23-50.16:15 - Public purpose - Virginia Statutes

§ 23-50.16:15. Public purpose.

The exercise of the powers granted by this chapter shall be in all respectsfor the benefit of the inhabitants of the Commonwealth and for the promotionof their safety, health, welfare, knowledge, convenience and prosperity. Nopart of the assets or net earnings of the Authority shall inure to thebenefit of, or be distributable to, any private individual, except thatreasonable compensation may be paid for services rendered to or for theAuthority affecting one or more of its purposes, and benefits may beconferred that are in conformity with said purposes, and no privateindividual shall be entitled to share in the distribution of any of thecorporate assets on dissolution of the Authority.

(1996, cc. 905, 1046.)