10.1-558 - Effect of issuance of certificate of dissolution. - Virginia Statutes

§ 10.1-558. Effect of issuance of certificate of dissolution.

Upon issuance of a certificate of dissolution, all ordinances and regulationspreviously adopted and in force within such district shall be of no furtherforce. All contracts entered into, to which the district or districtdirectors are parties, shall remain in force for the period provided in thecontracts. The Board shall be substituted for the district or districtdirectors as party to the contracts. The Board shall be entitled to allbenefits and subject to all liabilities under the contracts and shall havethe same right and liability to perform, to require performance, to sue andbe sued thereon, and to modify or terminate such contracts by mutual consentor otherwise, as the district directors would have had.

(Code 1950, § 21-111; 1964, c. 512; 1970, c. 480; 1988, c. 891.)