2.2-507.1 - Authority of Attorney General regarding charitable assets. - Virginia Statutes

§ 2.2-507.1. Authority of Attorney General regarding charitable assets.

A. The assets of a charitable corporation incorporated in or doing anybusiness in Virginia shall be deemed to be held in trust for the public forsuch purposes as are established by the governing documents of suchcharitable corporation, the gift or bequest made to such charitablecorporation, or other applicable law. The Attorney General shall have thesame authority to act on behalf of the public with respect to such assets ashe has with respect to assets held by unincorporated charitable trusts andother charitable entities, including the authority to seek such judicialrelief as may be necessary to protect the public interest in such assets.

B. Nothing contained in this section is intended to modify the standard ofconduct applicable under existing law to the directors of charitablecorporations incorporated in or doing any business in Virginia.

(2002, c. 792; 2004, c. 289.)