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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>62530</law_id><section_number>15.2-7511</section_number><catch_line>Dissolution of land bank entity</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="15.2">Counties, Cities and Towns</unit><unit label="subtitle" level="2" order_by="1" identifier="IV">Other Governmental Entities</unit><unit label="chapter" level="3" order_by="1" identifier="75">Land Bank Entities Act</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> A <span class="dictionary">land bank entity</span> may be dissolved 60 calendar days after an affirmative resolution is approved by two-thirds of the membership of the <span class="dictionary">board</span>. Sixty calendar days&#x2019; 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 <span class="dictionary">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 <span class="dictionary">bonds</span> of the <span class="dictionary">land bank entity</span>. Upon dissolution of the <span class="dictionary">land bank entity</span>, all <span class="dictionary">real property</span>, personal property, and other <span class="dictionary">assets</span> of the <span class="dictionary">land bank entity</span> shall become the <span class="dictionary">assets</span> of the <span class="dictionary">locality</span> or localities that created the <span class="dictionary">land bank entity</span>. In the event that two or more localities create or are participating in a <span class="dictionary">land bank entity</span>, the withdrawal of one or more participating localities shall not result in the dissolution of the <span class="dictionary">land bank entity</span> unless the intergovernmental agreement so provides and no participating <span class="dictionary">locality</span> desires to continue the existence of the <span class="dictionary">land bank entity</span>. <a id="paragraph-228034" class="section-permalink" href="https://vacode.org/15.2-7511/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> No <span class="dictionary">land bank entity</span> shall be dissolved unless all obligations and debts of such <span class="dictionary">land bank entity</span> have been lawfully satisfied or otherwise provided for. <a id="paragraph-228035" class="section-permalink" href="https://vacode.org/15.2-7511/#B"><i class="fa fa-link"/></a></p></section></text><history>2016, cc. 159, 383.</history><metadata></metadata></law>
