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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>73073</law_id><section_number>45.2-1240</section_number><catch_line> Decreases in size of Fund</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>45.2-1237</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="45.2">Mines, Minerals, and Energy</unit><unit label="subtitle" level="2" order_by="1" identifier="III">Mineral Mines</unit><unit label="part" level="3" order_by="1" identifier="A">Mineral Mines Generally</unit><unit label="chapter" level="4" order_by="1" identifier="12">Permits for Certain Mining Operations; Reclamation of Land</unit><unit label="article" level="5" order_by="1" identifier="4">Minerals Reclamation Fund</unit></structure><text>
						<section><p>Whenever the size of the Fund decreases to less than $2 million, the <span class="dictionary">Director</span> shall suspend the return of payments pursuant to &#xA7;&#xA0;<a class="law" title=" Return of member payments" href="/45.2-1237/">45.2-1237</a> and shall assess all members an equal amount for each affected acre, for a total amount sufficient to raise the Fund to $2 million. In lieu of such assessment, all members shall at the request of the <span class="dictionary">Director</span> post <span class="dictionary">bonds</span> or other securities within six months after the <span class="dictionary">Director</span> so notifies the members. Failure of a member to post <span class="dictionary">bond</span> or other <span class="dictionary">surety</span> or to pay the required assessment shall result in the <span class="dictionary">revocation</span> of the permit of the member and the forfeiture of the member&#x2019;s payments in accordance with &#xA7;&#xA0;<a class="law" title=" Revocation of permits; reclamation work" href="/45.2-1238/">45.2-1238</a>.</p></section></text><history>1978, c. 634, &#xA7; 45.1-197.14; 2017, c. 4; 2021, Sp. Sess. I, c. 387.</history><metadata></metadata></law>
