As used in this chapter, unless the context requires a different meaning: “Act” means this chapter, the Land Bank Entities Act (§ 15.2-7500 et seq.). “Authority” means any political subdivision, a body politic and corporate, created, organized, and operated pursuant to the provisions of the Act. “Board of directors” or “board” means the board of directors of an authority or a corporation. “Corporation” means any nonprofit, nonstock corporation created under Chapter 10 (§ 13.1-801 et seq.) of Title 13.1 and operated pursuant to the provisions of the Act. “Existing nonprofit entity” means any nonprofit organization that is exempt from taxation under § 501(c)(3) of the Internal Revenue Code and eligible to receive donations from a locality pursuant to § 15.2-953. “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. “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.