                                 CODE OF VIRGINIA

OPERATIONS OF FUND; TERMINATION (§ 10.1-2404.2)

A. The Trust Fund shall consist of the property received pursuant to &#xA7;
10.1-2404.1 and any gifts, grants, or appropriations made to the Trust Fund.
Gifts and bequests of money, securities, and other property to the Trust Fund,
and the income therefrom, shall be deemed to be gifts to the Commonwealth and
therefore exempt from all state and local taxes. Any income earned from gifts,
bequests, rent, securities, and other property of the Trust Fund shall be the
property of the Trust Fund. Any gifts received by the Virginia Historic
Preservation Foundation while the Association for the Preservation of Virginia
Antiquities is administering the Trust Fund, as well as any income which may
accrue thereon, shall be deposited in the Trust Fund within ninety days of
receipt.

B. By November 1 of each year, the Association for the Preservation of Virginia
Antiquities shall submit a copy of its audited financial statement to the
Director of the Department of Historic Resources and to the Attorney General.

C. Prior to January 1, 2003, the Board of Trustees of the Virginia Historic
Preservation Foundation is authorized to review the operation of the Trust Fund.
If it finds that such operation is not fulfilling the requirements of the trust
agreement, it may recommend to the Governor that the trust agreement with the
Association for the Preservation of Virginia Antiquities be terminated. If the
Governor finds that such termination is in the best interest of the
Commonwealth, he may direct the Association for the Preservation of Virginia
Antiquities to reconvey all the assets of the Trust Fund to the Virginia
Historic Preservation Foundation.

D. On and after January 1, 2003, if the Fund has not been reconveyed to the
Virginia Historic Preservation Foundation, (i) the Foundation shall cease to
exist and its minutes and any remaining assets shall become the property of the
Department of Historic Resources and (ii) the Attorney General shall have the
authority to take legal action on behalf of the Commonwealth to enforce the
terms of the trust agreement established under &#xA7; 10.1-2404.1.

HISTORY: 1999, c. 558.