10.1-1618 - Title to property. - Virginia Statutes

§ 10.1-1618. Title to property.

The Authority may acquire title to property in its own name or in the name ofthe Commonwealth for and on behalf of the Authority. In the event theAuthority ceases to operate its projects and to promote the purposes statedin § 10.1-1601 or is dissolved, the title to real property held by theAuthority shall transfer to the Commonwealth and be administered by theDepartment of Conservation and Recreation; provided however, in the eventthat an environmental audit of any real property or interest therein, orportion of such property, to be transferred pursuant to this sectiondiscloses any environmental liability or violation of law or regulation,present or contingent, the Governor may reject the transfer of any portion ofsuch property which he determines to be environmentally defective.

(1986, c. 360, § 10-158.16; 1988, c. 891; 1991, c. 706.)