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2004 SESSION
044643440Be it enacted by the General Assembly of Virginia:
1. That §§ 2.2-507.1 and 17.1-513.01 of the Code of Virginia are amended and reenacted as follows:
§ 2.2-507.1. Authority of Attorney General regarding charitable assets.
A. The assets of a charitable corporation incorporated in or doing any business
in Virginia shall be deemed to be held in trust for the public for such purposes as
are established by the donor's intent as [ expressed in established by ]
the governing documents of such charitable corporation [ or by , the gift
or bequest made to such charitable corporation, or ] other applicable law. The
Attorney General shall have the same authority to act on behalf of the public with
respect to such assets as he has with respect to assets held by unincorporated
charitable trusts and other charitable entities, including the authority to
seek such judicial relief as may be necessary to protect the public interest in
such assets.
B. Nothing contained in this section is intended to modify the standard of
conduct applicable under existing [ corporate ] law to the directors of
charitable corporations incorporated in or doing any business in Virginia.
§ 17.1-513.01. Jurisdiction of circuit courts with respect to charitable assets.
A. The circuit courts shall have the same subject matter jurisdiction over matters pertaining to assets of charitable corporations, incorporated in or doing any business in Virginia, as the circuit courts have with respect to assets held by unincorporated charitable trusts and other charitable entities, including the power to require accountings, appoint receivers, award damages, and enter injunctive relief against such charitable corporations, their officers, directors, agents, employees and others as may be necessary to protect the public interest in such assets.
B. Nothing contained in this section is intended to modify the standard of
conduct applicable under existing [ corporate ] law to the directors of
charitable corporations incorporated in or doing any business in Virginia.