W. Va. Code R. § 148-20-2

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 148-20-2 - Definitions

2.1. "Board of Directors" means the governing body of the Public Land Corporation.

2.2. "Competitive Sale " means a sale to the highest responsible bidder at a public offering utilizing sealed bids.

2.3. "Direct Sale " means a sale without competitive bidding to an adjoining landowner who offers to pay the "fair market value" or a sale to a government entity at less than "fair market value".

2.4. "Fair market value" means the value determined by an appraisal made by the Real Estate Division using the principles contained in the current Uniform Appraisal Standards for Federal Land Acquisitions published under the auspices of the Interagency Land Acquisition Conference.

2.5. "Modified Competitive Sale" means a sale to a government entity or adjoining landowner who meets the highest bid at a public offering.

2.6. "Public Land Corporation" or "corporation" means a unit of the Department of Administration vested with the title of the State of West Virginia in certain public lands.

2.7. "Secretary" means the Executive Secretary of the Public Land Corporation who shall be appointed by the Director of the Real Estate Division of the Department of Administration.

W. Va. Code R. § 148-20-2