56-51.1 - Donation of entire capital stock of turnpike or ferry corporations to Commission or to political subdivisions. - Virginia Statutes

§ 56-51.1. Donation of entire capital stock of turnpike or ferry corporationsto Commission or to political subdivisions.

Any turnpike or ferry corporation subject to this chapter may donate andtransfer its entire capital stock to the Commonwealth Transportation Board,or, in equitable proportions, to the political subdivisions wherein its tollturnpike is constructed, or to be constructed, or in the case of a ferrycorporation to such political subdivision wherein its terminals or docks arelocated or to such political subdivisions as may be specified or designatedin its charter.

Authority to accept such donation and transfer of such stock is herebyconferred upon the Commonwealth Transportation Board and upon the governingbodies of such political subdivisions in their discretion; provided that theoffer of donation and the resolution of acceptance shall expressly stipulatethat the acceptance of such donation and ownership of said stock shall notthereby be deemed to create or involve any obligation or liability upon saidCommission or upon any such political subdivision.

(1952, c. 613; 1954, c. 541; 1956, c. 438.)