Code of Virginia § 23.1-2407. Public purpose.
125 words·~1 min read·
/va/title-23-1/chapter-24/23-1-2407·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The exercise of the powers granted by this chapter is in all respects for the benefit of the inhabitants of the Commonwealth and the promotion of their safety, health, welfare, knowledge, convenience, and prosperity. No part of the assets or net earnings of the Authority shall inure to the benefit of or be distributable to any private individual, except that reasonable compensation may be paid for services rendered to or for the Authority affecting one or more of its purposes, and benefits may be conferred that are in conformity with its purposes. No private individual is entitled to share in the distribution of any of the corporate assets upon dissolution of the Authority.
1996, cc. 905 , 1046 , § 23-50.16:15; 2016, c. 588 .