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2003 SESSION

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SB 1053 Conservation easements; requirements to be a holder.

Introduced by: Emmett W. Hanger, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:

Conservation easements; requirements to be a holder. Allows national organizations that have been in existence for at least five years, have an office in the Commonwealth, and are registered and in good standing with the State Corporation Commission to be sole holders of conservation easements if they also meet the other existing criteria. Currently, such entities can only co-hold conservation easements. Current law also requires a sole holder of a conservation easement to have had its principal office in the Commonwealth for at least five years.

SUMMARY AS PASSED:

Conservation easements; requirements to be a holder. Allows organizations that have been in existence for at least five years and are registered and in good standing with the State Corporation Commission to be sole holders of conservation easements if they also meet the other existing criteria. Currently, such entities can only co-hold conservation easements. Current law also requires a sole holder of a conservation easement to have had its principal office in the Commonwealth for at least five years.

SUMMARY AS PASSED SENATE:

Conservation easements; requirements to be a holder. Allows organizations that have been in existence for at least five years and are registered and in good standing with the State Corporation Commission to be sole holders of conservation easements if they also meet the other existing criteria. Currently, such entities can only co-hold conservation easements. Current law also requires a sole holder of a conservation easement to have had its principal office in the Commonwealth for at least five years.

SUMMARY AS INTRODUCED:

Conservation easements; requirements to be a holder. Allows national organizations that have been in existence for at least 5 years and have an office in the Commonwealth to be sole holders of conservation easements if they also meet the other existing criteria. Currently, such entities can only co-hold conservation easements. Current law also requires sole holders of conservation easements to have had their principal office in the Commonwealth for at least 5 years.