10.1-557 - Duty of directors after certification of Board. - Virginia Statutes

§ 10.1-557. Duty of directors after certification of Board.

Upon receiving from the Board certification that the Board has determinedthat the continued operation of the district is not administrativelypracticable and feasible, the district directors shall proceed to determinethe affairs of the district. The district directors shall dispose of allproperty belonging to the district at public auction and shall pay theproceeds of the sale into the state treasury. The district directors shallthen file an application, duly verified, with the Secretary of theCommonwealth, for the discontinuance of the district, and shall transmit withthe application the certificate of the Board setting forth the determinationof the Board that the continued operation of the district is notadministratively practicable and feasible. The application shall recite thatthe property of the district has been disposed of and the proceeds paid overas provided by law, and shall set forth a full accounting of such propertiesand proceeds of the sale. The Secretary of the Commonwealth shall issue tothe district directors a certificate of dissolution and shall record thecertificate in an appropriate book of record in his office.

(Code 1950, § 21-110; 1964, c. 512; 1970, c. 480; 1988, c. 891.)