10.1-217.6 - Gifts and bequests to Foundation. - Virginia Statutes

§ 10.1-217.6. Gifts and bequests to Foundation.

Gifts and bequests of money, security and other property to the fund shall bedeemed to be gifts of the Commonwealth, and the fund shall be exempt from allstate and local taxes except income earned by the farm operator or operatorsin the operation of the model farm. Any income earned from gifts, bequests,rent, security and other property shall be deposited to the credit of thefund. In the event that the model farm cannot be established, operated, ormaintained, the Director of the Department of Conservation and Recreation maydispose of the property remaining at the farm and in the fund in any mannerwhich he deems fit.

(1977, c. 57, § 3.1-22.12; 1986, c. 390; 2008, c. 860.)