Section 15.2-7501 - Creation of land bank entities by localitiesA. Subject to a public hearing held pursuant to § 15.2-7502, a locality may by ordinance, or two or more localities may by concurrent ordinances, create a land bank entity as either an authority or a corporation, under an appropriate name and title, for the purpose of assisting the locality to address vacant, abandoned, and tax delinquent properties. Other localities may join the authority or corporation as provided in the ordinance. An authority created pursuant to the Act shall be created as a public body corporate and as a political subdivision of the Commonwealth. A corporation created pursuant to the Act shall be a nonprofit, nonstock corporation created under Chapter 10 (§ 13.1-801 et seq.) of Title 13.1.
B. Each ordinance shall include the following:1. The name of the authority or corporation and the address of its principal office;2. The name of each locality creating the authority or corporation;3. The purpose for which the authority or corporation is created; and4. The names, addresses, and terms of office of the initial members of the board of directors of the authority or corporation.Added by Acts 2016 c. 384, § 1, eff. 7/1/2016.Added by Acts 2016 c. 159, § 1, eff. 7/1/2016.