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2020 SESSION
20101174DBe it enacted by the General Assembly of Virginia:
1. That § 15.2-7505 of the Code of Virginia is amended and reenacted as follows:
§ 15.2-7505. Financial interests of board members and employees prohibited.
A. No member of the board or employee of the land bank entity shall acquire any interest, direct or indirect, in real property of the land bank entity, in any real property to be acquired by the land bank entity, or in any real property to be acquired from the land bank entity.
B. No member of
the board or employee of a land bank entity shall have any interest, direct or
indirect, in any contract or proposed contract for materials or services to be
furnished to or used by a land bank entity. With regard to any contract or
proposed contract for materials or services to be furnished to or used by a
land bank entity, members of the board and
employees of a land bank entity are subject to the provisions of the State and
Local Government Conflict of Interests Act (§ 2.2-3100
et seq.).
C. The board may adopt supplemental rules and regulations addressing potential conflicts of interest and ethical guidelines for members of the board and employees of the land bank entity.