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2005 SESSION
SB 1301 Center for Rural Virginia; if dissolved, asset to be distributed as stated in Internal Revenue Code.
Introduced by: Frank M. Ruff | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Center for Rural Virginia. Provides that in the event of the dissolution of the Center, assets shall be distributed for one or more exempt purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code or shall be distributed to the Commonwealth or a local government for a public purpose. The bill contains an emergency clause.
SUMMARY AS INTRODUCED:
Center for Rural Virginia. Provides that in the event of the dissolution of the Center, assets shall be distributed for one or more exempt purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code or shall be distributed to the Commonwealth or a local government for a public purpose.