45.1-197.14 - Decreases in size of Fund. - Virginia Statutes

§ 45.1-197.14. Decreases in size of Fund.

Whenever the size of the Fund shall decrease to less than $250,000 theDirector shall suspend the return of payments pursuant to § 45.1-197.11 andshall assess all members an equal amount for each affected acre, for a totalamount sufficient to raise the Fund to $250,000. In lieu of such anassessment all members shall at the request of the Director post bonds orother securities, within six months after the Director so notifies themembers. Failure to post bond or other surety or to pay the requiredassessment shall result in the revocation of the permit of the member and theforfeiture of the member's payments in accordance with § 45.1-197.12.

(1978, c. 634.)