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2002 SESSION
025465540Patrons-- Stosch and Chichester; Delegates: Bryant, Morgan, O'Bannon and Reid
Be it enacted by the General Assembly of Virginia:
1. That § 55-531 of the Code of Virginia is amended and reenacted as follows:
§ 55-531. Definitions.
As used in this chapter, the following words shall have the following meanings:
"Disposition of assets" means any action undertaken by a nonprofit entity to dispose of control of all or substantially all of its assets pursuant to an agreement of sale, transfer, lease, exchange, option, joint venture, or partnership, or to convert to a for-profit entity or to otherwise restructure the nonprofit entity or its assets resulting in a change in control or governance of the entity or assets.
"Nonprofit entity" means (a) a foreign or domestic health services plan
licensed under Chapter 42 (§ 38.2-4200 et seq.) of Title 38.2 or (b) a person
that is exempt from taxation under 26 U.S.C. § 501 (c) (3) and is, or owns, one
of the following: (i) a hospital licensed under Chapter 5 (§ 32.1-123 et seq.)
of Title 32.1 or Chapter 8 (§ 37.1-179 et seq.) of Title 37.1; (ii) a health
services plan licensed under Chapter 42 (§ 38.2-4200 et seq.) of Title 38.2;
(iii) a health maintenance organization licensed under Chapter 43 (§ 38.2-4300
et seq.) of Title 38.2; (iv iii) a nursing home, including a facility known by
varying nomenclature or designation such as convalescent home, skilled nursing facility or skilled
care facility, intermediate care facility, extended care facility, a certified
nursing facility or nursing care facility, licensed under the provisions of
Article 1 (§ 32.1-123 et seq.) of Chapter 5 of Title 32.1; or (viv) a facility
for the provision of continuing care registered with the State Corporation Commission pursuant to Chapter
49 (§ 38.2-4900 et seq.) of Title 38.2.