OF LAND BANK ENTITY (\u00a7 15.2-7511)\n\nA. A land bank entity may be dissolved 60 calendar days after an affirmative\nresolution is approved by two-thirds of the membership of the board. Sixty\ncalendar days’ advance written notice of consideration of a resolution of\ndissolution shall be (i) given to all governing bodies that created or are\ncurrently participating in the land bank entity, (ii) published in a local\nnewspaper of general circulation, and (iii) sent by certified mail to the\ntrustee of any outstanding bonds of the land bank entity. Upon dissolution of\nthe land bank entity, all real property, personal property, and other assets of\nthe land bank entity shall become the assets of the locality or localities that\ncreated the land bank entity. In the event that two or more localities create or\nare participating in a land bank entity, the withdrawal of one or more\nparticipating localities shall not result in the dissolution of the land bank\nentity unless the intergovernmental agreement so provides and no participating\nlocality desires to continue the existence of the land bank entity.\n\nB. No land bank entity shall be dissolved unless all obligations and debts of\nsuch land bank entity have been lawfully satisfied or otherwise provided for.\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}}