Code of Virginia § 45.2-614. Expense of acquiring and operating coal property; funds derived from operation.

166 words·~1 min read·/va/title-45-2/chapter-6/45-2-614

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The expense of acquiring and operating any property acquired under this article shall be paid out of moneys transferred from the general fund that are not otherwise appropriated. Such transfer shall be made upon such authorization as the Governor prescribes and shall be credited to the account of the Commission, and all funds and revenues derived from or received as a result of such operations shall be paid into the state treasury and credited to the same account. Any amount transferred upon authorization of the Governor from the general fund shall be designated as the "Capital Account" of the Commission.

Such amount, or the residue thereof, together with any surplus that accrues, shall be returned to the general fund in the event of liquidation or, in the absence of liquidation, in such installments and at such times as the Governor prescribes.

Code 1950, § 45-152; 1950, p. 32; 1966, c. 594, § 45.1-152; 1994, c. 28 , § 45.1-161.321; 2021, Sp. Sess. I, c. 387 .