62.1-69.52 - Withdrawal; dissolution. - Virginia Statutes

§ 62.1-69.52. Withdrawal; dissolution.

A. A locality may withdraw from the Commission one year after providingwritten notice to the Commission of its intent to do so.

B. The Commission may be dissolved (i) upon three-fourths vote of itsmembers, (ii) if the membership falls below three-fourths of the number oflocalities eligible for membership in the Commission, or (iii) by repeal orexpiration of this chapter.

C. Upon the Commission's dissolution, all funds and assets of the Commission,including funds received from private sources, shall be divided anddistributed on a pro rata basis to the member local governing bodies. Allstate funds and assets, if any, shall be transferred to the Office of theSecretary of Natural Resources for appropriate distribution.

(2004, c. 394.)