62.1-94 - Duration of licenses; acquisition of developments by Commonwealth. - Virginia Statutes

§ 62.1-94. Duration of licenses; acquisition of developments by Commonwealth.

All licenses granted under the provisions of this chapter shall remain ineffect for a period of fifty years from and after the date of grantingthereof. From and after the expiration of such terms of fifty years thelicensee, its successors and assigns, shall hold the property and rightsacquired under the authority of this chapter under an indeterminate license,which shall continue until such property and rights have been purchased bythe Commonwealth, or until the same have been acquired by the Commonwealth bydue process of law; provided that the right of the Commonwealth to take over,maintain and operate any development licensed under this chapter at any timeby condemnation proceedings, upon payment of just compensation, is herebyexpressly reserved.

(Code 1950, § 62-83; 1968, c. 659.)