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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>56976</law_id><section_number>32.1-373</section_number><catch_line>Definitions</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>15.2-5385</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="32.1">Health</unit><unit label="chapter" level="2" order_by="1" identifier="20">Disposition of Assets by Nonprofit Health Care Entities</unit></structure><text>
						<section><p>As used in this chapter, unless the context requires a different meaning:
		&#x201C;<span class="dictionary">Disposition of assets</span>&#x201D; means any action undertaken by a <span class="dictionary">nonprofit entity</span> to dispose of control of all or substantially all of its assets pursuant to an agreement of sale, transfer, lease, exchange, option, joint venture, or partnership, or to convert to a for-profit entity or to otherwise restructure the <span class="dictionary">nonprofit entity</span> or its assets, resulting in a change in control or governance of the entity or assets.
		&#x201C;<span class="dictionary">Nonprofit entity</span>&#x201D; means (i) a foreign or domestic nonstock corporation licensed and subject to regulation under Chapter 42 (&#xA7;&#xA0;<a class="law" title="Applicability of chapter" href="/38.2-4200/">38.2-4200</a> et seq.) of Title 38.2 or (ii) a <span class="dictionary">person</span> that is exempt from taxation under 26 U.S.C. &#xA7;&#xA0;501(c)(3) or (4) and is, or owns, one of the following: (a) a hospital licensed under Chapter 5 (&#xA7;&#xA0;<a class="law" title="(Effective January 1, 2026) Definitions" href="/32.1-123/">32.1-123</a> et seq.) of this title or Article 2 (&#xA7;&#xA0;<a class="law" title="Definitions" href="/37.2-403/">37.2-403</a> et seq.) of Chapter 4 of Title 37.2; (b) a health maintenance organization licensed under Chapter 43 (&#xA7;&#xA0;<a class="law" title="Definitions" href="/38.2-4300/">38.2-4300</a> et seq.) of Title 38.2; (c) a nursing home, including a facility known by varying nomenclature or designation such as convalescent home, skilled nursing facility or skilled care facility, intermediate care facility, extended care facility, or certified nursing facility or nursing care facility, licensed under the provisions of Article 1 (&#xA7;&#xA0;<a class="law" title="(Effective January 1, 2026) Definitions" href="/32.1-123/">32.1-123</a> et seq.) of Chapter 5; or (d) a facility for the provision of continuing care registered with the State Corporation Commission pursuant to Chapter 49 (&#xA7;&#xA0;<a class="law" title="Definitions" href="/38.2-4900/">38.2-4900</a> et seq.) of Title 38.2.</p></section></text><history>1997, c. 615, &#xA7; 55-531; 2000, c. 266; 2002, c. 516; 2005, c. 839; 2019, c. 712.</history><metadata></metadata></law>
