15.2-4204 - Disposition of earnings and assets of planning district commissions. - Virginia Statutes

§ 15.2-4204. Disposition of earnings and assets of planning districtcommissions.

No part of the net earnings of any planning district commission organizedunder the provisions of this chapter shall inure to the benefit of, or bedistributable to, any of its members, officers or other private persons,other than to its member localities as provided in this chapter. However, thecommission may pay reasonable compensation for services rendered and makepayments and distributions in furtherance of the purposes of a planningdistrict commission as set forth in this chapter and in its charter andbylaws. Upon the dissolution or termination of any planning districtcommission, it shall, after paying or making provisions for the payment ofits liabilities, distribute its assets to its member localities, pro rata,based upon the formula used to determine local government dues to thecommission.

(1989, c. 178, § 15.1-1403.1; 1995, cc. 732, 796; 1997, c. 587.)