                                 CODE OF VIRGINIA

 DECREASES IN SIZE OF FUND (§ 45.2-1240)

Whenever the size of the Fund decreases to less than $2 million, the Director
shall suspend the return of payments pursuant to § 45.2-1237 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 Director post bonds or other securities
within six months after the Director so notifies the members. Failure of a
member to post bond or other surety or to pay the required assessment shall
result in the revocation of the permit of the member and the forfeiture of the
member&#8217;s payments in accordance with § 45.2-1238.

HISTORY: 1978, c. 634, § 45.1-197.14; 2017, c. 4; 2021, Sp. Sess. I, c. 387.