15.2-6308.1 - Approval of Governor required. - Virginia Statutes

§ 15.2-6308.1. Approval of Governor required.

If an authority desires to undertake a project or other activity as providedin this chapter, and the property involved in such undertaking is subject toa reversionary interest in favor of the Commonwealth, such undertaking shallrequire the prior approval of the Governor but shall not require the approvalof any other agency or political subdivision of the Commonwealth. Once theGovernor grants such approval, the Commonwealth's reversionary interest insuch property shall be subordinate to any lease, mortgage, or othertransaction entered into by such authority with regard to such property.

(2005, cc. 869, 887.)