{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/32.1-354.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/32.1-354.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/32.1-354.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/32.1-354.html"}],"law_id":70018,"edition_id":1,"section_id":70018,"structure_id":14857,"section_number":"32.1-354","catch_line":"Definitions","history":"1999, cc. 880, 962; 2007, c. 345; 2009, cc. 424, 554.","full_text":"As used in this chapter, unless the context clearly indicates otherwise:\n\t\t“Agreement” means the agreement or agreements between the Commonwealth, as seller of the Tobacco Assets, and the Corporation, as purchaser of the Tobacco Assets. The sale by the Commonwealth of the Tobacco Assets pursuant to any such agreement shall be a true sale and not a borrowing.\n\t\t“Board” means the Board of Trustees of the Foundation appointed pursuant to \u00a7 32.1-357.\n\t\t“Corporation” means the Tobacco Settlement Financing Corporation as created under state law.\n\t\t“Director” means the director of the Foundation appointed pursuant to \u00a7 32.1-358.\n\t\t“Endowment” means the Virginia Tobacco Settlement Foundation Endowment established pursuant to \u00a7 32.1-361.1.\n\t\t“Foundation” means the Virginia Foundation for Healthy Youth, created pursuant to \u00a7 32.1-355.\n\t\t“Foundation Allocation” means 10 percent of the annual amount received under the Master Settlement Agreement by the Commonwealth, or that would have been received but for the sale of such allocation pursuant to an agreement, between the starting and ending dates specified in the agreement.\n\t\t“Fund” means the Virginia Tobacco Settlement Fund established pursuant to \u00a7 32.1-360.\n\t\t“Period of sale” means the time during which a purchase under an agreement is entitled to receive the Foundation Allocation.\n\t\t“Tobacco Assets” means all right, title, and interest in and to the portion of the Foundation Allocation that may be sold to the Corporation from time to time.","order_by":null,"text":{"0":{"id":252971,"text":"As used in this chapter, unless the context clearly indicates otherwise:\n\t\t“Agreement” means the agreement or agreements between the Commonwealth, as seller of the Tobacco Assets, and the Corporation, as purchaser of the Tobacco Assets. The sale by the Commonwealth of the Tobacco Assets pursuant to any such agreement shall be a true sale and not a borrowing.\n\t\t“Board” means the Board of Trustees of the Foundation appointed pursuant to \u00a7 32.1-357.\n\t\t“Corporation” means the Tobacco Settlement Financing Corporation as created under state law.\n\t\t“Director” means the director of the Foundation appointed pursuant to \u00a7 32.1-358.\n\t\t“Endowment” means the Virginia Tobacco Settlement Foundation Endowment established pursuant to \u00a7 32.1-361.1.\n\t\t“Foundation” means the Virginia Foundation for Healthy Youth, created pursuant to \u00a7 32.1-355.\n\t\t“Foundation Allocation” means 10 percent of the annual amount received under the Master Settlement Agreement by the Commonwealth, or that would have been received but for the sale of such allocation pursuant to an agreement, between the starting and ending dates specified in the agreement.\n\t\t“Fund” means the Virginia Tobacco Settlement Fund established pursuant to \u00a7 32.1-360.\n\t\t“Period of sale” means the time during which a purchase under an agreement is entitled to receive the Foundation Allocation.\n\t\t“Tobacco Assets” means all right, title, and interest in and to the portion of the Foundation Allocation that may be sold to the Corporation from time to time.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14857,"edition_id":1,"name":"Virginia Foundation for Healthy Youth","identifier":"14","label":"chapter","depth":2,"order_by":1,"parent_id":12727,"metadata":{},"date_created":"2026-06-26 03:50:26","date_modified":"2026-06-26 03:50:26","permalink":{"id":201651,"object_type":"structure","relational_id":14857,"identifier":"14","token":"32.1\/14","url":"\/32.1\/14\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12727,"edition_id":1,"name":"Health","identifier":"32.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":201099,"object_type":"structure","relational_id":12727,"identifier":"32.1","token":"32.1","url":"\/32.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":70018,"structure_id":14857,"section_number":"32.1-354","catch_line":"Definitions","url":"\/32.1-354\/","token":"32.1\/14\/32.1-354","metadata":false},{"id":61722,"structure_id":14857,"section_number":"32.1-355","catch_line":"Virginia Foundation for Healthy Youth created; purposes","url":"\/32.1-355\/","token":"32.1\/14\/32.1-355","metadata":false},{"id":86400,"structure_id":14857,"section_number":"32.1-356","catch_line":"Powers of the Foundation","url":"\/32.1-356\/","token":"32.1\/14\/32.1-356","metadata":false},{"id":72363,"structure_id":14857,"section_number":"32.1-357","catch_line":"Board of Trustees; appointment; officers; quorum; executive committee; compensation and expenses","url":"\/32.1-357\/","token":"32.1\/14\/32.1-357","metadata":false},{"id":83373,"structure_id":14857,"section_number":"32.1-358","catch_line":"Appointment of director; counsel to the Board and Foundation","url":"\/32.1-358\/","token":"32.1\/14\/32.1-358","metadata":false},{"id":60015,"structure_id":14857,"section_number":"32.1-359","catch_line":"Duties of the Board","url":"\/32.1-359\/","token":"32.1\/14\/32.1-359","metadata":false},{"id":67761,"structure_id":14857,"section_number":"32.1-360","catch_line":"Virginia Tobacco Settlement Fund","url":"\/32.1-360\/","token":"32.1\/14\/32.1-360","metadata":false},{"id":70903,"structure_id":14857,"section_number":"32.1-361","catch_line":"Use of moneys distributed","url":"\/32.1-361\/","token":"32.1\/14\/32.1-361","metadata":false},{"id":85396,"structure_id":14857,"section_number":"32.1-361.1","catch_line":"Virginia Foundation for Healthy Youth Endowment","url":"\/32.1-361.1\/","token":"32.1\/14\/32.1-361.1","metadata":false},{"id":56775,"structure_id":14857,"section_number":"32.1-362","catch_line":"Audit","url":"\/32.1-362\/","token":"32.1\/14\/32.1-362","metadata":false},{"id":86027,"structure_id":14857,"section_number":"32.1-363","catch_line":"Forms of accounts and records","url":"\/32.1-363\/","token":"32.1\/14\/32.1-363","metadata":false},{"id":61783,"structure_id":14857,"section_number":"32.1-364","catch_line":"Reports to the Governor and General Assembly","url":"\/32.1-364\/","token":"32.1\/14\/32.1-364","metadata":false},{"id":57111,"structure_id":14857,"section_number":"32.1-365","catch_line":"Public purpose; exemption from taxation","url":"\/32.1-365\/","token":"32.1\/14\/32.1-365","metadata":false}],"next_section":{"id":61722,"structure_id":14857,"section_number":"32.1-355","catch_line":"Virginia Foundation for Healthy Youth created; purposes","url":"\/32.1-355\/","token":"32.1\/14\/32.1-355","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/32.1-354\/","history_text":"

This law was first created in 1999. The record of its establishment is cataloged in chapters 880<\/a> and 962<\/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 2 times. 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. Those modifications are as follows: in 2007, chapter 345<\/a>; in 2009, chapters 424<\/a> and 554<\/a>.<\/p>","references":false,"refers_to":[{"id":61722,"section_number":"32.1-355","catch_line":"Virginia Foundation for Healthy Youth created; purposes","order_by":null,"url":"\/32.1-355\/"},{"id":72363,"section_number":"32.1-357","catch_line":"Board of Trustees; appointment; officers; quorum; executive committee; compensation and expenses","order_by":null,"url":"\/32.1-357\/"},{"id":83373,"section_number":"32.1-358","catch_line":"Appointment of director; counsel to the Board and Foundation","order_by":null,"url":"\/32.1-358\/"},{"id":67761,"section_number":"32.1-360","catch_line":"Virginia Tobacco Settlement Fund","order_by":null,"url":"\/32.1-360\/"},{"id":85396,"section_number":"32.1-361.1","catch_line":"Virginia Foundation for Healthy Youth Endowment","order_by":null,"url":"\/32.1-361.1\/"}],"permalink":{"id":201653,"object_type":"law","relational_id":70018,"identifier":"32.1-354","token":"32.1\/14\/32.1-354","url":"\/32.1-354\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/32.1-354\/","token":"32.1\/14\/32.1-354","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 32.1-354","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context clearly indicates otherwise:\n\t\t“Agreement<\/span>” means the agreement<\/span> or agreements<\/span> between the Commonwealth, as seller of the Tobacco Assets<\/span>, and the Corporation<\/span>, as purchaser of the Tobacco Assets<\/span>. The sale by the Commonwealth of the Tobacco Assets<\/span> pursuant to any such agreement<\/span> shall be a true sale and not a borrowing.\n\t\t“Board<\/span>” means the Board<\/span> of Trustees of the Foundation appointed pursuant to \u00a7 32.1-357<\/a>.\n\t\t“Corporation<\/span>” means the Tobacco Settlement<\/span> Financing Corporation<\/span> as created under state law<\/span>.\n\t\t“Director<\/span>” means the director<\/span> of the Foundation appointed pursuant to \u00a7 32.1-358<\/a>.\n\t\t“Endowment<\/span>” means the Virginia Tobacco Settlement<\/span> Foundation Endowment<\/span> established pursuant to \u00a7 32.1-361.1<\/a>.\n\t\t“Foundation” means the Virginia Foundation for Healthy Youth, created pursuant to \u00a7 32.1-355<\/a>.\n\t\t“Foundation Allocation<\/span>” means 10 percent of the annual amount received under the Master Settlement<\/span> Agreement<\/span> by the Commonwealth, or that would have been received but for the sale of such allocation pursuant to an agreement<\/span>, between the starting and ending dates specified in the agreement<\/span>.\n\t\t“Fund<\/span>” means the Virginia Tobacco Settlement<\/span> Fund<\/span> established pursuant to \u00a7 32.1-360<\/a>.\n\t\t“Period of sale<\/span>” means the time during which a purchase under an agreement<\/span> is entitled to receive the Foundation Allocation<\/span>.\n\t\t“Tobacco Assets<\/span>” means all right, title, and interest in and to the portion of the Foundation Allocation<\/span> that may be sold to the Corporation<\/span> from time to time.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 32.1-354)\n\nAs used in this chapter, unless the context clearly indicates otherwise:\n\t\t“Agreement” means the agreement or agreements between the\nCommonwealth, as seller of the Tobacco Assets, and the Corporation, as purchaser\nof the Tobacco Assets. The sale by the Commonwealth of the Tobacco Assets\npursuant to any such agreement shall be a true sale and not a borrowing.\n\t\t“Board” means the Board of Trustees of the Foundation appointed\npursuant to \u00a7 32.1-357.\n\t\t“Corporation” means the Tobacco Settlement Financing Corporation\nas created under state law.\n\t\t“Director” means the director of the Foundation appointed pursuant\nto \u00a7 32.1-358.\n\t\t“Endowment” means the Virginia Tobacco Settlement Foundation\nEndowment established pursuant to \u00a7 32.1-361.1.\n\t\t“Foundation” means the Virginia Foundation for Healthy Youth,\ncreated pursuant to \u00a7 32.1-355.\n\t\t“Foundation Allocation” means 10 percent of the annual amount\nreceived under the Master Settlement Agreement by the Commonwealth, or that\nwould have been received but for the sale of such allocation pursuant to an\nagreement, between the starting and ending dates specified in the agreement.\n\t\t“Fund” means the Virginia Tobacco Settlement Fund established\npursuant to \u00a7 32.1-360.\n\t\t“Period of sale” means the time during which a purchase under an\nagreement is entitled to receive the Foundation Allocation.\n\t\t“Tobacco Assets” means all right, title, and interest in and to\nthe portion of the Foundation Allocation that may be sold to the Corporation\nfrom time to time.\n\nHISTORY: 1999, cc. 880, 962; 2007, c. 345; 2009, cc. 424, 554.","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}}