55-531 - Definitions. - Virginia Statutes

§ 55-531. Definitions.

As used in this chapter, the following words shall have the followingmeanings:

"Disposition of assets" means any action undertaken by a nonprofit entityto dispose of control of all or substantially all of its assets pursuant toan agreement of sale, transfer, lease, exchange, option, joint venture, orpartnership, or to convert to a for-profit entity or to otherwise restructurethe nonprofit entity or its assets resulting in a change in control orgovernance of the entity or assets.

"Nonprofit entity" means (a) a foreign or domestic nonstock corporationlicensed and subject to regulation under Chapter 42 (§ 38.2-4200 et seq.) ofTitle 38.2 or (b) a person that is exempt from taxation under 26 U.S.C. § 501(c) (3) or (4) and is, or owns, one of the following: (i) a hospital licensedunder Chapter 5 (§ 32.1-123 et seq.) of Title 32.1 or Article 2 (§ 37.2-403et seq.) of Chapter 4 of Title 37.2; (ii) a health maintenance organizationlicensed under Chapter 43 (§ 38.2-4300 et seq.) of Title 38.2; (iii) anursing home, including a facility known by varying nomenclature ordesignation such as convalescent home, skilled nursing facility or skilledcare facility, intermediate care facility, extended care facility, acertified nursing facility or nursing care facility, licensed under theprovisions of Article 1 (§ 32.1-123 et seq.) of Chapter 5 of Title 32.1; or(iv) a facility for the provision of continuing care registered with theState Corporation Commission pursuant to Chapter 49 (§ 38.2-4900 et seq.) ofTitle 38.2.

(1997, c. 615; 2000, c. 266; 2002, c. 516; 2005, c. 839.)