                                 CODE OF VIRGINIA

APPROVAL OF GOVERNOR REQUIRED (§ 15.2-6308.1)

If an authority desires to undertake a project or other activity as provided in
this chapter, and the property involved in such undertaking is subject to a
reversionary interest in favor of the Commonwealth, such undertaking shall
require the prior approval of the Governor but shall not require the approval of
any other agency or political subdivision of the Commonwealth. Once the Governor
grants such approval, the Commonwealth&#8217;s reversionary interest in such
property shall be subordinate to any lease, mortgage, or other transaction
entered into by such authority with regard to such property.

HISTORY: 2005, cc. 869, 887.