10.1-520 - Contracts to remain in force; succession to rights and obligations. - Virginia Statutes

§ 10.1-520. Contracts to remain in force; succession to rights andobligations.

Upon consummation of any transfer, merger, or division, or any combinationthereof, using territory within a previously existing district to form a newdistrict or to add to an existing district, all contracts in effect at thetime of the consummation, affecting or relating to the territory transferred,merged, or divided, to which the governing body of the district from whichsuch territory was acquired is a party shall remain in force for the periodprovided in the contracts. Rights and obligations acquired or assumed by thedistrict from which the territory was acquired shall succeed to the districtto which the territory is transferred.

(1970, c. 480, § 21-31.2; 1988, c. 891.)