                                 CODE OF VIRGINIA

DISSOLUTION OF AUTHORITY (§ 33.2-3815)

A member of the authority may withdraw from the authority only upon dissolution
of the authority as set forth herein. Whenever the board determines that the
purpose for which the authority was created has been substantially fulfilled or
is impractical or impossible to accomplish and that all obligations incurred by
the authority have been paid or that cash or a sufficient amount of United
States government securities has been deposited for their payment, or provisions
satisfactory for the timely payment of all its outstanding obligations have been
arranged, the board may adopt resolutions declaring and finding that the
authority shall be dissolved. Appropriate attested copies of such resolutions
shall be delivered to the Governor so that legislation dissolving such authority
may be introduced in the General Assembly. The dissolution of the authority
shall become effective according to the terms of such legislation. The title to
all funds and other property owned by such authority at the time of such
dissolution shall vest in the members that have contributed to the authority in
proportion to their respective contributions.

HISTORY: 2021, Sp. Sess. I, cc. 353, 354.