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1996 SESSION


CHAPTER 77
An Act to amend and reenact §§ 2.1-209, 2.1-210, 2.1-234.3, 2.1-234.9:2, 2.1-327, 2.1-360, 2.1-639.2, 2.1-639.15, 2.1-639.15:1, 2.1-639.31, 2.1-639.41, 3.1-27.3, 3.1-27.12, 3.1-27.34, 8.01-676.1, 8.9-105, 9-199, 9-234, 10.1-312, 11-61, 12.1-10, 13.1-724, 13.1-826, 13.1-982, 13.1-989, 15.1-466, 15.1-1624, 18.2-113, 29.1-101.3, 36-55.30:2, 36-55.44, 36-96.1:1, 36-143, 38.2-1432, 38.2-4700, 55-66.3:1, 55-344, 58.1-403, 58.1-3149, 58.1-3706, 58.1-3730, 59.1-199, 59.1-265, 59.1-271, 59.1-280, 62.1-221, 62.1-226, 62.1-235, 62.1-241.3, 63.1-321, and 63.1-324 of the Code of Virginia, relating to banking and finance; savings institutions.
[H 489]
Approved March 5, 1996

Be it enacted by the General Assembly of Virginia:

1. That §§ 2.1-209, 2.1-210, 2.1-234.3, 2.1-234.9:2, 2.1-327, 2.1-360, 2.1-639.2, 2.1-639.15, 2.1-639.15:1, 2.1-639.31, 2.1-639.41, 3.1-27.3, 3.1-27.12, 3.1-27.34, 8.01-676.1, 8.9-105, 9-199, 9-234, 10.1-312, 11-61, 12.1-10, 13.1-724, 13.1-826, 13.1-982, 13.1-989, 15.1-466, 15.1-1624, 18.2-113, 29.1-101.3, 36-55.30:2, 36-55.44, 36-96.1:1, 36-143, 38.2-1432, 38.2-4700, 55-66.3:1, 55-344, 58.1-403, 58.1-3149, 58.1-3706, 58.1-3730, 59.1-199, 59.1-265, 59.1-271, 59.1-280, 62.1-221, 62.1-226, 62.1-235, 62.1-241.3, 63.1-321, and 63.1-324 of the Code of Virginia are amended and reenacted as follows:

§ 2.1-209. Deposits in banks and savings institutions designated as state depositories.

Moneys to be hereafter paid into the state treasury shall be deposited in such banks and savings and loan associations institutions as shall be designated as state depositories by the State Treasurer.

§ 2.1-210. Amount and time limit of deposits.

The State Treasurer may arrange for and make state deposits in such amounts and for such time as in his judgment the condition of the state treasury permits; however, no state deposit shall be made for a period in excess of five years. The money deposited in a savings and loan association institution in excess of the amount insured by the Federal Deposit Insurance Corporation or other federal insurance agency shall be fully collateralized by eligible collateral as defined in § 2.1-360 (e).

§ 2.1-234.3. Definitions.

As used in this article:

1. "Local official handling public funds" or "official" means any person or entity described in the opening paragraph of § 2.1-327.

2. "Depository institution" means any commercial bank or trust company, savings and loan association institution, (or building and loan association) insured by an agency or instrumentality of the United States government.

§ 2.1-234.9:2. Definitions.

As used in this article:

"Bonds" means bonds or other obligations issued by the Commonwealth, by counties, cities and towns, and by their agencies, institutions, and authorities or by any combination of the foregoing under the provisions of the Public Finance Act (§ 15.1-227.1 et seq.), or otherwise, the interest on which is intended to be excludable from the gross income of the recipients thereof for federal income tax purposes.

"Depository institution" means any commercial bank or trust company, savings and loan association institution or (building and loan association) insured by an agency or instrumentality of the United States government.

"Issuers" means the Commonwealth, counties, cities and towns in the Commonwealth, and their agencies, institutions, and authorities.

"Official handling public funds" or "official" means the treasurer of the issuer or, if there is no officer known as treasurer of the issuer, the chief financial officer of the issuer, and any person or entity described in § 58.1-3123.

§ 2.1-327. Legal investments for public sinking funds.

The Commonwealth, all public officers, municipal corporations, other political subdivisions and all other public bodies of the Commonwealth may invest any sinking funds belonging to them or within their control in the following securities:

1. Obligations of the Commonwealth. Bonds, notes and other evidences of indebtedness of the Commonwealth, and securities unconditionally guaranteed as to the payment of principal and interest by the Commonwealth.

2. Obligations of the United States, etc. Bonds, notes and other obligations of the United States, and securities unconditionally guaranteed as to the payment of principal and interest by the United States, or any agency thereof. The evidences of indebtedness enumerated by this subdivision may be held directly, or in the form of repurchase agreements collateralized by such debt securities, or in the form of securities of any open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1949, provided that the portfolio of such investment company or investment trust is limited to such evidences of indebtedness.

3. Obligations of Virginia counties, cities, etc. Bonds, notes and other evidences of indebtedness of any county, city, town, district, authority or other public body of the Commonwealth upon which there is no default; provided, that such bonds, notes and other evidences of indebtedness of any county, city, town, district, authority or other public body are either direct legal obligations of, or those unconditionally guaranteed as to the payment of principal and interest by the county, city, town, district, authority or other public body in question; and revenue bonds issued by agencies or authorities of the Commonwealth or its political subdivisions upon which there is no default.

4. Obligations of International Bank for Reconstruction and Development, Asian Development Bank and African Development Bank. Bonds and other obligations issued, guaranteed or assumed by the International Bank for Reconstruction and Development, bonds and other obligations issued, guaranteed or assumed by the Asian Development Bank and bonds and other obligations issued, guaranteed or assumed by the African Development Bank.

5. Saving accounts or time deposits. Savings accounts or time deposits in any bank or savings and loan association institution within this Commonwealth provided such bank or savings and loan association institution is approved for the deposit of other funds of the Commonwealth or other political subdivision thereof.

§ 2.1-360. Definitions.

As used in this chapter, unless the context otherwise requires:

(a) The term "public deposit" shall mean moneys of the Commonwealth or of any county, city, town or other political subdivision thereof, including moneys of any commission, institution, committee, board or officer of the foregoing and any state, circuit, county or municipal court, which moneys are deposited in any qualified public depository and security for such deposit is required by other provisions of law, or is required due to an election of the public depositor.

(b) The term "qualified public depository" shall mean any national banking association, federal savings and loan association or federal savings bank located in Virginia and any bank, trust company or savings and loan association institution organized under Virginia law that receives or holds public deposits which are secured pursuant to this chapter.

(c) The term "default or insolvency" shall include, but shall not be limited to, the failure or refusal of any qualified public depository to return any public deposit upon demand or at maturity and the issuance of an order of supervisory authority restraining such depository from making payments of deposit liabilities or the appointment of a receiver for such depository.

(d) "Treasury Board" shall mean the Treasury Board of the Commonwealth created by § 2.1-178.

(e) The term "eligible collateral" shall mean securities of the character authorized as legal investments under the laws of this Commonwealth for public sinking funds or other public funds and securities acceptable under United States Treasury Department regulations as collateral for the security of treasury tax and loan accounts.

(f) In the case of a bank, the term "required collateral" of a qualified public depository shall mean a sum equal to fifty percent of the actual public deposits held at the close of business on the last banking day in the month immediately preceding the date of any computation of such balance, or the average balance of all public deposits for such preceding month, whichever is greater. In the case of a savings and loan association or savings bank, the term "required collateral" of a qualified public depository shall mean a sum equal to 100 percent of the average daily balance for the month immediately preceding the date of any computation of such balance of all public deposits held by such depository but shall not be less than 100 percent of the public deposits held by such depository at the close of business on the last banking day in such preceding month.

(g) The terms "treasurer" and "public depositor" shall mean the State Treasurer, a county, city, or town treasurer or director of finance or similar officer and the custodian of any other public deposits secured pursuant to this chapter.

§ 2.1-639.2. Definitions.

As used in this chapter:

"Advisory agency" means any board, commission, committee or post which does not exercise any sovereign power or duty, but is appointed by a governmental agency or officer or is created by law for the purpose of making studies or recommendations, or advising or consulting with a governmental agency.

"Business" means a corporation, partnership, sole proprietorship, firm, enterprise, franchise, association, trust or foundation, or any other individual or entity carrying on a business or profession, whether or not for profit.

"Contract" means any agreement to which a governmental agency is a party, or any agreement on behalf of a governmental agency which involves the payment of money appropriated by the General Assembly or political subdivision, whether or not such agreement is executed in the name of the Commonwealth, or some political subdivision thereof. "Contract" includes a subcontract only when the contract of which it is a part is with the officer's or employee's own governmental agency.

"Dependent" means a son, daughter, father, mother, brother, sister or other person, whether or not related by blood or marriage, if such person receives from the officer or employee, or provides to the officer or employee, more than one-half of his financial support.

"Employee" means all persons employed by a governmental or advisory agency, unless otherwise limited by the context of its use.

"Financial institution" means any bank, trust company, savings and loan association institution, industrial loan association, consumer finance company, credit union, broker-dealer as defined in § 13.1-501, or investment company or advisor registered under the federal Investment Advisors Act or Investment Company Act of 1940.

"Gift" means any gratuity, favor, discount, entertainment, hospitality, loan, forbearance, or other item having monetary value. It includes services as well as gifts of transportation, local travel, lodgings and meals, whether provided in-kind, by purchase of a ticket, payment in advance or reimbursement after the expense has been incurred. "Gift" shall not include any offer of a ticket or other admission or pass unless the ticket, admission, or pass is used. "Gift" shall not include honorary degrees and presents from relatives. For the purpose of this definition, "relative" means the donee's spouse, child, uncle, aunt, niece, or nephew; a person to whom the donee is engaged to be married; the donee's or his spouse's parent, grandparent, grandchild, brother, or sister; or the donee's brother's or sister's spouse.

"Governmental agency" means each component part of the legislative, executive or judicial branches of state and local government, including each office, department, authority, post, commission, committee, and each institution or board created by law to exercise some regulatory or sovereign power or duty as distinguished from purely advisory powers or duties. Corporations organized or controlled by the Virginia Retirement System, RF&P Corporation and its wholly owned subsidiaries are "governmental agencies" for purposes of this chapter.

"Immediate family" means (i) a spouse and (ii) any other person residing in the same household as the officer or employee, who is a dependent of the officer or employee or of whom the officer or employee is a dependent.

"Officer" means any person appointed or elected to any governmental or advisory agency including local school boards, whether or not he receives compensation or other emolument of office. Unless the context requires otherwise, "officer" includes members of the judiciary.

"Personal interest" means a financial benefit or liability accruing to an officer or employee or to a member of his immediate family. Such interest shall exist by reason of (i) ownership in a business if the ownership interest exceeds three percent of the total equity of the business; (ii) annual income that exceeds, or may reasonably be anticipated to exceed, $10,000 from ownership in real or personal property or a business; (iii) salary, other compensation, fringe benefits, or benefits from the use of property, or any combination thereof, paid or provided by a business that exceeds, or may reasonably be anticipated to exceed, $10,000 annually; (iv) ownership of real or personal property if the interest exceeds $10,000 in value and excluding ownership in a business, income, or salary, other compensation, fringe benefits or benefits from the use of property; or (v) personal liability incurred or assumed on behalf of a business if the liability exceeds three percent of the asset value of the business.

"Personal interest in a contract" means a personal interest which an officer or employee has in a contract with a governmental agency, whether due to his being a party to the contract or due to a personal interest in a business which is a party to the contract.

"Personal interest in a transaction" means a personal interest of an officer or employee in any matter considered by his agency. Such personal interest exists when an officer or employee or a member of his immediate family has a personal interest in property or a business, or represents any individual or business and such property, business or represented individual or business (i) is the subject of the transaction or (ii) may realize a reasonably foreseeable direct or indirect benefit or detriment as a result of the action of the agency considering the transaction. Notwithstanding the above, such personal interest in a transaction shall not be deemed to exist where an elected member of a local governing body serves without remuneration as a member of the board of trustees of a not-for-profit entity and such elected member or member of his immediate family has no personal interest related to the not-for-profit entity.

"State and local government officers and employees" shall not include members of the General Assembly.

"Transaction" means any matter considered by any governmental or advisory agency, whether in a committee, subcommittee, or other entity of that agency or before the agency itself, on which official action is taken or contemplated.

§ 2.1-639.15. Disclosure form.

The disclosure form to be used for filings required by § 2.1-639.13 A and D, and § 2.1-639.14 A and D shall be substantially as follows:


                 STATEMENT OF ECONOMIC INTERESTS.

Name ...........................................................
Office or position held or sought ..............................
Home address ...................................................
Names of members of immediate family ...........................

               DEFINITIONS AND EXPLANATORY MATERIAL.

"Immediate family" means (i) a spouse and (ii) any other person
residing in the same household as the officer or employee, who
is a dependent of the officer or employee or of whom the officer
or employee is a dependent.

"Dependent" means any person, whether or not related by blood or
marriage, who receives from the officer or employee, or provides
to the officer or employee, more than one-half of his financial
support.

"Business" means a corporation, partnership, sole proprietorship,
firm, enterprise, franchise, association, trust or foundation, or
any other individual or entity carrying on a business or
profession, whether or not for profit.

"Gift" means any gratuity, favor, discount, entertainment,
hospitality, loan, forbearance, or other item having monetary value.
It includes services as well as gifts of transportation, local
travel, lodgings and meals, whether provided in-kind, by purchase
of a ticket, payment in advance or reimbursement after the expense
has been incurred.  "Gift" shall not include any offer of a ticket
or other admission or pass unless the ticket, admission, or pass is
used.  "Gift" shall not include honorary degrees and presents from
relatives. "Relative" means the donee's spouse, child, uncle, aunt,
niece, or nephew; a person to whom the donee is engaged to be
married; the donee's or his spouse's parent, grandparent, grandchild,
brother, or sister; or the donee's brother's or sister's spouse.

TRUST. If you or your immediate family, separately or together,
are the only beneficiaries of a trust, treat the trust's assets
as if you own them directly. If you or your immediate family has
a proportional interest in a trust, treat that proportion of the
trust's assets as if you own them directly. For example, if you
and your immediate family have a one-third interest in a trust,
complete your Statement as if you own one-third of each of the
trust's assets. If you or a member of your immediate family
created a trust and can revoke it without the beneficiaries'
consent, treat its assets as if you own them directly.

REPORT TO THE BEST OF INFORMATION AND BELIEF. Information
required on this Statement must be provided on the basis of the
best knowledge, information and belief of the individual filing
the Statement as of the date of this report unless otherwise
stated.

COMPLETE ITEMS 1 THROUGH 10. REFER TO SCHEDULES ONLY IF DIRECTED.

You may attach additional explanatory information.

1. Offices and Directorships.
    Are you or a member of your immediate family a paid officer
    or paid director of a business?
    EITHER check NO /  / OR check YES /  / and complete
    Schedule A.
2. Personal Liabilities.
    Do you or a member of your immediate family owe more than
    $10,000 to any one creditor including contingent liabilities?
    (Exclude debts to any government and loans secured by recorded
    liens on property at least equal in value to the loan.)
    EITHER check NO /  / OR check YES /  / and complete
    Schedule B.
3. Securities.
    Do you or a member of your immediate family, directly or
    indirectly, separately or together, own securities valued
    in excess of $10,000 invested in one business? Account for
    mutual funds, limited partnerships and trusts.
    EITHER check NO /  / OR check YES /  / and complete
    Schedule C.
4. Payments for Talks, Meetings, and Publications.
    During the past 12 months did you receive lodging,
    transportation, money, or anything else of value with a
    combined value exceeding $200 for a single talk, meeting,
    or published work in your capacity as an officer or employee of
    your agency?
    EITHER check NO /  / OR check YES /  / and complete
    Schedule D.
5. Gifts.
    During the past 12 months did a business, government, or
    individual other than a relative or personal friend furnish
    you with any gift or gifts the total value of which
    exceeded $200 and for which you neither paid nor rendered
    services in exchange? Account for all business entertainment
    (except if related to your private profession or occupation)
    even if unrelated to your official duties.
    EITHER check NO /  / OR check YES /  / and complete
    Schedule E.
6. Salary and Wages.
    List each employer that pays you or a member of your immediate
    family salary or wages in excess of $10,000 annually. (Exclude
    state or local government or advisory agencies.)
    If no reportable salary or wages, check here /  /.
          ................................................
          ................................................
          ................................................
7. Business Interests.
    Do you or a member of your immediate family separately or
    together, operate your own business, or own or control an
    interest in excess of $10,000 in a business?
    EITHER check NO /  / OR check YES /  / and complete
    Schedule F.
8. Payments for Representation.
8A. Did you represent any businesses before any state governmental
    agencies, excluding courts or judges, for which you received
    total compensation during the past 12 months in excess of
    $1,000, excluding compensation for other services to such
    businesses and representation consisting solely of the filing
    of mandatory papers? (Officers and employees of local
    governmental and advisory agencies do NOT need to answer this
    question or complete Schedule G-1.)
    EITHER check NO /  / OR check YES /  / and complete
    Schedule G-1.
8B. Subject to the same exceptions as in 8A, did persons with whom
    you have a close financial association (partners, associates or
    others) represent any businesses before any state governmental
    agency for which total compensation was received during the past
    12 months in excess of $1,000? (Officers and employees of local
    governmental and advisory agencies do NOT need to answer this
    question or complete Schedule G-2.)
    EITHER check NO /  / OR check YES /  / and complete
    Schedule G-2.
8C. Did you or persons with whom you have a close financial
    association furnish services to businesses operating in
    Virginia for which total compensation in excess of $1,000
    was received during the past 12 months?
    EITHER check NO /  / OR check YES /  / and complete
    Schedule G-3.
9.  Real Estate.
9A. State Officers and Employees.
    Do you or a member of your immediate family hold an interest,
    including a partnership interest, valued at $10,000 or more in
    real property (other than your principal residence) for which
    you have not already listed the full address on Schedule F?
    Account for real estate held in trust.
    EITHER check NO /  / OR check YES /  / and complete
    Schedule H-1.
9B. Local Officers and Employees.
    Do you or a member of your immediate family hold an interest,
    including a partnership interest, valued at $10,000 or more in
    real property located in the county, city or town in which you
    serve or in a county, city or town contiguous to the county,
    city or town in which you serve (other than your principal
    residence) for which you have not already listed the full
    address on Schedule F? Account for real estate held in trust.
    EITHER check NO /  / OR check YES /  / and complete
    Schedule H-2.
10. Real Estate Contracts with Government Agencies.
     Do you or a member of your immediate family hold an interest
     valued at more than $10,000 in real estate, including a
     corporate, partnership, or trust interest, option,
     easement, or land contract, which real estate is the
     subject of a contract, whether pending or completed within
     the past twelve months, with a governmental agency? If the
     real estate contract provides for the leasing of the property
     to a governmental agency, do you or a member of your immediate
     family hold an interest in the real estate valued at more than
     $1,000? Account for all such contracts whether or not your
     interest is reported in schedules F, H-1, or H-2. This
     requirement to disclose an interest in a lease does not apply
     to an interest derived through an ownership interest in a
     business unless the ownership interest exceeds three percent
     of the total equity of the business.
     EITHER check NO /  / OR check YES /  / and complete
     Schedule I.

 Statements of Economic Interests are open for public inspection.

                       AFFIRMATION BY ALL FILERS

  I swear or affirm that the foregoing information is full, true and
correct to the best of my knowledge.

  Signature......................................................
  Commonwealth of Virginia
  ......of..........to wit:
  The foregoing disclosure form was acknowledged before me
  This........day of.................19.. by .............
  Notary Public
  My commission expires................................


(Return only if needed to complete Statement.)

                             SCHEDULES
                                 to
                   STATEMENT OF ECONOMIC INTERESTS

                                       NAME......................

SCHEDULE A - OFFICES AND DIRECTORSHIPS.

       Identify each business of which you or a member of your
       immediate family is a paid officer or paid director.

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Name of Business           Address of Business          Position Held

................           ...................          .............
................           ...................          .............
................           ...................          .............
................           ...................          .............

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                                                     RETURN TO ITEM 2

SCHEDULE B - PERSONAL LIABILITIES.

     Report personal liability by checking each category. Report only
     debts in excess of $10,000. Do not report debts to any
     government.  Do not report loans secured by recorded liens on
     property at least equal in value to the loan.  Report contingent
     liabilities below and indicate which debts are contingent.

  1. My personal debts are as follows:

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         Check                                       Check one
      appropriate                              $10,001 to   More than
      categories                               $50,000      $50,000
Banks                                          ..........   .........
Savings and loan associations institutions     ..........   .........
Other loan or finance companies                ..........   .........
Insurance companies                            ..........   .........
Stock, commodity or other brokerage
     companies                                 ..........   .........
Other businesses:
(State principal business activity for each
     creditor.)                                ..........   .........
........................................       ..........   .........
........................................       ..........   .........
Individual creditors:
(State principal business or
     occupation of each creditor.)             ..........   .........
........................................       ..........   .........
........................................       ..........   .........

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  2. The personal debts of the members of my immediate family are as
follows:

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         Check                                       Check one
      appropriate                              $10,001 to   More than
      categories                               $50,000      $50,000
Banks                                          ..........   .........
Savings and loan associations institutions     ..........   .........
Other loan or finance companies                ..........   .........
Insurance companies                            ..........   .........
Stock, commodity or other brokerage
     companies                                 ..........   .........
Other businesses:
(State principal business activity
     for each creditor.)                       ..........   .........
.......................................        ..........   .........
.......................................        ..........   .........
Individual creditors:
(State principal business or
     occupation of each creditor.)             ..........   .........
.......................................        ..........   .........
.......................................        ..........   .........

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                                                     RETURN TO ITEM 3



SCHEDULE C - SECURITIES.

"Securities" INCLUDES stocks, bonds,         "Securities" EXCLUDES
mutual funds, money market funds,            certificates of deposit,
limited partnerships, and commodity          annuity contracts, and
futures contracts.                           insurance policies.

Identify each business or Virginia governmental entity in which you
or a member of your immediate family, directly or indirectly,
separately or together, own securities valued in excess of $10,000.

     Do not list U.S. Bonds or other government securities not issued
     by the Commonwealth of Virginia or its authorities, agencies, or
     local governments. Do not list organizations that do not do
     business in this Commonwealth, but most major businesses conduct
     business in Virginia. Account for securities held in trust.

If no reportable securities, check here /  /

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                              Type of Security          Check one
                           (stocks, bonds, mutual             More
                 Type of   or money market funds, $10,001 to  than
Name of Issuer   Entity             etc.)         $50,000     $50,000
..............   ........  ...................... ..........  .......
..............   ........  ...................... ..........  .......
..............   ........  ...................... ..........  .......
..............   ........  ...................... ..........  .......

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                                                     RETURN TO ITEM 4

SCHEDULE D - PAYMENTS FOR TALKS, MEETINGS, AND PUBLICATIONS.

   List each source from which you received during the past 12 months
   lodging, transportation, money, or any other thing of value
   (excluding meals or drinks coincident with a meeting) with
   combined value exceeding $200 for your presentation of a single
   talk, participation in one meeting, or publication of a work in
   your capacity as an officer or employee of your agency.

   List payments or reimbursements by an advisory or governmental
   agency only for meetings or travel outside the Commonwealth.

   List a payment even if you donated it to charity.

   Do not list information about a payment if you returned it within
   60 days or if you received it from an employer already listed
   under Item 6 or from a source of income listed on Schedule F.

   If no payment must be listed, check here /  /

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                                                    Type of payment
                                                    (e.g. honoraria,
                                                    travel reimburse-
Payer        Approximate Value      Circumstances     ment, etc.)
..........   ....................   ...............   ...............
..........   ....................   ...............   ...............
..........   ....................   ...............   ...............
..........   ....................   ...............   ...............

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                                                     RETURN TO ITEM 5

SCHEDULE E - GIFTS.

   List each business, governmental entity, or individual that
   furnished you with any gift or gifts whose total value
   exceeded $200 during the past 12 months and for which you
   neither paid nor rendered services in exchange.  Do not list
   business entertainment related to your private profession or
   occupation.  Do not list gifts from a relative or from a
   personal friend given for reasons clearly unrelated
   to your public position.  Do not list campaign contributions
   publicly reported as required by Chapter 9 (§ 24.2-900 et seq.)
   of Title 24.2 of the Code of Virginia.

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Name of Business,
Organization, or             City or County
Individual                   and State              Approximate Value
......................       ................       .................
......................       ................       .................
......................       ................       .................
......................       ................       .................

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                                                     RETURN TO ITEM 6

SCHEDULE F - BUSINESS INTERESTS.

   Complete this Schedule for each self or family owned business
   (including rental property, a farm, or consulting work),
   partnership, or corporation in which you or a member of your
   immediate family, separately or together, own an interest having
   a value in excess of $10,000.

   If the enterprise is owned or operated under a trade, partnership,
   or corporate name, list that name; otherwise merely explain the
   nature of the enterprise. If rental property is owned or operated
   under a trade, partnership, or corporate name, list the name only;
   otherwise, give the address of each property. Account for business
   interests held in trust.


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Name of                                              Gross income
Business,
Corporation,
Partnership,
Farm; Address  City or     Nature of Enterprise
of Rental      County      (farming, law,         $50,000   More than
Property       and State   rental property, etc.) or less   $50,000
.............  .........   ...................... .......   .........
.............  .........   ...................... .......   .........
.............  .........   ...................... .......   .........

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                                                     RETURN TO ITEM 8
SCHEDULE G-1 - PAYMENTS FOR REPRESENTATION BY YOU.

   List the businesses you represented before any state governmental
   agency, excluding any court or judge, for which you received
   total compensation during the past 12 months in excess of $1,000,
   excluding compensation for other services to such businesses and
   representation consisting solely of the filing of mandatory
   papers.

   Identify each business, the nature of the representation and the
   amount received by category from each such business.

   Only STATE officers and employees should complete this Schedule.

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                                                    Amount Received
Name of    Type of    Purpose of       Name of   $1,001 to  More than
Business   Business   Representation   Agency    $10,000    $10,000
........   ........   ..............   .......   ........   .........
........   ........   ..............   .......   ........   .........
........   ........   ..............   .......   ........   .........
........   ........   ..............   .......   ........   .........

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SCHEDULE G-2 - PAYMENTS FOR REPRESENTATION BY ASSOCIATES.

   List the businesses that have been represented before any state
   governmental agency, excluding any court or judge, by persons who
   are your partners, associates or others with whom you have a close
   financial association and who received total compensation in
   excess of $1,000 for such representation during the past 12
   months, excluding representation consisting solely of the filing
   of mandatory papers.

   Identify such businesses by type and also name the state
   governmental agencies before which such person appeared on behalf
   of such businesses.

   Only STATE officers and employees should complete this Schedule.

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Type of business        Name of state governmental agency
....................    ......................................
....................    ......................................
....................    ......................................
....................    ......................................

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SCHEDULE G-3 - PAYMENTS FOR REPRESENTATION GENERALLY.

   Indicate below types of businesses that operate in Virginia to
   which services were furnished by you or persons with whom you have
   a close financial association and for which total compensation in
   excess of $1,000 was received during the past 12 months.

   Identify opposite each category of businesses listed below (i) the
   type of business, (ii) the type of service rendered and (iii) the
   value of the compensation received for all businesses falling
   within each category.

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                                                Value of Compensation
                      Check if        Type of     $1,001   More
                      services        service        to    than
                      were rendered   rendered   $10,000   $10,000
Electric utilities    .............   .........  .......   ..........
Gas utilities         .............   .........  .......   ..........
Telephone utilities   .............   .........  .......   ..........
Water utilities       .............   .........  .......   ..........
Cable television
  companies           .............   .........  .......   ..........
Interstate
  transportation
  companies           .............   .........  .......   ..........
Intrastate
  transportation
  companies           .............   .........  .......   ..........
Oil or gas
  retail
  companies           .............   .........  .......   ..........
Banks                 .............   .........  .......   ..........
Savings and
  loan
  associations institutions........   .........  .......   ..........
Loan or finance
  companies           .............   .........  .......   ..........
Manufacturing
  companies
  (state type of
  product,
  e.g., textile,
  furniture,
  etc.)               .............   .........  .......   ..........
Mining companies      .............   .........  .......   ..........
Life insurance
  companies           .............   .........  .......   ..........
Casualty insurance
  companies           .............   .........  .......   .........
Other insurance
  companies           .............   .........  .......   ..........
Retail companies      .............   .........  .......   ..........
Beer, wine or
  liquor companies
  or distributors     .............   .........  .......   ..........
Trade associations    .............   .........  .......   ..........
Professional
  associations        .............   .........  .......   ..........
Associations of
  public employees
  or officials        .............   .........  .......   ..........
Counties, cities or
  towns               .............   .........  .......   ..........
Labor organizations   .............   .........  .......   ..........
Other                 .............   .........  .......   ..........

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                                                     RETURN TO ITEM 9

SCHEDULE H-1 - REAL ESTATE - STATE OFFICERS AND EMPLOYEES.

   List real estate other than your principal residence in which
   you or a member of your immediate family hold an interest,
   including a partnership interest, option, easement, or land
   contract, valued at $10,000 or more. You may list each parcel
   of real estate individually if you wish.

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List each location   Describe the type of      If the real estate
(state, and county   real estate you own       is owned or recorded
or city) where you   in each location          in a name other than
own real estate.     (business, recreational,  your own, list that
                     apartment, commercial,    name.
                     open land, etc.).
....................   ........................  ....................
....................   ........................  ....................
....................   ........................  ....................
....................   ........................  ....................
....................   ........................  ....................

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SCHEDULE H-2 - REAL ESTATE - LOCAL OFFICERS AND EMPLOYEES.

   List real estate located in your county, city, or town, and any
   contiguous county, city, or town other than your principal
   residence in which you or a member of your immediate family hold
   an interest, including a partnership interest, option, easement,
   or land contract, valued at $10,000 or more. You may list each
   parcel of real estate individually if you wish.

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List the counties     Describe the type of     If the real estate
and cities in which   real estate you own      is owned or recorded
you own real estate.  in each county or city   in a name other than
                      (business, recreational, your own, list that
                      apartment, commercial,   name.
                      open land, etc.).
....................  .......................  ....................
....................  .......................  ....................
....................  .......................  ....................
....................  .......................  ....................
....................  .......................  ....................

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                                                  RETURN TO ITEM 10

SCHEDULE I - REAL ESTATE CONTRACTS WITH GOVERNMENT AGENCIES.

    List all contracts, whether pending or completed within the
   past twelve months, with a governmental agency for the sale
   or exchange of real estate in which you or a member of
   your immediate family holds an interest, including a corporate,
   partnership or trust interest, option, easement, or land contract,
   valued at $10,000 or more. List all contracts with a
   governmental agency for the lease of real estate in which you or a
   member of your immediate family holds such an interest valued at
   $1,000 or more. This requirement to disclose an interest in a
   lease does not apply to an interest derived through an ownership
   interest in a business unless the ownership interest exceeds three
   percent of the total equity of the business.
   State officers and employees report contracts with state agencies.
   Local officers and employees report contracts with local agencies.

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List your real         List each                 State the annual
estate interest        governmental agency       income from the
and the person         which is a party to       contract, and the
or entity,             the contract and in-      amount, if any, of
including the          dicate the county         income you or any
type of entity,        or city where the real    immediate family
which is party         estate is located.        member derives
to the contract.                                 annually from the
Describe any                                     contract.
management role
and the percentage
ownership interest
you or your
immediate family
member has in the
real estate or entity.
......................   ......................  ....................
......................   ......................  ....................
......................   ......................  ....................
......................   ......................  ....................
......................   ......................  ....................

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§ 2.1-639.15:1. Disclosure form; certain citizen members.

A. The financial disclosure form to be used for filings required pursuant to subsection B of § 2.1-639.13 and subsection B of § 2.1-639.14 shall be substantially as follows:

DEFINITIONS AND EXPLANATORY MATERIAL.

"Business" means a corporation, partnership, sole proprietorship, firm, enterprise, franchise, association, trust or foundation, or any other individual or entity carrying on a business or profession, whether or not for profit.

"Immediate family" means (i) a spouse and (ii) any other person residing in the same household as the filer, who is a dependent of the filer or of whom the filer is a dependent.

"Dependent" means any person, whether or not related by blood or marriage, who receives from the filer, or provides to the filer, more than one-half of his financial support.

"Personal interest" means, for the purposes of this form only, a personal and financial benefit or liability accruing to a filer or a member of his immediate family. Such interest shall exist by reason of (i) ownership in real or personal property, tangible or intangible; (ii) ownership in a business; (iii) income from a business; or (iv) personal liability on behalf of a business; however, unless the ownership interest in a business exceeds three percent of the total equity of the business, or the liability on behalf of a business exceeds three percent of the total assets of the business, or the annual income, and/or property or use of such property, from the business exceeds $10,000 or may reasonably be anticipated to exceed $10,000, such interest shall not constitute a "personal interest."



Name ...............................................................
Office or position held or to be held
....................................................................
Address ............................................................

                       I. FINANCIAL INTERESTS

  My personal interests and those of my immediate family are as
follows:
  Include all forms of personal interests held at the time of filing:
real estate, stocks, bonds, equity interests in proprietorships and
partnerships.  You may exclude:
 1. Deposits and interest bearing accounts in banks, savings and loan
associations institutions and other institutions accepting such
deposits or accounts;
 2. Interests in any business, other than a news medium, representing
less than three percent of the total equity value of the business;
 3. Liability on behalf of any business representing less than three
percent of the total assets of such business; and
 4. Income (other than from salary) less than $10,000 annually from
any business. You need not state the value of any interest. You must
state the name or principal business activity of each business in
which you have a personal interest.
  A. My personal interests are:
 1. Residence, address, or, if no address, location .................
 2. Other real estate, address, or, if no address, location .........
 3. Name or principal business activity of each business in which
stock, bond or equity interest is held ..............................
  B. The personal interests of my immediate family are:
 1. Real estate, address or, if no address, location ................
 2. Name or principal business activity of each business in which
stock, bond or equity interest is held ............................

         II. OFFICES, DIRECTORSHIPS AND SALARIED EMPLOYMENTS

  The paid offices, paid directorships and salaried employments which
I hold or which members of my immediate family hold and the
businesses from which I or members of my immediate family receive
retirement benefits are as follows:
(You need not state any dollar amounts.)
  A. My paid offices, paid directorships and salaried employments are:

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     Position held                                 Name of business
.....................                             ...................
.....................                             ...................
.....................                             ...................

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  B. The paid offices, paid directorships and salaried employments of
members of my immediate family are:

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     Position held                                  Name of business
.....................                             ...................
.....................                             ...................
.....................                             ...................

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           III. BUSINESSES TO WHICH SERVICES WERE FURNISHED

  A. The businesses I have represented before any state governmental
agency, excluding any court or judge, for which I have received total
compensation in excess of $1,000 during the preceding year, excluding
compensation for other services to such businesses and representation
consisting solely of the filing of mandatory papers, are as follows:
  Identify businesses by name and name the state governmental
agencies before which you appeared on behalf of such businesses.

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Name of business                       Name of governmental agency
..................                     ............................
..................                     ............................
..................                     ............................

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  B. The businesses that, to my knowledge, have been represented
before any state governmental agency, excluding any court or judge,
by persons with whom I have a close financial association and who
received total compensation in excess of $1,000 during the preceding
year, excluding compensation for other services to such businesses
and representation consisting solely of the filing of mandatory
papers, are as follows:
  Identify businesses by type and name the state governmental
agencies before which such person appeared on behalf of such
businesses.

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Type of business           Name of state governmental agency
....................       ......................................
....................       ......................................

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  C. All other businesses listed below that operate in Virginia to
which services were furnished and for which total compensation in
excess of $1000 was received during the preceding year:
  Check each category of business to which services were furnished.

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 Electric utilities                                         ........
 Gas utilities                                              ........
 Telephone utilities                                        ........
 Water utilities                                            ........
 Cable television companies                                 ........
 Intrastate transportation companies                        ........
 Interstate transportation companies                        ........
 Oil or gas retail companies                                ........
 Banks                                                      ........
 Savings and loan associations institutions                 ........
 Loan or finance companies                                  ........
 Manufacturing companies (state type of product, e.g.,
  textile, furniture, etc.)                                 ........
 Mining companies                                           ........
 Life insurance companies                                   ........
 Casualty insurance companies                               ........
 Other insurance companies                                  ........
 Retail companies                                           ........
 Beer, wine or liquor companies or distributors             ........
 Trade associations                                         ........
 Professional associations                                  ........
 Associations of public employees or officials              ........
 Counties, cities or towns                                  ........
 Labor organizations                                        ........

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                  IV. COMPENSATION FOR EXPENSES

  The persons, associations, or other sources other than my
governmental agency from which I or a member of my immediate family
received remuneration in excess of $200 during the preceding year,
in cash or otherwise, as honorariums or payment of expenses in
connection with my attendance at any meeting or other function to
which I was invited in my official capacity are as follows:

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                         Description         Amount of remuneration
 Name of Source          of occasion         for each occasion
 ..................   .................      .......................
 ..................   .................      .......................

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B. The provisions of Part III A and B of the disclosure form prescribed by this section shall not be applicable to officers and employees of local governmental and local advisory agencies.

C. Except for real estate located within the county, city or town in which the officer or employee serves or a county, city or town contiguous to the county, city or town in which the officer or employee serves, officers and employees of local governmental or advisory agencies shall not be required to disclose under Part I of the form any other interests in real estate.

§ 2.1-639.31. Definitions.

As used in this chapter:

"Advisory agency" means any board, commission, committee or post which does not exercise any sovereign power or duty, but is appointed by a governmental agency or officer or is created by law for the purpose of making studies or recommendations, or advising or consulting with a governmental agency.

"Business" means a corporation, partnership, sole proprietorship, firm, enterprise, franchise, association, trust or foundation, or any other individual or entity carrying on a business or profession, whether or not for profit.

"Contract" means any agreement to which a governmental agency is a party, or any agreement on behalf of a governmental agency which involves the payment of money appropriated by the General Assembly or a political subdivision, whether or not such agreement is executed in the name of the Commonwealth of Virginia, or some political subdivision thereof. "Contract" includes a subcontract only when the contract of which it is a part is with the legislator's own governmental agency.

"Financial institution" means any bank, trust company, savings and loan association institution, industrial loan association, consumer finance company, credit union, broker-dealer as defined in subsection A of § 13.1-501, or investment company or advisor registered under the federal Investment Advisors Act or Investment Company Act of 1940.

"Gift" means any gratuity, favor, discount, entertainment, hospitality, loan, forbearance, or other item having monetary value. It includes services as well as gifts of transportation, local travel, lodgings and meals, whether provided in-kind, by purchase of a ticket, payment in advance or reimbursement after the expense has been incurred. "Gift" shall not include any offer of a ticket or other admission or pass unless the ticket, admission, or pass is used. "Gift" shall not include honorary degrees and presents from relatives. For the purpose of this definition, "relative" means the donee's spouse, child, uncle, aunt, niece, or nephew; a person to whom the donee is engaged to be married; the donee's or his spouse's parent, grandparent, grandchild, brother, or sister; or the donee's brother's or sister's spouse.

"Governmental agency" means each component part of the legislative, executive or judicial branches of state and local government, including each office, department, authority, post, commission, committee, and each institution or board created by law to exercise some regulatory or sovereign power or duty as distinguished from purely advisory powers or duties.

"Immediate family" means (i) a spouse and (ii) any other person residing in the same household as the legislator, who is a dependent of the legislator or of whom the legislator is a dependent. "Dependent" means a son, daughter, father, mother, brother, sister or other person, whether or not related by blood or marriage, if such person receives from the legislator, or provides to the legislator, more than one-half of his financial support.

"Legislator" means a member of the General Assembly of Virginia.

"Personal interest" means a financial benefit or liability accruing to a legislator or to a member of his immediate family. Such interest shall exist by reason of (i) ownership in a business if the ownership interest exceeds three percent of the total equity of the business; (ii) annual income that exceeds, or may reasonably be anticipated to exceed, $10,000 from ownership in real or personal property or a business; (iii) salary, other compensation, fringe benefits, or benefits from the use of property, or any combination thereof, paid or provided by a business that exceeds, or may reasonably be anticipated to exceed, $10,000 annually; (iv) ownership of real or personal property if the interest exceeds $10,000 in value and excluding ownership in a business, income, or salary, other compensation, fringe benefits or benefits from the use of property; or (v) personal liability incurred or assumed on behalf of a business if the liability exceeds three percent of the asset value of the business.

"Personal interest in a contract" means a personal interest which a legislator has in a contract with a governmental agency, whether due to his being a party to the contract or due to a personal interest in a business which is a party to the contract.

"Personal interest in a transaction" means a personal interest of a legislator in any matter considered by the General Assembly. Such personal interest exists when an officer or employee or a member of his immediate family has a personal interest in property or a business, or represents any individual or business and such property, business or represented individual or business (i) is the subject of the transaction or (ii) may realize a reasonably foreseeable direct or indirect benefit or detriment as a result of the action of the agency considering the transaction. A "personal interest in a transaction" exists only if the legislator or member of his immediate family or an individual or business represented by the legislator is affected in a way that is substantially different from the general public or from persons comprising a profession, occupation, trade, business or other comparable and generally recognizable class or group of which he or the individual or business he represents is a member.

"Transaction" means any matter considered by the General Assembly, whether in a committee, subcommittee, or other entity of the General Assembly or before the General Assembly itself, on which official action is taken or contemplated.

§ 2.1-639.41. Disclosure form.

A. The disclosure form to be used for filings required by § 2.1-639.40 A and B shall be substantially as follows:


                     STATEMENT OF ECONOMIC INTERESTS.

Name ..............................................................
Office or position held or sought .................................
Home address ......................................................
Names of members of immediate family ..............................

                   DEFINITIONS AND EXPLANATORY MATERIAL.

"Immediate family" means (i) a spouse and (ii) any other person
residing in the same household as the legislator, who is a dependent
of the legislator or of whom the legislator is a dependent.

"Dependent" means any person, whether or not related by blood or
marriage, who receives from the legislator, or provides to the
legislator, more than one-half of his financial support.

"Business" means a corporation, partnership, sole proprietorship,
firm, enterprise, franchise, association, trust or foundation, or
any other individual or entity carrying on a business or profession,
whether or not for profit.

"Gift" means any gratuity, favor, discount, entertainment,
hospitatity, loan, forbearance, or other item having monetary value.
It includes services as well as gifts of transportation, local
travel, lodgings and meals, whether provided in-kind, by purchase
of a ticket, payment in advance or reimbursement after the expense
has been incurred. "Gift" shall not include any offer of a ticket
or other admission or pass unless the ticket, admission, or pass is
used. "Gift" shall not include honorary degrees and presents from
relatives. "Relative" means the donee's spouse, child, uncle, aunt,
niece, or nephew; a person to whom the donee is engaged to be
married; the donee's or his spouse's parent, grandparent,
grandchild, brother, or sister; or the donee's brother's or sister's
spouse.

TRUST. If you or your immediate family, separately or together, are
the only beneficiaries of a trust, treat the trust's assets as if
you own them directly. If you or your immediate family has a
proportional interest in a trust, treat that proportion of the
trust's assets as if you own them directly. For example, if you
and your immediate family have a one-third interest in a trust,
complete your Statement as if you own one-third of each of the
trust's assets. If you or a member of your immediate family created
a trust and can revoke it without the beneficiaries' consent, treat
its assets as if you own them directly.

REPORT TO THE BEST OF INFORMATION AND BELIEF. Information required
on this Statement must be provided on the basis of the best
knowledge, information and belief of the individual filing the
Statement as of the date of this report unless otherwise stated.

COMPLETE ITEMS 1 THROUGH 10. REFER TO SCHEDULES ONLY IF DIRECTED.

You may attach additional explanatory information.

  1. Offices and Directorships.
      Are you or a member of your immediate family a paid officer or
      paid director of a business?
      EITHER check NO / / OR check YES / / and complete Schedule A.
  2. Personal Liabilities.
      Do you or a member of your immediate family owe more than
      $10,000 to any one creditor including contingent liabilities?
      (Exclude debts to any government and loans secured by recorded
      liens on property at least equal in value to the loan.)
      EITHER check NO / / OR check YES / / and complete Schedule B.
  3. Securities.
      Do you or a member of your immediate family, directly or
      indirectly, separately or together, own securities valued in
      excess of $10,000 invested in one business? Account for mutual
      funds, limited partnerships and trusts.
      EITHER check NO / / OR check YES / / and complete Schedule C.
  4. Payments for Talks, Meetings, and Publications.
      During the past 12 months did you receive lodging,
      transportation, money, or anything else of value with a
      combined value exceeding $200 for a single talk, meeting, or
      published work in your capacity as a legislator?
      EITHER check NO / / OR check YES / / and complete Schedule D.
  5. Gifts.
      During the past 12 months did a business, government, or
      individual other than a relative or personal friend furnish
      you with any gift or gifts the total value of which exceeded
      $200 and for which you neither paid nor rendered services in
      exchange? Account for all business entertainment (except if
      related to your private profession or occupation) even if
      unrelated to your official duties.
      EITHER check NO / / OR check YES / / and complete Schedule E.
  6. Salary and Wages.
      List each employer that pays you or a member of your immediate
      family salary or wages in excess of $10,000 annually. (Exclude
      state or local government or advisory agencies.)
      If no reportable salary or wages, check here / /.
        ...........................................................
        ...........................................................
        ...........................................................
  7. Business Interests.
      Do you or a member of your immediate family separately or
      together, operate your own business, or own or control an
      interest in excess of $10,000 in a business?
      EITHER check NO / / OR check YES / / and complete Schedule F.
  8. Payments for Representation.
  8A. Did you represent any businesses before any state governmental
      agencies, excluding courts or judges, for which you received
      total compensation during the past 12 months in excess of
      $1,000, excluding compensation for other services to such
      businesses and representation consisting solely of the filing
      of mandatory papers?
      EITHER check NO / / OR check YES / / and complete Schedule G-1.
  8B. Subject to the same exceptions as in 8A, did persons with whom
      you have a close financial association (partners, associates or
      others) represent any businesses before any state governmental
      agency for which total compensation was received during the
      past 12 months in excess of $1,000?
      EITHER check NO / / OR check YES / / and complete Schedule G-2.
  8C. Did you or persons with whom you have a close financial
      association furnish services to businesses operating in
      Virginia for which total compensation in excess of $1,000 was
      received during the past 12 months?
      EITHER check NO / / OR check YES / / and complete Schedule G-3.
  9. Real Estate.
      Do you or a member of your immediate family hold an interest,
      including a partnership interest, valued at $10,000 or more in
      real property (other than your principal residence) for which
      you have not already listed the full address on Schedule F?
      Account for real estate held in trust.
      EITHER check NO / / OR check YES / / and complete Schedule H.
  10. Real Estate Contracts with State Governmental Agencies.
      Do you or a member of your immediate family hold an interest
      valued at more than $10,000 in real estate, including a
      corporate, partnership, or trust interest, option, easement,
      or land contract, which real estate is the subject of a
      contract, whether pending or completed within the past twelve
      months, with a state governmental agency? If the real estate
      contract provides for the leasing of the property to a state
      governmental agency, do you or a member of your immediate
      family hold an interest in the real estate, including a
      corporate, partnership, or trust interest, option, easement, or
      land contract valued at more than $1,000? Account for all such
      contracts whether or not your interest is reported in Schedules
      F or H. This requirement to disclose an interest in a lease
      does not apply to an interest derived through an ownership
      interest in a business unless the ownership interest exceeds
      three percent of the total equity of the business.
      EITHER check NO / / OR check YES / / and complete Schedule I.

Statements of Economic Interests are open for public inspection.

                                AFFIRMATION

 In accordance with the rules of the house in which I serve, if I
receive a request that this disclosure statement be corrected,
augmented, or revised in any respect, I hereby pledge that I shall
respond promptly to the request. I understand that if a determination
is made that the statement is insufficient, I will satisfy such
request or be subjected to disciplinary action of my house.

 I swear or affirm that the foregoing information is full, true and
correct to the best of my knowledge.

 Signature .........................................................
 Commonwealth of Virginia
 .......... of  .......... to wit:
 The foregoing disclosure form was acknowledged before me
 This  .......... day of  .......... 19. . . by ...................
 Notary Public
 My commission expires ............................................
 (Return only if needed to complete Statement.)

                               SCHEDULES
                                  to
                   STATEMENT OF ECONOMIC INTERESTS

                                NAME ..............................

SCHEDULE A - OFFICES AND DIRECTORSHIPS.

         Identify each business of which you or a member of
         your immediate family is a paid officer or paid director.

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 Name of Business        Address of Business       Position Held
 .................       ..................        .................
 .................       ..................        .................
 .................       ..................        .................
 .................       ..................        .................
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                                                     RETURN TO ITEM 2

SCHEDULE B - PERSONAL LIABILITIES.

     Report personal liability by checking each category. Report only
     debts in excess of $10,000. Do not report debts to any
     government.  Do not report loans secured by recorded liens on
     property at least equal in value to the loan.

Report contingent liabilities below and indicate which debts are
contingent.

  1. My personal debts are as follows:

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         Check                                      Check one
     appropriate                              $10,001 to   More than
      categories                              $50,000      $50,000
 Banks                                        ..........   .........
 Savings and loan associations institutions   ..........   .........
 Other loan or finance companies              ..........   .........
 Insurance companies                          ..........   .........
 Stock, commodity or other brokerage
 companies                                    ..........   .........
 Other businesses:
 (State principal business activity for each
 creditor.)                                   ..........   .........
 ..................................           ..........   .........
 ..................................           ..........   .........
 Individual creditors:
 (State principal business or occupation of
 each creditor.)                              ..........   .........
 ..................................           ..........   .........
 ..................................           ..........   .........

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  2. The personal debts of the members of my immediate family are as
follows:

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        Check                                          Check one
     appropriate                              $10,001 to   More than
      categories                              $50,000      $50,000

 Banks                                         .........   .........
 Savings and loan associations institutions    .........   .........
 Other loan or finance companies               .........   .........
 Insurance companies                           .........   .........
 Stock, commodity or other brokerage
 companies                                     .........   .........
 Other businesses:
 (State principal business activity for each
 creditor.)                                    .........   .........
 .........................................     .........   .........
 .........................................     .........   .........
 Individual creditors:
 (State principal business or occupation of
 each creditor.)                               .........   .........
 .........................................     ..........  .........
 .........................................     .........   .........

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                                                   RETURN TO ITEM 3

 SCHEDULE C - SECURITIES.

 "Securities" INCLUDES stocks, bonds,        "Securities" EXCLUDES
 mutual funds, money market funds,           certificates of deposit,
 limited partnerships, and commodity         annuity contracts, and
 futures contracts.                          insurance policies.

Identify each business or Virginia governmental entity in which you
or a member of your immediate family, directly or indirectly,
separately or together, own securities valued in excess of $10,000.

   Do not list U.S. Bonds or other government securities not issued
   by the Commonwealth of Virginia or its authorities, agencies, or
   local governments. Do not list organizations that do not do
   business in this Commonwealth, but most major businesses conduct
   business in Virginia. Account for securities held in trust.

If no reportable securities, check here / /

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                            Type of Security             Check one
                          (stocks, bonds, mutual or            More
                 Type of    money market funds,   $10,001 to   than
Name of Issuer   Entity           etc.)           $50,000     $50,000
..............   ......    ...................    .........  ........
..............   ......    ...................    .........  ........
..............   ......    ...................    .........  ........
..............   ......    ...................    .........  ........

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                                                    RETURN TO ITEM 4

SCHEDULE D - PAYMENTS FOR TALKS, MEETINGS, AND PUBLICATIONS.
     List each source from which you received during the past 12
     months lodging, transportation, money, or any other thing of
     value (excluding meals or drinks coincident with a meeting)
     with combined value exceeding $200 for your presentation of
     a single talk, participation in one meeting, or publication
     of a work in your capacity as a legislator.

     List payments or reimbursements by the Commonwealth only for
     meetings or travel outside the Commonwealth.

     List a payment even if you donated it to charity.
     Do not list information about a payment if you returned it
     within 60 days or if you received it from an employer
     already listed under Item 6 or from a source of income listed
     on Schedule F.

     If no payment must be listed, check here / /

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                                                      Type of payment
                                                     (e.g. honoraria,
                                                    travel reimburse-
Payer        Approximate Value       Circumstances       ment, etc.)
.........    ...................    .............      ..............
.........    ...................    .............      ..............
.........    ...................    .............      ..............
.........    ...................    .............      ..............
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                                                    RETURN TO ITEM 5

SCHEDULE E - GIFTS.

     List each business, governmental entity, or individual that
     furnished you with any gift or gifts whose total value exceeded
     $200 during the past 12 months and for which you neither paid
     nor rendered services in exchange. Do not list business
     entertainment related to your private profession or occupation.
     Do not list gifts or other things of value given by a relative
     or personal friend for reasons clearly unrelated to your public
     position. Do not list campaign contributions publicly reported
     as required by Chapter 9 of Title 24.2 of the Code of Virginia.

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 Name of Business,
 Organization, or             City or County
 Individual                   and State           Approximate Value
 ......................       ................    .................
 ......................       ................    .................
 ......................       ................    .................
 ......................       ................    .................

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                                                     RETURN TO ITEM 6

SCHEDULE F - BUSINESS INTERESTS.

     Complete this Schedule for each self or family owned business
     including rental property, a farm, or consulting work),
     partnership, or corporation in which you or a member of your
     immediate family, separately or together, own an interest having
     a value in excess of $10,000.

     If the enterprise is owned or operated under a trade,
     partnership, or corporate name, list that name; otherwise merely
     explain the nature of the enterprise. If rental property is owned
     or operated under a trade, partnership, or corporate name, list
     the name only; otherwise, give the address of each property.
     Account for business interests held in trust.

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Name of Business,                                      Gross income
Corporation,
Partnership,                      Nature of Enterprise  $50,000  More
Farm; Address of  City or County (farming, law, rental   or      than
Rental Property    and State     property, etc.)         less $50,000
...............   ..............  ..................    ......  .....
...............   ..............  ..................    ......  .....
...............   ..............  ..................    ......  .....
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                                                     RETURN TO ITEM 8

SCHEDULE G-1 - PAYMENTS FOR REPRESENTATION BY YOU.

     List the businesses you represented before any state
     governmental agency, excluding any court or judge, for which
     you received total compensation during the past 12 months in
     excess of $1,000, excluding compensation for other services to
     such businesses and representation consisting solely of the
     filing of mandatory papers.

     Identify each business, the nature of the representation and
     the amount received by category from each such business.

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                                                    Amount Received
Name of    Type of    Purpose of       Name of   $1,001 to  More than
Business   Business   Representation   Agency    $10,000     $10,000

.......    .......    .............    ......    .......     ........
.......    .......    .............    ......    .......     ........
.......    .......    .............    ......    .......     ........
.......    .......    .............    ......    .......     ........
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SCHEDULE G-2 - PAYMENTS FOR REPRESENTATION BY ASSOCIATES.

     List the businesses that have been represented before any state
     governmental agency, excluding any court or judge, by persons
     who are your partners, associates or others with whom you have
     a close financial association and who received total
     compensation in excess of $1,000 for such representation during
     the past 12 months, excluding representation consisting solely
     of the filing of mandatory papers.

     Identify such businesses by type and also name the state
     governmental agencies before which such person appeared on
     behalf of such businesses.

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 Type of business        Name of state governmental agency

....................    ......................................
....................    ......................................
....................    ......................................
....................    ......................................
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SCHEDULE G-3 - PAYMENTS FOR REPRESENTATION GENERALLY.

     Indicate below types of businesses that operate in Virginia to
     which services were furnished by you or persons with whom you
     have a close financial association and for which total
     compensation in excess of $1,000 was received during the past 12
     months.

     Identify opposite each category of businesses listed below (i)
     the type of business, (ii) the type of service rendered and (
     iii) the value of the compensation received for all businesses
     falling within each category.

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                                                Value of Compensation
                          Check if       Type of     $1,001      More
                          services       service        to       than
                       were rendered    rendered     $10,000  $10,000
 Electric utilities        .........    ........     .......  .......
 Gas utilities             .........    ........     .......  .......
 Telephone utilities       .........    ........     .......  .......
 Water utilities           .........    ........     .......  .......
 Cable television
 companies                 .........    ........     .......  .......
 Interstate
 transportation companies  .........    ........     .......  .......
 Intrastate
 transportation companies  .........    ........     .......  .......
 Oil or gas retail
 companies                 .........    ........     .......  .......
 Banks                     .........    ........     .......  .......
 Savings and loan
 associations institutions .........    ........     .......  .......
 Loan or finance
 companies                 .........    ........     .......  .......
 Manufacturing companies
 (state type of product,
 e.g., textile, furniture
 etc.)                     .........    ........     .......  .......
 Mining companies          .........    ........     .......  .......
 Life insurance companies  .........    ........     .......  .......
 Casualty insurance
 companies                 .........    ........     .......  .......
 Other insurance companies .........    ........     .......  .......
 Retail companies          .........    ........     .......  .......
 Beer, wine or liquor
 companies or distributors .........    ........     .......  .......
 Trade associations        .........    ........     .......  .......
 Professional associations .........    ........     .......  .......
 Associations of public
 employees or  officials   .........    ........     .......  .......
 Counties, cities or towns .........    ........     .......  .......
 Labor organizations       .........    ........     .......  .......
 Other                     .........    ........     .......  .......

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                                                    RETURN TO ITEM 9

SCHEDULE H - REAL ESTATE.

     List real estate other than your principal residence in which
     you or a member of your immediate family hold an interest,
     including a partnership interest, option, easement, or land
     contract, valued at $10,000 or more. You may list each parcel
     of real estate individually if you wish.

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List each           Describe the type of real   If the real estate is
location (state,    estate you own in each      owned or recorded in
and county or       location (business,         a name other than
city) where you     recreational, apartment,    your own, list that
own real estate.    commercial, open land,      name.
                    etc.).
..................  .........................   .....................
..................  .........................   .....................
..................  .........................   .....................
..................  .........................   .....................
..................  .........................   .....................
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                                                    RETURN TO ITEM 10

SCHEDULE I - REAL ESTATE CONTRACTS WITH STATE GOVERNMENTAL AGENCIES.

     List all contracts, whether pending or completed within the past
     twelve months, with a state governmental agency for the sale or
     exchange of real estate in which you or a member of your
     immediate family holds an interest, including a corporate,
     partnership or trust interest, option, easement, or land
     contract, valued at $10,000 or more. List all contracts with a
     state governmental agency for the lease of real estate in which
     you or a member of your immediate family holds such an interest
     valued at $1,000 or more.  This requirement to disclose an
     interest in a lease does not apply to an interest derived
     through an ownership interest in a business unless the ownership
     interest exceeds three percent of the total equity of the
     business.

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List your real            List each                 State the annual
estate interest and       governmental agency       income from the
the person or entity,     which is a party to       contract, and the
including the type of     the contract and          amount, if any,
entity, which is          indicate the county       of income you or
party to the contract.    or city where the         any immediate
Describe any              real estate is            family member
management role and       located.                  derives annually
the percentage                                      from the
ownership interest                                  contract.
you or your immediate
family member has in
the real estate
or entity.
....................      .....................    ..................
....................      .....................    ..................
....................      .....................    ..................
....................      .....................    ..................
....................      .....................    ..................
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B. Any legislator who makes a knowing misstatement of a material fact on the Statement of Economic Interests shall be subject to disciplinary action for such violations by the house in which the legislator sits.

C. In accordance with the rules of each house, the Statement of Economic Interests of all members of each house shall be reviewed. If a legislator's Statement is found to be inadequate as filed, the legislator shall be notified in writing, directed to file an amended Statement correcting the indicated deficiencies, and a time set within which such amendment shall be filed. If the Statement of Economic Interests, in either its original or amended form, is found to be adequate as filed, the legislator's filing shall be deemed in full compliance with this section as to the information disclosed thereon.

D. Ten percent of the membership of a house, on the basis of newly discovered facts, may in writing request the house in which those members sit, in accordance with the rules of that house, to review the Statement of Economic Interests of another member of that house in order to determine the adequacy of his filing. In accordance with the rules of each house, each Statement of Economic Interests shall be promptly reviewed, the adequacy of the filing determined, and notice given in writing to the legislator whose Statement is in issue. Should it be determined that the Statement requires correction, augmentation or revision, the legislator involved shall be directed to make the changes required within such time as shall be set under the rules of each house.

If a legislator, after having been notified in writing in accordance with the rules of the house in which he sits that his Statement is inadequate as filed, fails to amend his Statement so as to come into compliance within the time limit set, he shall be subject to disciplinary action by the house in which he sits. No legislator shall vote on any question relating to his own Statement.

§ 3.1-27.3. Definitions.

As used in this chapter, unless the context otherwise requires:

"Agriculture or agricultural enterprise" means farm machinery and real property constituting farms, fixtures, personal property attached or to be attached thereto and all farm improvements thereon and thereto and all other businesses directly connected to the production, harvesting, processing, distribution or marketing of agricultural products;

"Contracting party" means any party to a lease, sales contract or loan agreement except the Authority;

"Authority" means the Virginia Agricultural Development Authority created by this chapter;

"Board" means the Board of Commissioners of the Virginia Agricultural Development Authority;

"Bonds" means any bonds, notes, debentures, interim certificates, bond, grant and revenue anticipation notes or any other evidences of indebtedness of the Authority;

"Commonwealth" means the Commonwealth of Virginia;

"Loan" means any lease, loan agreement or sale contract as hereinafter defined:

"Lease" includes a lease containing an option to purchase the agricultural enterprise for a nominal sum upon payment in full, or provision thereof, of all bonds issued in connection with the agricultural enterprise and all interest thereon and all other expenses in connection with the agricultural enterprise, and a lease containing an option to purchase the agricultural enterprise at any time, as provided therein, upon payment of the purchase price which shall be sufficient to pay all bonds issued in connection with the agricultural enterprise and all interest thereon and all other expenses incurred in connection with the agricultural enterprise, but which payment may be made in the form of one or more notes, debentures, bonds or other secured or unsecured debt obligations of the lessee providing for timely payments, including, without limitation, interest thereon sufficient for such purposes and delivered to the authority or to the trustee under the indenture pursuant to which the bonds were issued. ;

"Loan agreement" means an agreement providing for the Authority or a lender with which the Authority has contracted to loan the proceeds derived from the issuance of bonds pursuant to this chapter to one or more contracting parties to be used to pay the cost or refinance the cost of one or more agricultural enterprises and providing for the repayment of such loan by such contracting party or parties, and which may provide for such loans to be secured or evidenced by one or more notes, debentures, bonds or other secured or unsecured debt obligations of such contracting party or parties, delivered to the Authority or to the trustee under the indenture pursuant to which the bonds were issued;

"Sale contract" means a contract providing for the sale of one or more agricultural enterprises to one or more contracting parties and includes a contract providing for payment of the purchase price in one or more installments. If the sale contract permits title to the agricultural enterprise to pass to such contracting party or parties prior to payment in full of the entire purchase price, it shall also provide for such contracting party or parties to deliver to the Authority or to the trustee under the indenture pursuant to which the bonds were issued one or more notes, debentures, bonds or other secured or unsecured debt obligations of such contracting party or parties providing for timely payments, including, without limitation, interest thereon for the balance of the purchase price at or prior to the passage of such title;

"Loan insurer" means an agency, department, administration or instrumentality, corporate or otherwise, of or in the Department of Housing and Urban Development, the Farmers Home Administration of the Department of Agriculture or the Veterans Administration of the United States of America, any private mortgage insurance company, or any other public or private agency which insures or guarantees loans; and

"Lender" means any federal or state chartered bank, federal land bank, production credit association, bank for cooperatives, savings and loan association institution, building and loan association, small business investment company or any other institution qualified within the Commonwealth to originate and service loans, including, but not limited to, insurance companies, credit unions and mortgage loan companies.

§ 3.1-27.12. Loans to lenders; conditions.

The Authority may make, and undertake commitments to make, loans to lenders under terms and conditions requiring the proceeds thereof to be used by such lenders to make loans for agricultural enterprises. Loan commitments or actual loans shall be originated through and serviced by any bank, trust company, savings and loan association institution, mortgage banker or other financial institution authorized to transact business in the Commonwealth.

§ 3.1-27.34. Bonds as legal investments and securities.

The bonds issued by and under the authority of this chapter by the Authority are declared to be legal investments in which all public officers or public bodies of the Commonwealth, its political subdivisions, all municipalities and municipal subdivisions; all insurance companies and associations and other persons carrying on insurance business; all banks, bankers, banking associations, trust companies, savings associations, including savings and loan associations institutions, building and loan associations, and investment companies, and other persons carrying on a banking business; all administrators, guardians, executors, trustees and other fiduciaries; and all other persons who are now or may later be authorized to invest in bonds or in other obligations of the Commonwealth, may invest funds, including capital, in their control or belonging to them. Such bonds are also hereby made securities which may be deposited with and received by all public officers and bodies of the Commonwealth or any agency or political subdivision of the Commonwealth and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the Commonwealth is now or may be later authorized by law.

§ 8.01-676.1. Security for appeal.

A. Security for costs of appeal of right to Court of Appeals. A party filing a notice of an appeal of right to the Court of Appeals shall simultaneously file an appeal bond or irrevocable letter of credit in the penalty of $500, or such sum as the trial court may require, subject to subsection E, conditioned upon paying all costs and fees incurred in the Court of Appeals and the Supreme Court if it takes cognizance of the claim. If the appellant wishes suspension of execution, the security shall also be conditioned as provided in subsection C and shall be in such sum as the trial court may require.

B. Security for costs on petition for appeal to Court of Appeals or Supreme Court. An appellant whose petition for appeal is granted by the Court of Appeals or the Supreme Court shall (if he has not done so) within fifteen days from the date of the Certificate of Appeal file an appeal bond or irrevocable letter of credit in the same penalty as provided in subsection A, conditioned on the payment of all damages, costs, and fees incurred in the Court of Appeals and in the Supreme Court.

C. Security for suspension of execution. An appellant who wishes execution of the judgment or award from which an appeal is sought to be suspended during the appeal shall file an appeal bond or irrevocable letter of credit conditioned upon the performance or satisfaction of the judgment and payment of all damages incurred in consequence of such suspension, and except as provided in subsection D, execution shall be suspended upon the filing of such security and the timely prosecution of such appeal. Such security shall be continuing and additional security shall not be necessary except as to any additional amount which may be added by the courts.

D. Suspension of execution in decrees for support and custody; injunctions. The court from which an appeal is sought may refuse to suspend the execution of decrees for support and custody, and may also refuse suspension when a judgment refuses, grants, modifies, or dissolves an injunction.

E. Increase or decrease in penalty of security. The Court of Appeals or the Supreme Court, when it considers a petition for appeal, may order that the penalty of the security for the appeal be decreased or increased if such request is made in the brief of any party filed in the Court of Appeals, or in the Petition for Appeal or the appellee's Brief in Opposition filed in the Supreme Court or the Court of Appeals. Affidavits and counter-affidavits may be filed by the parties containing facts pertinent to such request. Any increase or decrease in the amount of the security so ordered shall be effected in the clerk's office of the trial court within fifteen days of the order of the Court of Appeals or the Supreme Court. If an increase so ordered is not effected within fifteen days, the appeal shall be dismissed. Such increase or decrease in the penalty of the security may also be considered and ordered by the trial court, on motion of either party, at any time until the Court of Appeals or the Supreme Court acts upon the amount of penalty, and failure to increase such penalty as hereinabove provided shall also cause the appeal to be dismissed.

F. By whom executed. Each bond filed shall be executed by a party or another on his behalf, and by surety approved by the clerk of the court from which appeal is sought, or by the clerk of the Supreme Court or the clerk of the Court of Appeals if the bond is ordered by such Court. Any letter of credit posted as security for an appeal shall be in a form acceptable to the clerk of the court from which appeal is sought, or by the clerk of the Supreme Court or the Court of Appeals if the security is ordered by such court. The letter of credit shall be from a bank incorporated or authorized to conduct banking business under the laws of this Commonwealth or authorized to do business in this Commonwealth under the banking laws of the United States, or a federally insured savings and loan association institution located in this Commonwealth.

G. Appeal from State Corporation Commission; security for costs. When an appeal of right is entered from the State Corporation Commission to the Supreme Court, and no suspension of the order, judgment, or decree appealed from is requested, such appeal bond or letter of credit shall be filed when and in the amount required by the clerk of the Supreme Court, whose action shall be subject to review by the Supreme Court.

H. Appeal from State Corporation Commission; suspension. Any judgment, order, or decree of the State Corporation Commission subject to appeal to the Supreme Court may be suspended by the Commission or by the Supreme Court pending decision of the appeal if the Commission or the Supreme Court deems such suspension necessary for the proper administration of justice but only upon the written application of an appellant after reasonable notice to all other parties in interest and the filing of a suspending bond or irrevocable letter of credit with such conditions, in such penalty, and with such surety thereon as the Commission or the Supreme Court may deem sufficient. But no surety shall be required if the appellant is any county, city or town of this Commonwealth, or the Commonwealth.

I. Forms of bonds; letters of credit; where filed. The Clerk of the Supreme Court shall prescribe separate forms for appeal bonds, one for costs alone, one for suspension of execution, and one for both and a form for irrevocable letters of credit, to which the bond or bonds or irrevocable letters of credit given shall substantially conform. The forms for each bond and the letter of credit shall be published in the Rules of Court. It shall be sufficient if the bond or letter of credit, when executed as required, is filed with the trial court, clerk of the Virginia Workers' Compensation Commission, or the clerk of the State Corporation Commission, whichever is applicable, and no personal appearance in the trial court, Virginia Workers' Compensation Commission, or State Corporation Commission by the principal, the surety on the bond or the bank issuing the letter of credit shall be required as a condition precedent to its filing.

J. Exemption. When an appeal is proper to protect the estate of a decedent or person under disability, or to protect the interest of the Commonwealth or any county, city, or town of this Commonwealth, no security for appeal shall be required.

K. Indigents. No person who is an indigent shall be required to post security for an appeal bond.

K1. Virginia Workers' Compensation Commission. No claimant who files an appeal from a final decision of the Virginia Workers' Compensation Commission with the Court of Appeals shall be required to post security for costs as provided in subsection A or B of this section if such claimant has not returned to his employment or by reason of his disability is unemployed. Such claimant shall file an affidavit describing his disability and employment status with the Court of Appeals together with a motion to waive the filing of the security under subsection A or B of this section.

L. Time for filing security for appeal. The appeal bond or letter of credit prescribed in subsections A and B is not jurisdictional and the time for filing such security in cases before the Court of Appeals or the Supreme Court may be extended by a judge or justice of the court before which the case is pending on motion for good cause shown and to attain the ends of justice.

M. Consideration of appeal bond or letter of credit by Court of Appeals. A determination on an issue affecting an appeal bond or letter of credit in a case before the Court of Appeals may be considered by an individual judge of such court rather than by a panel of judges.

§ 8.9-105. Definitions and index of definitions.

(1) In this title unless the context otherwise requires:

(a) "Account debtor" means the person who is obligated on an account, chattel paper or general intangible;

(b) "Chattel paper" means a writing or writings which evidence both a monetary obligation and a security interest in or a lease of specific goods, but a charter or other contract involving the use or hire of a vessel is not chattel paper. When a transaction is evidenced both by such a security agreement or a lease and by an instrument or a series of instruments, the group of writings taken together constitutes chattel paper;

(c) "Collateral" means the property subject to a security interest, and includes accounts and chattel paper which have been sold;

(d) "Debtor" means the person who owes payment or other performance of the obligation secured, whether or not he owns or has rights in the collateral, and includes the seller of accounts or chattel paper. Where the debtor and the owner of the collateral are not the same person, the term "debtor" means the owner of the collateral in any provision of the title dealing with the collateral, the obligor in any provision dealing with the obligation, and may include both where the context so requires;

(e) "Deposit account" means a demand, time, savings, passbook or like account maintained with a bank, savings and loan association institution, credit union or like organization, other than an account evidenced by a certificate of deposit;

(f) "Document" means document of title as defined in the general definitions of Title 8.1 within § 8.1-201, and a receipt of the kind described in subsection (2) of § 8.7-201;

(g) "Encumbrance" includes real estate mortgages and other liens on real estate and all other rights in real estate that are not ownership interests;

(h) "Goods" includes all things which are movable at the time the security interest attaches or which are fixtures as provided in § 8.9-313, but does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like (including oil and gas) before extraction. "Goods" also includes standing timber which is to be cut and removed under a conveyance or contract for sale, the unborn young of animals, and growing crops;

(i) "Instrument" means a negotiable instrument as defined in § 8.3-104, or a certificated security as defined in § 8.8-102 or any other writing which evidences a right to the payment of money and is not itself a security agreement or lease and is of a type which is in ordinary course of business transferred by delivery with any necessary indorsement or assignment;

(j) "Mortgage" means a consensual interest created by a real estate mortgage, a trust deed on real estate, or the like;

(k) An advance is made "pursuant to commitment" if the secured party has bound himself to make it, whether or not a subsequent event of default or other event not within his control has relieved or may relieve him from his obligation;

(l) "Security agreement" means an agreement which creates or provides for a security interest;

(m) "Secured party" means a lender, seller or other person in whose favor there is a security interest, including a person to whom accounts or chattel paper have been sold. When the holders of obligations issued under an indenture of trust, equipment trust agreement or the like are represented by a trustee or other person, either the lender, seller or other person in whose favor there is a security interest or the representative is the secured party. The person shown on a filed financing statement as the secured party shall be treated as the secured party of record.

(2) Other definitions applying to this title and the sections in which they appear are:

"Account." § 8.9-106.

"Attach." § 8.9-203.

"Construction mortgage." § 8.9-313 (1).

"Consumer goods." § 8.9-109 (1).

"Equipment." § 8.9-109 (2).

"Farm products." § 8.9-109 (3).

"Fixture." § 8.9-313.

"Fixture filing." § 8.9-313.

"General intangibles." § 8.9-106.

"Inventory." § 8.9-109 (4).

"Lien creditor." § 8.9-301 (3).

"Proceeds." § 8.9-306 (1).

"Purchase money security interest." § 8.9-107.

"United States." § 8.9-103.

(3) The following definitions in other titles apply to this title:

"Check." § 8.3-104.

"Contract for sale." § 8.2-106.

"Holder in due course." § 8.3-302.

"Note." § 8.3-104.

"Sale." § 8.2-106.

(4) In addition, Title 8.1 contains general definitions and principles of construction and interpretation applicable throughout this title.

§ 9-199. Definitions.

As used in this chapter, unless the context otherwise requires:

"Authority" shall mean the Virginia Small Business Financing Authority created by this chapter.

"Board" shall mean the Board of Directors of the Authority.

"Bonds" shall mean any bonds, refunding bonds, notes, debentures, interim certificates, or any bond, grant, revenue anticipation notes or any other evidences of indebtedness of the Authority, whether in temporary or definitive form and whether or not exempt from federal taxation.

"Commonwealth" shall mean the Commonwealth of Virginia.

"Cost," as applied to the eligible small business, shall mean and shall include without limitation because of enumeration the cost of construction; the cost of acquisition of all lands, structures, rights-of-way, franchises, easements and other property rights and interests; the cost of demolishing, removing, rehabilitating or relocating any buildings or structures on lands acquired, including the cost of acquiring any such lands to which such buildings or structures may be moved, rehabilitated or relocated; the cost of all labor, materials, machinery and equipment, financing charges, letter of credit or other credit enhancement fees, insurance premiums, interest on all bonds prior to and during construction or acquisition and, if deemed advisable by the Authority, for a period not exceeding one year after completion of such construction or acquisition, cost of engineering, financial and legal services, plans, specifications, studies, surveys, estimates of cost and of revenues, commissions, guaranty fees, other expenses necessary or incident to determining the feasibility or practicality of constructing, financing or operating a project of an eligible small business; administrative expenses, provisions for working capital, reserves for interest and for extensions, enlargements, additions, improvements and replacements, and such other expenses as may be necessary or incidental to the construction or acquisition of a project of an eligible small business or the financing of such construction, acquisition or expansion and the placing of a project of an eligible small business in operation. Any obligation or expense incurred by the Commonwealth or any agency thereof, with the approval of the Authority for studies, surveys, borings, preparation of plans and specifications or other work or materials in connection with the construction or acquisition of a project of an eligible small business may be regarded as a part of the cost of a project of an eligible small business and may be reimbursed to the Commonwealth or any agency thereof out of the proceeds of the bonds issued therefor.

"Eligible small business" shall mean any person engaged in one or more small business enterprises in the Commonwealth which satisfies one or more of the following requirements: (i) has received $10 million or less in annual gross income under generally accepted accounting principles for each of its last three fiscal years or lesser time period if it has been in existence less than three years, (ii) has fewer than 250 employees, (iii) has a net worth of $2 million or less, or (iv) such other satisfactory requirements as the Board shall determine from time to time if it finds and determines such person is in need of its assistance.

"Federal Act" shall mean the Small Business Investment Act of 1958, 15 U.S.C. § 661 et seq., as amended from time to time.

"Indenture" shall mean any trust agreement, deed of trust, mortgage or other security agreement under which bonds authorized pursuant to this chapter shall be issued or secured.

"Lender" shall mean any federally or state chartered bank, federal land bank, production credit association, bank for cooperatives, state or federally chartered savings and loan association institution, building and loan association, small business investment company or any other financial institution qualified within the Commonwealth to originate and service loans, including but not limited to insurance companies, credit unions, investment banking or brokerage companies and mortgage loan companies.

"Loan" shall mean any lease, loan agreement or sales contract as hereinafter defined:

(i) "Lease" shall mean any lease containing an option to purchase the project or projects of the eligible small business being financed for a nominal sum upon payment in full, or provision thereof, of all bonds issued in connection with the eligible small business and all interest thereon and principal of and premium, if any, thereon and all other expenses in connection therewith.

(ii) "Loan agreement" shall mean an agreement providing for a loan of proceeds from the sale and issuance of bonds by the Authority or by a lender with which the Authority has contracted to loan such proceeds to one or more contracting parties to be used to pay the cost of one or more projects of an eligible small business and providing for the repayment of such loan including but not limited to all interest thereon, and principal of and premium, if any, thereon and all other expenses in connection therewith, by such contracting party or parties and which may provide for such loans to be secured or evidenced by one or more notes, debentures, bonds or other secured or unsecured debt obligations of such contracting party or parties, delivered to the Authority or to a trustee under an indenture pursuant to which the bonds were issued.

(iii) "Sales contract" shall mean a contract providing for the sale of one or more projects of an eligible small business to one or more contracting parties and includes but is not limited to a contract providing for payment of the purchase price including but not limited to all interest thereon, and principal of and premium, if any, thereon and all other expenses in connection therewith, in one or more installments. If the sales contract permits title to a project being sold to an eligible small business to pass to such contracting party or parties prior to payment in full of the entire purchase price, it also shall provide for such contracting party or parties to deliver to the Authority or to the trustee under the indenture pursuant to which the bonds were issued, one or more notes, debentures, bonds or other secured or unsecured debt obligations of such contracting party or parties providing for timely payments of the purchase price thereof.

"Municipality" shall mean any county or incorporated city or town in the Commonwealth.

"Person" shall mean a natural person, partnership, association, corporation, business trust or other business entity.

"Revenue Code" shall mean the Internal Revenue Code of 1954, as amended.

"Revenues" shall mean any and all fees, rates, rentals, profits and receipts collected by, payable to, or otherwise derived by, the Authority, and all other moneys and income of whatsoever kind or character collected by, payable to, or otherwise derived by, the Authority in connection with loans to any eligible small business in furtherance of the purposes of this chapter.

"Small business enterprise" shall mean (i) any industry for the manufacturing, processing, assembling, storing, warehousing, servicing, distributing, or selling of any products of agriculture, mining or industry or professional services; (ii) commercial enterprises making sales or providing services to industries described in clause (i) hereof; (iii) enterprises for research and development, including but not limited to scientific laboratories; or (iv) such other businesses as will be in furtherance of the public purposes of this chapter.

"Statewide Development Company" shall mean the corporation chartered under this chapter for purposes of qualification as a state development company as such term is defined in the Federal Act.

"Umbrella bonds" shall mean the bonds issued pursuant to § 9-210 of this chapter.

§ 9-234. Bonds as legal investments and securities.

The bonds issued by and under the authority of this chapter by the Authority are declared to be legal investments in which all public officers or public bodies of the Commonwealth, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on insurance business, all banks, bankers, banking associations, trust companies, savings associations, including savings and loan associations institutions, building and loan associations, and investment companies, and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons who are now or may later be authorized to invest in bonds or in other obligations of the Commonwealth, may invest funds, including capital, in their control or belonging to them. Such bonds are also hereby made securities which may be deposited with and received by all public officers and bodies of the Commonwealth or any agency or political subdivision of the Commonwealth and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the Commonwealth is now or may be later authorized by law.

§ 10.1-312. Bonds declared legal and authorized investments.

The bonds issued pursuant to this chapter shall be legal and authorized investments for banks, savings banks institutions, trust companies, building and loan associations, insurance companies, fiduciaries, trustees, guardians and for all public funds of the Commonwealth or other political subdivisions of the Commonwealth. Such bonds shall be eligible to secure the deposit of public funds of the Commonwealth and public funds of counties, cities, towns, school districts or other political subdivisions of the Commonwealth. In addition, the bonds shall be lawful and sufficient security for deposits to the extent of their value when accompanied by all unmatured coupons.

§ 11-61. Alternative forms of security.

A. In lieu of a bid, payment, or performance bond, a bidder may furnish a certified check or cash escrow in the face amount required for the bond.

B. If approved by the Attorney General in the case of state agencies, or the attorney for the political subdivision in the case of political subdivisions, a bidder may furnish a personal bond, property bond, or bank or savings and loan association's institution's letter of credit on certain designated funds in the face amount required for the bid, payment or performance bond. Approval shall be granted only upon a determination that the alternative form of security proffered affords protection to the public body equivalent to a corporate surety's bond.

§ 12.1-10. Prohibited conflicts of interests.

The members of the Commission and its subordinates and employees shall not, directly or indirectly, own any securities of, have any pecuniary interest in, or hold any position with any corporation whose rates, services, or financial ability to meet its obligations to the public are subject to supervision or regulation by the Commission; nor shall any such person engage in the private practice of law.

This section shall not prevent any such person from being a policyholder in any insurance company; from being a depositor in any bank, savings and loan association institution, or similar institution; or from being a holder of a security issued by a unit investment trust or management company as those terms are defined in the Investment Company Act of 1940 and in accordance with such rules as the Commission may adopt.

Any member of the Commission who violates this section may be censured or removed from office in the manner provided by Article VI, Section 10 of the Constitution of Virginia. Any subordinate or employee of the Commission who violates this section may be removed from office by the Commission.

§ 13.1-724. Sale of assets other than in regular course of business.

A. A corporation may sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property, otherwise than in the usual and regular course of business, on the terms and conditions and for the consideration determined by the corporation's board of directors, if the board of directors adopts and its shareholders approve the proposed transaction.

B. For a transaction to be authorized:

1. The board of directors shall submit the proposed transaction to the shareholders with its recommendation unless the board of directors determines that because of conflict of interests or other special circumstances it should make no recommendation and communicates the basis for its determination to the shareholders with the submission of the proposed transaction; and

2. The shareholders entitled to vote shall approve the transaction as provided in subsection E of this section.

C. The board of directors may condition its submission of the proposed transaction on any basis.

D. The corporation shall notify each shareholder, whether or not entitled to vote, of the proposed shareholders' meeting in accordance with § 13.1-658. The notice shall also state that the purpose, or one of the purposes, of the meeting is to consider the sale, lease, exchange, or other disposition of all, or substantially all, the property of the corporation and contain or be accompanied by a copy or summary of the agreement pursuant to which the transaction will be effected. If only a summary of the agreement is sent to shareholders, the corporation also shall send a copy of the agreement to any shareholder who requests it.

E. Unless the board of directors, acting pursuant to subsection C of this section, requires a greater vote, the transaction to be authorized shall be approved by the holders of more than two-thirds of all the votes entitled to be cast on the transaction. The articles of incorporation may provide for a greater or lesser vote than that provided for in this subsection or a vote by separate voting groups so long as the vote provided for is not less than a majority of all the votes cast on the transaction by each voting group entitled to vote on the transaction at a meeting at which a quorum of the voting group exists.

F. Unless the parties to the transaction have agreed otherwise, after a sale, lease, exchange, or other disposition of property is authorized, the transaction may be abandoned, subject to any contractual rights, without further shareholder action in accordance with the procedure set forth in the resolution proposing the transaction or, if none is set forth, in the manner determined by the board of directors.

G. A transaction that constitutes a distribution is governed by § 13.1-653 and not by this section.

H. Notwithstanding any other provision of this section, no corporation organized to conduct the business of a railroad or other public service or a banking business, or a savings and loan association institution, an industrial loan association or a credit union may sell, lease or exchange its properties for the conduct of such business in this Commonwealth except to a corporation of this Commonwealth organized for the same purpose or in the case of a bank to a savings and loan association or a corporation of the United States, and in the case of a savings and loan association to a bank or a corporation of the United States.

§ 13.1-826. General powers.

A. Unless its articles of incorporation provide otherwise, every corporation has perpetual duration and succession in its corporate name and has the same powers as an individual to do all things necessary or convenient to carry out its business, including, without limitation, power to:

1. Sue and be sued, complain and defend, in its corporate name.

2. Have a corporate seal, which may be altered at will, and to use it, or a facsimile of it, by impressing or affixing it or in any other manner reproducing it.

3. Purchase, receive, lease, or otherwise acquire, own, hold, improve, use and otherwise deal with, real or personal property, or any legal or equitable interest in property, wherever located.

4. Sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of all or any part of its property.

5. Purchase, receive, subscribe for, or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise dispose of, and with, shares or other interests in, or obligations of, any other domestic or foreign corporations organized for any purpose, associations, partnerships or individuals, or direct or indirect obligations of the United States, or of any other government, state, territory, governmental district or municipality or of any instrumentality thereof; and to guarantee the payment of any bonds or other obligations of any association, partnership, or individual or any other domestic or foreign corporation organized for any purpose.

6. Make contracts and guarantees, incur liabilities, borrow money, issue its notes, bonds, and other obligations, and secure any of its obligations by mortgage or pledge of all or any of its property, franchises and income.

7. Lend money, invest and reinvest its funds, and hold real and personal property as security for repayment.

8. Transact its business, locate offices and exercise the powers granted by this chapter within or without this Commonwealth.

9. Elect directors and appoint officers, employees and agents of the corporation, define their duties, fix their compensation and lend them money and credit.

10. Make and amend bylaws, not inconsistent with its articles of incorporation or with the laws of this Commonwealth, for managing or regulating the business of the corporation.

11. Make donations for the public welfare or for religious, charitable, scientific, literary or educational purposes.

12. Pay pensions and establish pension plans, pension trusts, profit-sharing plans, and other incentive and compensation plans for any or all of the current or former directors, officers, employees and agents of the corporation or any of its subsidiaries.

13. Insure for its benefit the life of any director, officer or employee of the corporation and continue such insurance after the relationship terminates.

14. Cease its corporate activities and surrender its corporate franchise.

15. Have and exercise all powers necessary or convenient to effect any or all of the purposes for which the corporation is organized.

B. Each corporation other than a banking corporation, an insurance corporation, a savings and loan association or a credit union shall have power to enter into partnership agreements, joint ventures, or other association of any kind with other corporations, whether organized under the laws of this Commonwealth or otherwise, or with any individual or individuals.

C. Privileges and powers conferred and restrictions and requirements imposed by other titles of the Code on railroads or other public service companies, banking corporations, insurance corporations, savings and loan associations institutions, credit unions, industrial loan associations or other special types of corporations shall not be deemed repealed or amended by any provision of this chapter except where specifically so provided.

D. Each corporation which is deemed a private foundation (as defined in § 509 of the Internal Revenue Code), unless its articles of incorporation expressly provide otherwise, shall distribute its income and, if necessary, principal, for each taxable year at such time and in such manner as not to subject such corporation to tax under § 4942 of the Internal Revenue Code. Such corporation shall not engage in any act of self-dealing (as defined in § 4941 (d) of the Internal Revenue Code), retain any excess business holdings (as defined in § 4943 (c) of the Internal Revenue Code), make any investments in such manner as to give rise to liability for the tax imposed by § 4944 of the Internal Revenue Code, or make any taxable expenditures (as defined in § 4945 (d) of the Internal Revenue Code). This subsection shall apply to any corporation organized under this chapter after December 31, 1969; and to any corporation organized before January 1, 1970, only for its taxable years beginning on and after January 1, 1972, unless the exceptions provided in § 508 (e) (2) (B) or (C) of the Internal Revenue Code shall apply, or unless the board of directors of such corporation shall elect that such restrictions as are contained in this subsection shall not apply by filing written notice of such election with the Attorney General and the clerk of the Commission on or before December 31, 1971. Each reference to a section of the Internal Revenue Code made in this subsection shall include future amendments to such Code sections and corresponding provisions of future internal revenue laws.

§ 13.1-982. Definitions.

As used in this chapter, unless a different meaning is required by the context, the following words and phrases shall have the following meanings:

"Board of directors." The board of directors of a corporation created under this chapter.

"Commission." The State Corporation Commission of Virginia.

"Corporation." A Virginia industrial development corporation created under the provisions of this chapter.

"Financial institution." Any bank, trust company, savings and loan association institution, industrial loan association or insurance company.

"Loan limit." For any member, the maximum amount permitted to be outstanding at one time on loans made by such member to a corporation as determined under the provisions of this chapter.

"Member." Any financial institution which shall undertake to lend money to a corporation created under this chapter, upon its call and in accordance with the provisions of this chapter.

§ 13.1-989. Membership in corporation; loans from members.

A. Any financial institution is authorized to become a member of a corporation by making application to the board of directors on such form and in such manner as the board of directors may require and membership shall become effective upon acceptance of such application by the board. Membership shall be for the duration of the corporation, provided, however, that upon written notice given to the corporation two years in advance, a member may withdraw from membership at the expiration date of such notice and shall not thereafter be obligated to make any loans to the corporation.

B. Each member shall make loans to the corporation as and when called upon by it to do so. Such loans shall be made upon terms and conditions as shall be approved from time to time by the board of directors, subject to the following conditions:

1. All loans shall be evidenced by transferable instruments of the corporation and shall bear interest at a rate of not less than one-half of one percent in excess of the rate of interest determined by the board of directors to be prevalent commercial banking prime or base rate on unsecured commercial loans as of the date of the loan.

2. If expressly provided in such call, the loan may provide for a rate of interest which fluctuates with the prime or base rate from time to time and which would be subject during the life of the loan to adjustment as of each interest period commencing after the next interest payment date.

3. All loan limits shall be established at the $1000 amount nearest to the amount computed in accordance with the provisions of this section.

4. No loan pursuant to call under this section to a development corporation shall be made if immediately thereafter the total amount of the obligations of the corporation would exceed ten times the amount of its outstanding and unimpaired capital stock, its earned and unimpaired surplus established pursuant to § 13.1-994 and any indebtedness expressly subordinated to loans made pursuant to call under this section.

5. The total amount outstanding at any one time on loans to a development corporation made by any member shall not exceed the following limit, to be determined as of the time such member becomes a member, on the basis of figures contained in the most recent year-end statement furnished by such member to state or federal supervisory authorities, as the case may be: two percent of the capital and permanent surplus of banks and trust companies; one-half of one percent of the total outstanding loans made by a savings and loan association institution, or $250,000, whichever is less; one percent of the total outstanding loans made by an industrial loan company; one percent of the capital and unassigned surplus of stock insurance companies, except fire insurance companies; one percent of the unassigned surplus of mutual insurance companies, except fire insurance companies; one-tenth of one percent of the assets of fire insurance companies.

6. All loan limits shall be recomputed as of January 1 of each even-numbered year, but no member's loan limit shall be increased as the result of such recomputation without the consent of such member.

7. Each call for loans made by the corporation shall be prorated among the members of the corporation in substantially the same proportion that the adjusted loan limit of each member bears to the aggregate of the adjusted loan limits of all members. The "adjusted loan limit" of a member shall be the amount of such member's loan limit, reduced by the balance of outstanding loans made by such member to the corporation and the investment of such member in capital stock of the corporation at the time of such call.

8. A member of a corporation created under this chapter shall not be a member of more than one such corporation.

§ 15.1-466. Provisions of subdivision ordinance.

A. A subdivision ordinance shall include reasonable regulations and provisions that apply to or provide:

1. For plat details which shall meet the standard for plats as adopted under § 42.1-82 of the Virginia Public Records Act (§ 42.1-76 et seq.);

2. For the coordination of streets within and contiguous to the subdivision with other existing or planned streets within the general area as to location, widths, grades and drainage, including, for ordinances and amendments thereto adopted on or after January 1, 1990, for the coordination of such streets with existing or planned streets in existing or future adjacent or contiguous to adjacent subdivisions;

3. For adequate provisions for drainage and flood control and other public purposes, and for light and air;

4. For the extent to which and the manner in which streets shall be graded, graveled or otherwise improved and water and storm and sanitary sewer and other public utilities or other community facilities are to be installed;

5. For the acceptance of dedication for public use of any right-of-way located within any subdivision or section thereof, which has constructed or proposed to be constructed within the subdivision or section thereof, any street, curb, gutter, sidewalk, bicycle trail, drainage or sewerage system, waterline as part of a public system or other improvement dedicated for public use, and maintained by the locality, the Commonwealth, or other public agency, and for the provision of other site-related improvements required by local ordinances for vehicular ingress and egress, for public access streets, for structures necessary to ensure stability of critical slopes, and for storm water management facilities, financed or to be financed in whole or in part by private funds only if the owner or developer (i) certifies to the governing body that the construction costs have been paid to the person constructing such facilities; (ii) furnishes to the governing body a certified check or cash escrow in the amount of the estimated costs of construction or a personal, corporate or property bond, with surety satisfactory to the governing body or its designated administrative agency, in an amount sufficient for and conditioned upon the construction of such facilities, or a contract for the construction of such facilities and the contractor's bond, with like surety, in like amount and so conditioned; or (iii) furnishes to the governing body a bank or savings and loan association's institution's letter of credit on certain designated funds satisfactory to the governing body or its designated administrative agency as to the bank or savings and loan association institution , the amount and the form. The amount of such certified check, cash escrow, bond, or letter of credit shall not exceed the total of the estimated cost of construction based on unit prices for new public or private sector construction in the locality and a reasonable allowance for estimated administrative costs, inflation, and potential damage to existing roads or utilities, which shall not exceed twenty-five percent of the estimated construction costs.

If a developer records a final plat which may be a section of a subdivision as shown on an approved preliminary plat and furnishes to the governing body a certified check, cash escrow, bond, or letter of credit in the amount of the estimated cost of construction of the facilities to be dedicated within said section for public use and maintained by the locality, the Commonwealth, or other public agency, the developer shall have the right to record the remaining sections shown on the preliminary plat for a period of five years from the recordation date of the first section, subject to the terms and conditions of this subsection and subject to engineering and construction standards and zoning requirements in effect at the time that each remaining section is recorded. In the event a governing body of a county, wherein the highway system is maintained by the Department of Transportation, has accepted the dedication of a road for public use and such road due to factors other than its quality of construction is not acceptable into the secondary system of state highways, then such governing body may, if so provided by its subdivision ordinance, require the subdivider or developer to furnish the county with a maintenance and indemnifying bond, with surety satisfactory to the governing body or its designated administrative agency, in an amount sufficient for and conditioned upon the maintenance of such road until such time as it is accepted into the secondary system of state highways. In lieu of such bond, the governing body or its designated administrative agency may accept a bank or savings and loan association's institution's letter of credit on certain designated funds satisfactory to the governing body or its designated administrative agency as to the bank or savings and loan association institution, the amount and the form, or accept payment of a negotiated sum of money sufficient for and conditioned upon the maintenance of such road until such time as it is accepted into the secondary system of state highways and assume the subdivider's or developer's liability for maintenance of such road. "Maintenance of such road" shall be deemed to mean maintenance of the streets, curb, gutter, drainage facilities, utilities or other street improvements, including the correction of defects or damages and the removal of snow, water or debris, so as to keep such road reasonably open for public usage;

6. For conveyance, in appropriate cases, of common or shared easements to franchised cable television operators furnishing cable television and public service corporations furnishing cable television, gas, telephone and electric service to the proposed subdivision. Such easements, the location of which shall be adequate for use by public service corporations which may be expected to occupy them, may be conveyed by reference on the final plat to a declaration of the terms and conditions of such common easements agreed to by franchised cable television operators furnishing cable television and by such public service corporations and recorded in the land records of the county or city. The failure of any such franchised cable television operator to agree to the terms and conditions set out in such declaration shall not defeat or impair any such common easement conveyance;

7. For monuments of specific types to be installed establishing street and property lines;

8. That unless a plat is filed for recordation within six months after final approval thereof or such longer period as may be approved by the governing body, such approval shall be withdrawn and the plat marked void and returned to the approving official; however, in any case where construction of facilities to be dedicated for public use has commenced pursuant to an approved plan or permit with surety approved by the governing body or its designated administrative agency, or where the developer has furnished surety to the governing body or its designated administrative agency by certified check, cash escrow, bond, or letter of credit in the amount of the estimated cost of construction of such facilities, the time for plat recordation shall be extended to one year after final approval or to the time limit specified in the surety agreement approved by the governing body or its designated administrative agency, whichever is greater;

9. For the administration and enforcement of such ordinance, not inconsistent with provisions contained in this chapter, and specifically for the imposition of reasonable fees and charges for the review of plats and plans, and for the inspection of facilities required by any such ordinance to be installed; such fees and charges shall in no instance exceed an amount commensurate with the services rendered taking into consideration the time, skill and administrator's expense involved. All such charges heretofore made are hereby validated;

10. For payment by a subdivider or developer of land of the pro rata share of the cost of providing reasonable and necessary sewerage, water, and drainage facilities, located outside the property limits of the land owned or controlled by the subdivider or developer but necessitated or required, at least in part, by the construction or improvement of the subdivision or development; however, no such payment shall be required until such time as the governing body or a designated department or agency thereof shall have established a general sewer, water, and drainage improvement program for an area having related and common sewer, water, and drainage conditions and within which the land owned or controlled by the subdivider or developer is located or the governing body has committed itself by ordinance to the establishment of such a program. Such regulations or ordinance shall set forth and establish reasonable standards to determine the proportionate share of total estimated cost of ultimate sewerage, water, and drainage facilities required adequately to serve a related and common area, when and if fully developed in accord with the adopted comprehensive plan, that shall be borne by each subdivider or developer within the area. Such share shall be limited to the proportion of such total estimated cost which the increased sewage flow, water flow, and/or increased volume and velocity of storm water runoff to be actually caused by the subdivision or development bears to total estimated volume and velocity of such sewage, water, and/or runoff from such area in its fully developed state. In calculating the volume and velocity of stormwater runoff, the governing body shall take into account the effect of all on-site stormwater facilities or best management practices constructed or required to be constructed by the subdivider or developer and give appropriate credit therefor.

Each such payment received shall be expended only for necessary engineering and related studies and the construction of those facilities identified in the established sewer, water, and drainage program; however, in lieu of such payment the governing body may provide for the posting of a personal, corporate or property bond, cash escrow or other method of performance guarantee satisfactory to it conditioned on payment at commencement of such studies or construction. The payments received shall be kept in a separate account for each of the individual improvement programs until such time as they are expended for the improvement program. All bonds, payments, cash escrows or other performance guarantees hereunder shall be released and used, with any interest earned, as a tax credit on the real estate taxes on the property if construction of the facilities identified in the established water, sewer and drainage programs is not commenced within twelve years from the date of the posting of the bond, payment, cash escrow or other performance guarantee;

11. Any funds collected for pro rata programs under subdivision 10 of this subsection prior to July 1, 1990, shall continue to be held in separate, interest bearing accounts for the project or projects for which the funds were collected and any interest from such accounts shall continue to accrue to the benefit of the subdivider or developer until such time as the project or projects are completed or until such time as a general sewer and drainage improvement program is established to replace a prior sewer and drainage improvement program. If such a general improvement program is established, the governing body of any county or municipality may abolish any remaining separate accounts and require the transfer of the assets therein into a separate fund for the support of each of the established sewer, water, and drainage programs. Upon the transfer of such assets, subdividers and developers who had met the terms of any existing agreements made under a previous pro rata program shall receive any outstanding interest which has accrued up to the date of transfer, and such subdividers and developers shall be released from any further obligation under those existing agreements. All bonds, payments, cash escrows or other performance guarantees hereunder shall be released and used, with any interest earned, as a tax credit on the real estate taxes on the property if construction of the facilities identified in the established water, sewer and drainage programs is not commenced within twelve years from the date of the posting of the bond, payment, cash escrow or other performance guarantee;

12. For reasonable provisions permitting a single division of a lot or parcel for the purpose of sale or gift to a member of the immediate family of the property owner, subject only to any express requirement contained in the Code of Virginia and to any requirement imposed by the local governing body that all lots of less than five acres have reasonable right-of-way of not less than ten feet or more than twenty feet providing ingress and egress to a dedicated recorded public street or thoroughfare. Only one such division shall be allowed per family member, and shall not be for the purpose of circumventing this subdivision. For the purpose of this subdivision, a member of the immediate family is defined as any person who is a natural or legally defined offspring, spouse, grandchild, grandparent, or parent of the owner. The provisions of this subdivision shall apply only to subdivision ordinances adopted by counties and the City of Suffolk;

13. For reasonable provisions, notwithstanding subdivision A 12, in a county having the urban county executive form of government permitting a single division of a lot or parcel for the purpose of sale or gift to a member of the immediate family of the property owner, subject only to any express requirement contained in the Code of Virginia and to any requirement imposed by the local governing body that all lots of less than five acres have frontage of not less than ten feet or more than twenty feet on a dedicated recorded public street or thoroughfare. Only one such division shall be allowed per family member, and the division shall not be for the purpose of circumventing a local subdivision ordinance. For the purpose of this subsection, a member of the immediate family is defined as any person who is a natural or legally defined offspring or parent of the owner;

14. For the periodic partial and final complete release of any bond, escrow, letter of credit, or other performance guarantee required by the governing body under this section within thirty days after receipt of written notice by the subdivider or developer of completion of part or all of any facilities required to be constructed hereunder unless the governing body or its designated administrative agency notifies said subdivider or developer in writing of nonreceipt of approval by applicable state agency, or of any specified defects or deficiencies in construction and suggested corrective measures prior to the expiration of the thirty-day period.

If no such action is taken by the governing body or administrative agency within the time specified above, the request shall be deemed approved, and a partial release granted to the subdivider or developer. No final release shall be granted until after expiration of such thirty-day period and there is an additional request in writing sent by certified mail return receipt to the chief administrative officer of such governing body. The governing body or its designated administrative agency shall act within ten working days of receipt of the request; then if no action is taken the request shall be deemed approved and final release granted to the subdivider or developer.

After receipt of the written notices required above, if the governing body or administrative agency takes no action within the times specified above and the subdivider or developer files suit in the local circuit court to obtain partial or final release of a bond, escrow, letter of credit, or other performance guarantee, as the case may be, the circuit court, upon finding the governing body or its administrative agency was without good cause in failing to act, shall award such subdivider or developer his reasonable costs and attorneys' fees.

No governing body or administrative agency shall refuse to make a periodic partial or final release of a bond, escrow, letter of credit, or other performance guarantee for any reason not directly related to the specified defects or deficiencies in construction of the facilities covered by said bond, escrow, letter of credit or other performance guarantee.

Upon written request by the subdivider or developer, the governing body or its designated administrative agency shall be required to make periodic partial releases of such bond, escrow, letter of credit, or other performance guarantee in a cumulative amount equal to no less than ninety percent of the original amount for which the bond, escrow, letter of credit, or other performance guarantee was taken, and may make partial releases to such lower amounts as may be authorized by the governing body or its designated administrative agency based upon the percentage of facilities completed and approved by the governing body, local administrative agency, or state agency having jurisdiction. Periodic partial releases may not occur before the completion of at least thirty percent of the facilities covered by any bond, escrow, letter of credit, or other performance guarantee. The governing body or administrative agency shall not be required to execute more than three periodic partial releases in any twelve-month period. Upon final completion and acceptance of said facilities, the governing body or administrative agency shall release any remaining bond, escrow, letter of credit, or other performance guarantee to the subdivider or developer. For the purpose of final release, the term "acceptance" is deemed to mean: when said public facility is accepted by and taken over for operation and maintenance by the state agency, local government department or agency, or other public authority which is responsible for maintaining and for operating such facility upon acceptance.

For the purposes of this subsection, a certificate of partial or final completion of such facilities from either a duly licensed professional engineer or land surveyor, as defined in and limited to § 54.1-400, or from a department or agency designated by the local government may be accepted without requiring further inspection of such facilities.

B. A subdivision ordinance may include provisions for variations in or exceptions to the general regulations of the subdivision ordinance in cases of unusual situations or when strict adherence to the general regulations would result in substantial injustice or hardship.

C. A subdivision ordinance may require the furnishing of a preliminary opinion from the applicable health official regarding the suitability of a subdivision for installation of subsurface sewage disposal systems where such method of sewage disposal is to be utilized in the development of a subdivision.

D. A subdivision ordinance may require that, in the event streets in a subdivision will not be constructed to meet the standards necessary for inclusion in the secondary system of state highways or for state street maintenance moneys paid to municipalities, the subdivision plat and all approved deeds of subdivision, or similar instruments, must contain a statement advising that the streets in the subdivision do not meet state standards and will not be maintained by the Department of Transportation or the county or the municipalities enacting the ordinances. Grantors of any subdivision lots to which such statement applies must include the statement on each deed of conveyance thereof. However, counties and municipalities in their ordinances may establish minimum standards for construction of streets that will not be built to state standards.

For streets constructed or to be constructed, as provided for in this subsection, a subdivision ordinance may require that the same procedure be followed as that set forth in subdivision A 5 of this section. Further, the subdivision ordinance may provide that the developer's financial commitment shall continue until such time as the local government releases such financial commitment in accordance with the provisions of subdivision A 14 of this section.

E. A subdivision ordinance may include reasonable provision for the voluntary funding of off-site road improvements and reimbursements of advances by the governing body. If a subdivider or developer makes an advance of payments for or construction of reasonable and necessary road improvements located outside the property limits of the land owned or controlled by him, the need for which is substantially generated and reasonably required by the construction or improvement of his subdivision or development, and such advance is accepted, the governing body may agree to reimburse the subdivider or developer from such funds as the governing body may make available for such purpose from time to time for the cost of such advance together with interest, which shall be excludable from gross income for federal income tax purposes, at a rate equal to the rate of interest on bonds most recently issued by the governing body on the following terms and conditions:

1. The governing body shall determine or confirm that the road improvements were substantially generated and reasonably required by the construction or improvement of the subdivision or development and shall determine or confirm the cost thereof, on the basis of a study or studies conducted by qualified traffic engineers and approved and accepted by the subdivider or developer.

2. The governing body shall prepare, or cause to be prepared, a report accepted and approved by the subdivider or developer, indicating the governmental services required to be furnished to the subdivision or development and an estimate of the annual cost thereof for the period during which the reimbursement is to be made to the subdivider or developer.

3. The governing body may make annual reimbursements to the subdivider or developer from funds made available for such purpose from time to time, including but not limited to real estate taxes assessed and collected against the land and improvements on the property included in the subdivision or developments in amounts equal to the amount by which such real estate taxes exceed the annual cost of providing reasonable and necessary governmental services to such subdivision or development.

F. Site plan or plans of development which are required to be submitted and approved in accordance with § 15.1-491 (h) shall be subject to the provisions of this section, mutatis mutandis.

G. Notwithstanding subdivisions A 12 and A 13 of this section, a subdivision ordinance may include reasonable provisions permitting divisions of lots or parcels for the purpose of sale or gift to a member of the immediate family of the property owner in (i) any county or city which has had population growth of ten percent or more from the next-to-latest to latest decennial census year, based on population reported by the United States Bureau of the Census, provided that until the 1990 census is reported, any county or city instead may qualify only if it has had an estimated population growth of ten percent or more from 1980 to the most recent year for which population estimates are available from the Center for Public Service of the University of Virginia; (ii) any city or county adjoining such city or county; (iii) any towns located within such county; and (iv) any county contiguous with at least three such counties, and any town located in that county. Such divisions shall be subject to all requirements of the Code of Virginia and to any requirements imposed by the local governing body.

H. That, in a county having the urban county executive form of government, in any city located within or adjacent thereto, or any county adjacent thereto or a town located within such county, in any county with a population between 57,000 and 57,450, or in any county with a population between 60,000 and 63,000, and in any city with a population between 140,000 and 160,000, the subdivision ordinance may include provisions for payment by a subdivider or developer of land of a pro rata share of the cost of reasonable and necessary road improvements, located outside the property limits of the land owned or controlled by him but serving an area having related traffic needs to which his subdivision or development will contribute, to reimburse an initial subdivider or developer who has advanced such costs or constructed such road improvements. Such ordinance may apply to road improvements constructed after July 1, 1988, in a county having the urban county executive form of government; in a city located within or adjacent to a county having the urban county executive form of government, or in a county adjacent to a county having the urban county executive form of government or town located within such county, in any county with a population between 57,000 and 57,450, or in any county with a population between 60,000 and 63,000, such ordinance may only apply to road improvements constructed after the effective date of such ordinance.

Such provisions shall provide for the adoption of a pro rata reimbursement plan which shall include reasonable standards to identify the area having related traffic needs, to determine the total estimated or actual cost of road improvements required to adequately serve the area when fully developed in accordance with the comprehensive plan or as required by proffered conditions, and to determine the proportionate share of such costs to be reimbursed by each subsequent subdivider or developer within the area, with interest (i) at the legal rate or (ii) at an inflation rate prescribed by a generally accepted index of road construction costs, whichever is less.

For any subdivision ordinance adopted pursuant to this subsection after February 1, 1993, no such payment shall be assessed or imposed upon a subsequent developer or subdivider if (i) prior to the adoption of a pro rata reimbursement plan the subsequent subdivider or developer has proffered conditions pursuant to § 15.1-491 (a) for offsite road improvements and such proffered conditions have been accepted by the local government, (ii) the local government has assessed or imposed an impact fee on the subsequent development or subdivision pursuant to Article 8.1 (§ 15.1-498.1 et seq.) of Chapter 11 of this title, or (iii) the subsequent subdivider or developer has received final site plan, subdivision plan, or plan of development approval from the local government prior to the adoption of a pro rata reimbursement plan for the area having related traffic needs.

The amount of the costs to be reimbursed by a subsequent developer or subdivider shall be determined before or at the time the site plan or subdivision is approved. The ordinance shall specify that such costs are to be collected at the time of the issuance of a temporary or final certificate of occupancy or functional use and occupancy within the development, whichever shall come first. The ordinance also may provide that the required reimbursement may be paid (i) in lump sum, (ii) by agreement of the parties on installment at a reasonable rate of interest or rate of inflation, whichever is less, for a fixed number of years, or (iii) on such terms as otherwise agreed to by the initial and subsequent subdividers and developers.

Such ordinance provisions may provide that no certificate of occupancy shall be issued to a subsequent developer or subdivider until (i) the initial developer certifies to the local government that the subsequent developer has made the required reimbursement directly to him as provided above or (ii) the subsequent developer has deposited the reimbursement amount with the local government for transfer forthwith to the initial developer.

§ 15.1-1624. Bonds as legal investments and lawful security.

The bonds issued pursuant to this chapter shall be and are hereby declared to be legal and authorized investments for banks, savings banks institutions, trust companies, building and loan associations, insurance companies, fiduciaries, trustees, guardians and for all public funds of the Commonwealth or other political corporations or subdivisions of the Commonwealth. Such bonds shall be eligible to secure the deposit of any and all public funds of the Commonwealth and any and all public funds of cities, towns, counties, school districts or other political corporations or subdivisions of the Commonwealth, and such bonds shall be lawful and sufficient security for such deposits to the extent of their value when accompanied by all unmatured coupons appertaining thereto.

§ 18.2-113. Fraudulent entries, etc., in accounts by officers or clerks of banks or joint stock companies.

If any officer or clerk of any bank, savings and loan association institution or joint stock company make, alter or omit to make any entry in any account kept in such bank, or by such company, with intent, in so doing, to conceal the true state of such account, or to defraud such bank, association institution or company, or to enable or assist any person to obtain money to which he was not entitled, such officer or clerk shall be guilty of a Class 4 felony.

§ 29.1-101.3. Deposit of money.

All money belonging to the Fund shall be recorded on the books of the State Comptroller and deposited in an account or accounts in banks or trust companies organized under the laws of the Commonwealth or in national banking associations located in Virginia or in savings and loan associations institutions located in Virginia organized under the laws of the Commonwealth or the United States. Money in the Fund not needed for immediate use or disbursement may be invested or reinvested by the State Treasurer in obligations or securities that are considered lawful investments for public funds under the laws of the Commonwealth.

§ 36-55.30:2. Housing rehabilitation districts; economically mixed projects.

(a) Whenever it appears to the governing body of any city that a portion of such city (i) is blighted or deteriorated, as provided in subdivision 1 of § 36-49, (ii) is deteriorating, as provided in § 36-49.1, (iii) is likely to deteriorate, as provided in § 36-52.3, or (iv) is characterized by a higher relative density of population and proportion of substandard housing than in the overall metropolitan area and inhabited predominantly by persons of a lower socio-economic status than that prevailing in the metropolitan area, and in any such case that private enterprise and investment may not be expected, without assistance, to produce the construction or rehabilitation of sanitary and safe housing to meet the needs of persons and families of low and moderate income within such area and to induce other persons to live within such area and thereby help to stabilize or recover a desirable economic mix of persons therein, such governing body may by resolution create a housing rehabilitation district encompassing such portion of such city.

(b) If any such governing body shall determine that a proposed housing project, within or without a housing rehabilitation district, if any, may feasibly serve persons and families of low and moderate income only by effectively subsidizing the rentals of such persons and families through higher rentals charged to other persons or that, for any other reason, such proposed project is feasible only if a portion, not to exceed eighty percent, thereof is to be rented to persons other than persons and families of low and moderate income, it may by resolution declare such proposed project an economically mixed project.

(c) Any such governing body shall appoint a board of five persons, all of whom shall be residents of the city and at least four of whom shall be representatives of savings and loan associations institutions, commercial banks and mortgage bankers, which shall evaluate the ability of private enterprise and investment, without assistance, to meet the needs of persons and families of low and moderate income within any proposed housing rehabilitation district and to induce other persons to live within such proposed district. No housing rehabilitation district shall be created, nor any proposed project declared an economically mixed project, by the governing body of any city unless such board, by a majority vote of at least three members, shall have first determined, in the case of a housing rehabilitation district, that private enterprise and investment may not reasonably be expected to meet such housing needs and induce persons with higher incomes to live within the proposed district or, in the case of an economically mixed project, that private enterprise and investment have been unable, without assistance, to provide sufficient mortgage financing for the proposed project at interest rates producing rentals which persons or families of low and moderate income can afford. Unless the board shall reaffirm its determination after four years from the date of its previous determination, then the status of any area as a housing rehabilitation district shall terminate on the fifth anniversary of such previous determination.

(d) No housing rehabilitation district shall be created, nor any proposed project declared an economically mixed project, by the governing body of any city, except a city having (i) no fewer than 110,000 nor more than 111,000 inhabitants according to the 1970 federal census and (ii) at least seven per centum of all residential housing units located within such city receiving rental or mortgage interest subsidization from other than private sources.

§ 36-55.44. Deposit and investment of moneys of HDA.

(1) All moneys of HDA except as otherwise authorized or provided in this chapter shall be deposited as soon as practicable in a separate account or accounts in banks or trust companies organized under the laws of the Commonwealth or national banking associations, or to the extent then permitted by law, in savings and loan associations institutions organized under the laws of the Commonwealth of Virginia or the United States. The moneys in such accounts shall be paid out on checks, drafts payable on demand, electronic wire transfers, or other means authorized by HDA. Each payment shall be approved by the executive director or such other officers or employees of HDA as HDA shall authorize. Deposits of such moneys shall, if required by HDA, be secured as it shall prescribe, and all banks and trust companies are authorized to give such security for such deposits.

(2) Subject to the provisions of subsection (3), funds of HDA not needed for immediate use or disbursement, including any funds held in reserve, may be invested in (i) obligations or securities which are considered lawful investments for fiduciaries, both individual and corporation, as set forth in § 26-40 of Chapter 3 of Title 26 and amendments thereto and (ii) bankers' acceptances.

(3) Notwithstanding any other provisions of law, HDA shall have power to contract with the holders of any of its notes or bonds as to the custody, collection, securing, investment and payment of any moneys of HDA and of any moneys held in trust or otherwise for the payment of notes or bonds, and to carry out such contracts. Unless otherwise specified in such contracts, moneys held in trust or otherwise for the payment of notes or bonds or in any way to secure notes or bonds and deposits of such moneys may be secured in the same manner as set forth in subsection (1) of this section.

(4) Whenever investments are made in accordance with this section, no commissioner or employee of HDA shall be liable for any loss therefrom in the absence of negligence, malfeasance, misfeasance, or nonfeasance on his part.

§ 36-96.1:1. Definitions.

For the purposes of this chapter, unless the context clearly indicates otherwise:

"Aggrieved person" means any person who (i) claims to have been injured by a discriminatory housing practice or (ii) believes that such person will be injured by a discriminatory housing practice that is about to occur.

"Complainant" means a person, including the Real Estate Board, who files a complaint under § 36-96.9.

"Conciliation" means the attempted resolution of issues raised by a complainant, or by the investigation of such complaint, through informal negotiations involving the aggrieved person, the respondent, their respective authorized representatives and the Real Estate Board.

"Conciliation agreement" means a written agreement setting forth the resolution of the issues in conciliation.

"Discriminatory housing practices" means an act that is unlawful under §§ 36-96.3, 36-96.4, 36-96.5, or § 36-96.6.

"Dwelling" means any building, structure, or portion thereof, which is occupied as, or designated or intended for occupancy as, a residence by one or more families, and any vacant land which is offered for sale or lease for the construction or location thereon of any such building, structure, or portion thereof.

"Elderliness" means an individual who has attained his fifty-fifth birthday.

"Familial status" means one or more individuals who have not attained the age of eighteen years being domiciled with (i) a parent or other person having legal custody of such individual or individuals or (ii) the designee of such parent or other person having custody with the written permission of such parent or other person. The term "familial status" also includes any person who is pregnant or is in the process of securing legal custody of any individual who has not attained the age of eighteen years. For purposes of this section, "in the process of securing legal custody" means having filed an appropriate petition to obtain legal custody of such minor in a court of competent jurisdiction.

"Family" includes a single individual, whether male or female.

"Handicap" means, with respect to a person, (i) a physical or mental impairment which substantially limits one or more of such person's major life activities; (ii) a record of having such an impairment; or (iii) being regarded as having such an impairment. The term does not include current, illegal use of, or addiction to a controlled substance as defined in Virginia or federal law. Neither the term "individual with handicap" nor the term "handicap" shall apply to an individual solely because that individual is a transvestite.

"Lending institution" includes any bank, savings and loan institution, credit union, insurance company or mortgage lender.

"Person" means one or more individuals, whether male or female, corporations, partnerships, associations, labor organizations, fair housing organizations, civil rights organizations, organizations, governmental entities, legal representatives, mutual companies, joint stock companies, trusts, unincorporated organizations, trustees, trustees in bankruptcy, receivers and fiduciaries.

"Respondent" means any person or other entity alleged to have violated the provisions of this chapter, as stated in a complaint filed under the provisions of this chapter and any other person joined pursuant to the provisions of § 36-96.9.

"Restrictive covenant" means any specification in any instrument affecting title to real property which purports to limit the use, occupancy, transfer, rental, or lease of any dwelling because of race, color, religion, national origin, sex, elderliness, familial status, or handicap.

"To rent" means to lease, to sublease, to let, or otherwise to grant for consideration the right to occupy premises not owned by the occupant.

§ 36-143. Deposit of money; expenditures; investments.

All money belonging to the Fund shall be deposited in an account or accounts in banks or trust companies organized under the laws of the Commonwealth or in national banking associations located in Virginia or in savings and loan associations institutions located in Virginia organized under the laws of the Commonwealth or the United States. The money in these accounts shall be paid by check signed by the Executive Director of the HDA or other officers or employees designated by the Commissioners of the HDA. All deposits of money shall, if required by the Director of the Department of Housing and Community Development, be secured in a manner determined by the Director of the Department of Housing and Community Development to be prudent. All banks, trust companies and savings and loan associations are authorized to give security for the deposits. Money in the Fund shall not be commingled with other money of the HDA. Money in the Fund not needed for immediate use or disbursement may be invested or reinvested by the HDA at the direction and guidance of the Director of the Department of Housing and Community Development in obligations or securities which are considered lawful investments for public funds under the laws of the Commonwealth. All interest and earnings accrued from investments of moneys from the Fund shall be used to increase the amount available in the Fund.

§ 38.2-1432. Savings, certificates, etc.

A domestic insurer may invest in any of the following:

1. Interest-bearing checking or savings accounts, certificates of deposit, or other short-term investments made available or issued by any solvent bank or trust company that is a member of the Federal Deposit Insurance Corporation;

2. Interest-bearing savings or share accounts, certificates of deposit or any other short-term investments made available or issued by any solvent building and loan or savings and loan association institution insured by the Federal Deposit Insurance Corporation or other federal insurance agency;

3. Bankers acceptances of the kinds and maturities made eligible by law for rediscount with Federal Reserve Banks, provided that these securities are accepted by a bank or trust company that is a member of the Federal Reserve System;

4. Money market mutual funds, provided that the Commission has granted prior written approval to the insurer with respect to its investment in any money market mutual fund sponsored by affiliates of the insurer and that such money market fund sponsored by affiliates meets the requirements set forth in subdivisions 1 and 2 of § 38.2-1427.2; or

5. United States government bond mutual funds.

§ 38.2-4700. What persons deemed insurance premium finance companies.

A. Any person engaged in whole or in part in financing premiums for insurance on subjects of insurance resident, located or to be performed in this Commonwealth shall be an insurance premium finance company subject to this chapter. Any person who acquires agreements for this financing from an insurance premium finance company shall be deemed an insurance premium finance company subject to this chapter.

B. No person shall be deemed an insurance premium finance company by reason of any transaction lawful under the laws of this Commonwealth without regard to the provisions of this chapter. No bank, trust company, savings and loan association institution, industrial loan association, credit union, consumer finance company licensed under Chapter 6 (§ 6.1-244 et seq.) of Title 6.1, licensed insurance agent extending credit as authorized in § 38.2-1806, or insurer shall be licensed under the provisions of this chapter, nor be subject to the restrictions and obligations imposed by this chapter.

§ 55-66.3:1. Release by financial institution upon payment of debt placed with it for collection.

In any case where a note, bond or other evidence of indebtedness placed by a creditor for collection with a bank, trust company, savings and loan association institution, small loan company or credit union is fully paid at such financial institution, the financial institution, through its authorized agents, may execute all certificates, releases and affidavits required of a creditor by this chapter to effectuate a release. The financial institution may execute and deliver to the clerk an affidavit to the effect that the financial institution had been acting as collecting agent for the creditor on the debt and that the debt has been paid in full at such institution.

§ 55-344. Management, regulation and control of subdivisions in which there are common facilities or property owners' associations.

A. The covenants, deed restrictions, articles of incorporation, bylaws or other instruments for the management, regulation and control of subdivisions which include facilities or amenities for which the lot owners are assessed on a regular or special basis for the use, enjoyment, and maintenance thereof shall provide for, but need not be limited to:

1. Formation of an association to be composed of lot owners within the subdivision, such formation occurring prior to the sale of the first lot within the subdivision by the developer;

2. A description of the areas or interests to be owned or controlled by the association, which shall include those facilities or amenities for which the lot owners are subject to special or regular assessments;

3. The transfer of title and control and maintenance responsibilities of common areas and common facilities to the association, which transfer is to take place no later than at such time as the developer transfers legal or equitable ownership of at least seventy-five percent of the lots within the subdivision to purchasers of such lots or when all of the amenities and facilities are completed, whichever shall first occur, but in no event any sooner than two years from the date the developer sells his first lot within the subdivision should the developer elect to retain title to the common areas and common facilities for such period. The transfer herein required of the developer shall not exonerate him from the responsibility of completion of the common areas and facilities once the transfer takes place.

Nothing herein shall preclude the developer from transferring the common areas and common facilities for consideration, provided, (i) that such consideration does not exceed the lesser of the fair market value thereof at the time of transfer or the actual cost expended by the developer therefor, and (ii) that the developer affirmatively discloses the following information to the purchaser, in writing, at the time the initial contract of purchase is signed:

a. That the common areas and common facilities will be transferred only upon payment of consideration by the association;

b. The terms upon which such transfer will be made; and

c. An estimate of the amount of consideration to be paid by the association.

In the event the developer seeks payment for the areas or facilities transferred, the association shall have the option of deferring payment therefor evidenced by a deed of trust note covering a period of not less than five years at the legal rate of interest allowed in this Commonwealth, and secured by a deed of trust covering the facilities or areas transferred;

4. Procedures for determining and collecting regular assessments to defray expenses attributable to the ownership, use, enjoyment and operation of common areas and facilities transferred to the association;

5. Procedures for establishing and collecting special assessments for capital improvements or other purposes;

6. Procedures to be employed upon the annexation of additional land to the existing subdivision which procedures shall disclose whether or not per capita assessments on account of such annexation shall be subject to an increase, in the event additional amenities or common facilities are provided lot owners within the subdivision;

7. Such procedures and restrictions, if any, as apply with respect to the voluntary or involuntary resale of a lot within a subdivision by a purchaser or his agent, which procedures and restrictions, if any, shall be established prior to the sale of the first lot by the developer within the subdivision;

8. Monetary penalties or use privilege and voting suspension of members for breaches of the restrictions, bylaws or other instruments for management and control of the subdivision, or for nonpayment of regular or special assessments, with procedures for hearings for the disciplined members;

9. Creation of a board of directors or other governing body for the association with the members of the board or body to be elected by a vote of members of the association in good standing at an annual meeting or special meeting to be held not later than six months after the transfer of the areas of facilities outlined in subdivision 3 above;

10. Enumeration of the power of the board of directors or governing body which are consistent with and not otherwise provided by law;

11. The preparation of an annual balance sheet and operating statement for each fiscal year with provision for distribution of a copy of the reports to each member of the association in good standing within ninety days after the end of the fiscal year;

12. Quorum requirements for meetings of members of the association who are in good standing; and

13. Such other provisions as may be required by Chapter 10 (§ 13.1-801 et seq.) of Title 13.1, if the association is a Virginia nonstock corporation.

B. Any developer of a subdivision, successor or otherwise, which subdivision is subject to the provisions of this chapter, shall be obligated to complete the facilities and amenities as promised and outlined in subsection A of this section by the initial developer of the subdivision subject to the transfer of title and control and maintenance responsibilities of common areas and common facilities to the lot owners' association. The foregoing shall not be deemed to apply to any purchaser at foreclosure or grantee in a deed in lieu of foreclosure, provided the purchaser or grantee is a financial institution and the mortgagee, creditor, or beneficiary under the instrument being foreclosed or giving rise to the deed in lieu of foreclosure. The term financial institution shall mean a bank, savings and loan association institution, real estate investment trust, insurance company, pension or profit sharing trust, or other institution regularly engaged in the business of making real estate loans. For purposes of this subsection, the lot owners' association shall not be deemed a developer if at a meeting of its members in good standing a vote is taken whereby at least fifty percent of the members vote to be exempt from the requirements of this subsection.

C. The association, once formed and in existence and the title owner of the common areas and common facilities within the subdivision and which has been in existence for a period of at least five years, shall have the authority to pass special assessments against and raise the annual assessments of the members of the association and to collect said assessments from such members according to law, if the purpose in so doing is for the maintenance of the aforesaid common areas and common facilities. The authority hereby granted and conferred upon the association shall exist only where the restrictions and covenants of record have no specific language contained therein which precludes the adoption of special assessments or increases the annual dues or assessments.

D. The association shall have a lien on every lot within its subdivision for unpaid regular or special assessments levied against that lot in accordance with the provisions of this chapter. The lien, once perfected, shall be prior to all other liens and encumbrances except (i) real estate tax liens on that lot (ii) liens and encumbrances recorded prior to the perfected lien and (iii) any sums unpaid on any first mortgages or first deeds of trust recorded prior to the perfection of the lien for regular or special assessments and securing institutional lenders. The provisions of this subsection shall not affect the priority of mechanics' and materialmen's liens.

Notwithstanding any other provision of this chapter, or any other provisions of law requiring documents to be recorded in the miscellaneous lien books or the deed books of the clerk's office of any court, from July 1, 1978, all memoranda of liens arising under this subsection shall, in the discretion of the clerk, be recorded in the miscellaneous lien books or the deed books in such clerk's office. Any memorandum shall be indexed in the general index to deeds, and such general index shall identify the lien as a lien for subdivision regular or special assessments.

The association, in order to perfect the lien given by this subsection, shall file before the expiration of ninety days from the time such special or regular assessment became due and payable in the clerk's office of the county or city in which the subdivision is situated, a memorandum, verified by the oath of the president of the association, which memorandum shall contain:

1. A description of the subdivision;

2. The name or names of the persons constituting the owners of the lot;

3. The amount of unpaid special or regular assessments currently due or past due applicable to the lot, together with the date when each fell due; and

4. The date of issuance of the memorandum.

It shall be the duty of the clerk in whose office the memorandum shall be filed as hereinabove provided to record and index the same as provided in this subsection, in the names of the persons identified therein as well as in the name of the association. The cost of recording such memorandum shall be taxed against the person found liable for any judgment or decree enforcing such lien. It shall be lawful for such memorandum to be filed as one statement listing therein the above required information and each of the lot owners whose property within the subdivision is liened thereby. The cost of filing shall be as provided in subdivision (2) of § 14.1-112.

No suit to enforce any lien perfected under this subsection shall be brought after one year from the time when the memorandum of lien was recorded; however, the filing of a petition to enforce any such lien in any suit wherein such petition may be properly filed shall be regarded as the institution of a suit under this subsection; and provided, further, that nothing herein shall extend the time within which any such lien may be perfected. Nothing shall preclude the association from filing a single suit listing all unpaid delinquent and enumerated lot owners as defendants, and obtaining judgment against those so adjudicated by the court hearing the cause.

The judgment or decree in an action brought pursuant to this subsection shall include, without limitation, reimbursement for costs and attorney's fees, together with the interest at the maximum lawful rate for the sums secured by the lien from the time each such sum became due and payable.

When payment or satisfaction is made of a debt secured by the lien perfected by this subsection, the lien shall be released in accordance with the provisions of § 55-66.3. For the purposes of § 55-66.3, the president or secretary of the association shall be deemed the duly authorized agent of the lien creditor.

Nothing in this subsection shall be construed to prohibit the recovery of sums for which this subsection creates a lien.

Any lot owner within the subdivision having executed a contract for the disposition of the lot, shall be entitled, upon request, to a recordable statement setting forth the amount of unpaid regular or special assessments currently levied against that lot. Such request shall be in writing, directed to the president of the association and delivered to the principal office of the association. Failure of the association to furnish or make available such a statement within five business days from the receipt of such written request shall extinguish the lien created by this subsection as to the lot involved. Payment of a fee not exceeding fifteen dollars may be required as a prerequisite to the issuance of such a statement if the bylaws of the association so provide.

E. Upon July 1, 1978, and a subdivision becoming subject to the terms thereof and the requirements outlined in subdivisions 1 through 8 of subsection A of this section have not been performed then the requirements shall have to be fully complied with within a period of ninety days from July 1, 1978, and upon failure to fully perform all of such requirements within the ninety-day period the failure so to do shall constitute a violation of this subsection.

F. Each lot owner within a subdivision which falls within the definition of this chapter shall be responsible for his pro rata share of the cost of maintaining the common areas and common facilities owned by the association. For purposes of this subsection, common facilities and common areas shall be defined to mean only the roads and lakes within the subdivision and maintenance shall include any orderly program for the continued upkeep and improvement of such roads and lakes. The association shall have the responsibility of determining the pro rata share assessed against each lot owner and such amount assessed thereby shall be in addition to the annual or special assessment otherwise obligated by each member of the association.

G. Providing the definition of subdivision as detailed in subdivision 5 b of § 55-337 is complied with, the property owners' association at the subject subdivision shall have the powers and duties enumerated in subsections C, D and F of this section as well as the rights and authority to establish those procedures outlined in subdivisions A 4, A 5 and A 6 and the penalties in subdivision A 8 herein, but shall also have the obligations imposed by such subdivisions and those of subdivisions A 9 through A 12.

§ 58.1-403. Additional modifications to determine Virginia taxable income for certain corporations.

In addition to the modifications set forth in § 58.1-402 for determining Virginia taxable income for corporations generally, the adjustments set forth in subdivision 1 shall be made to the federal taxable income for savings and loan associations institutions and as set forth in subdivisions 2 and 3 for railway companies and as set forth in subdivisions 6 and 7 for telecommunications companies.

1. There shall be added the deduction allowed for bad debts. The percentage which would have been used in determining the bad debt deduction under the Internal Revenue Code of 1954, as in effect immediately prior to the enactment of the Tax Reform Act of 1986 (Public Law 99-514), shall then be applied to federal taxable income as adjusted under the provisions of § 58.1-402 and the amount so determined subtracted therefrom.

2. There shall be added to federal taxable income any amount which was deducted in determining taxable income as a net operating loss carry-over from any taxable year beginning on or before December 31, 1978.

3. Where such railway company would have been allowed to deduct an amount as a net operating loss carry-over or net capital loss carry-over in determining taxable income for a taxable year beginning after December 31, 1978, but for the fact that such loss, or a portion of such loss, had been carried back in determining taxable income for a taxable year beginning prior to January 1, 1979, there shall be added to federal taxable income any amount which was actually deducted in determining taxable income as a net operating loss carry-over or net capital loss carry-over and there shall be subtracted from federal taxable income the amount which could have been deducted as a net operating loss carry-over or net capital loss carry-over in arriving at taxable income but for the fact that such loss, or a portion of such loss, had been carried back for federal purposes.

4, 5. [Repealed.]

6. There shall be added to federal taxable income any amount which was deducted in determining taxable income as a net operating loss carry-over from any taxable year beginning on or before December 31, 1988.

7. Where such telecommunications company would have been allowed to deduct an amount as a net operating loss carry-over or net capital loss carry-over in determining taxable income for a taxable year beginning after December 31, 1988, but for the fact that such loss, or a portion of such loss, had been carried back in determining taxable income for a taxable year beginning prior to January 1, 1989, there shall be added to federal taxable income any amount which was actually deducted in determining taxable income as a net operating loss carry-over or net capital loss carry-over and there shall be subtracted from federal taxable income the amount which could have been deducted as a net operating loss carry-over or net capital loss in arriving at taxable income but for the fact that such loss, or a portion of such loss, had been carried back for federal purposes.

§ 58.1-3149. Money received to be deposited.

All money received by a treasurer for the account of either the Commonwealth or the treasurer's county or city shall be deposited intact by the treasurer as promptly as practical after its receipt in a bank or savings and loan association institution authorized to act as depository therefor. All deposits made pursuant to this provision shall be made in the name of the treasurer's county or city. The treasurer may designate any bank or savings and loan association authorized to act as a depository to receive any payments due to the county or city directly, either through a processing facility or through a branch office.

§ 58.1-3706. Limitation on rate of license taxes.

A. Except as specifically provided in this section, no local license tax imposed pursuant to the provisions of this chapter, except §§ 58.1-3712, 58.1-3712.1 and 58.1-3713, or any other provision of this title or any charter, shall be greater than thirty dollars or the rate set forth below for the class of enterprise listed, whichever is higher:

1. For contracting, and persons constructing for their own account for sale, sixteen cents per $100 of gross receipts;

2. For retail sales, twenty cents per $100 of gross receipts;

3. For financial, real estate and professional services, fifty-eight cents per $100 of gross receipts; and

4. For repair, personal and business services, and all other businesses and occupations not specifically listed or excepted in this section, thirty-six cents per $100 of gross receipts. The rate limitations prescribed in this section shall not be applicable to license taxes on (i) wholesalers, which shall be governed by § 58.1-3716; (ii) public service companies, which shall be governed by § 58.1-3731; (iii) carnivals, circuses and speedways, which shall be governed by § 58.1-3728; (iv) fortune-tellers, which shall be governed by § 58.1-3726; (v) massage parlors; (vi) itinerant merchants or peddlers, which shall be governed by § 58.1-3717; (vii) permanent coliseums, arenas, or auditoriums having a maximum capacity in excess of 10,000 persons and open to the public, which shall be governed by § 58.1-3729; (viii) savings and loan associations institutions, which shall be governed by § 58.1-3730; (ix) photographers, which shall be governed by § 58.1-3727; and (x) direct sellers, which shall be governed by § 58.1-3719.1.

B. Any county, city or town which had, on January 1, 1978, a license tax rate, for any of the categories listed in subsection A, higher than the maximum prescribed in subsection A may maintain a higher rate in such category, but no higher than the rate applicable on January 1, 1978, subject to the following conditions:

1. A locality may not increase a rate on any category which is at or above the maximum prescribed for such category in subsection A.

2. If a locality increases the rate on a category which is below the maximum, it shall apply all revenue generated by such increase to reduce the rate on a category or categories which are above such maximum.

3. A locality shall lower rates on categories which are above the maximums prescribed in subsection A for any tax year after 1982 if it receives more revenue in tax year 1981, or any tax year thereafter, than the revenue base for such year. The revenue base for tax year 1981 shall be the amount of revenue received from all categories in tax year 1980, plus one-third of the amount, if any, by which such revenue received in tax year 1981 exceeds the revenue received for tax year 1980. The revenue base for each tax year after 1981 shall be the revenue base of the preceding tax year plus one-third of the increase in the revenues of the subsequent tax year over the revenue base of the preceding tax year. If in any tax year the amount of revenues received from all categories exceeds the revenue base for such year, the rates shall be adjusted as follows: The revenues of those categories with rates at or below the maximum shall be subtracted from the revenue base for such year. The resulting amount shall be allocated to the category or categories with rates above the maximum in a manner determined by the locality, and divided by the gross receipts of such category for the tax year. The resulting rate or rates shall be applicable to such category or categories for the second tax year following the year whose revenue was used to make the calculation.

C. Any person engaged in the short-term rental business as defined in § 58.1-3510 shall be classified in the category of retail sales for license tax rate purposes.

D. 1. Any person, firm, or corporation designated as the principal or prime contractor receiving identifiable federal appropriations for research and development services as defined in § 31.205-18 (a) of the Federal Acquisition Regulation in the areas of (i) computer and electronic systems, (ii) computer software, (iii) applied sciences, (iv) economic and social sciences, and (v) electronic and physical sciences shall be subject to a license tax rate not to exceed three cents per $100 of such federal funds received in payment of such contracts upon documentation provided by such person, firm or corporation to the local commissioner of revenue or finance officer confirming the applicability of this subsection.

2. Any gross receipts properly reported to a Virginia locality, classified for license tax purposes by that locality in accordance with subdivision 1 of this subsection, and on which a license tax is due and paid, or which gross receipts defined by subdivision 1 of this subsection are properly reported to but exempted by a Virginia locality from taxation, shall not be subject to local license taxation by any other locality in the Commonwealth.

3. Notwithstanding the provisions of subsection D 1 above, in any county operating under the county manager plan of government, the following shall govern the taxation of the licensees described in subsection D 1. Persons, firms, or corporations designated as the principal or prime contractors receiving identifiable federal appropriations for research and development services as defined in § 31.205-18 (a) of the Federal Acquisition Regulation in the areas of (i) computer and electronic systems, (ii) computer software, (iii) applied sciences, (iv) economic and social sciences, and (v) electronic and physical sciences may be separately classified by any such county and subject to tax at a license tax rate not to exceed the limits set forth in subsections A through C above as to such federal funds received in payment of such contracts upon documentation provided by such persons, firms, or corporations to the local commissioner of revenue or finance officer confirming the applicability of this subsection.

§ 58.1-3730. Savings institutions and credit unions; limitations.

Any license tax levied by a county, city or town on savings and loan associations institutions or on state-chartered credit unions shall be no greater than fifty dollars and shall be levied only where the main office of such association savings institution or credit union is located.

§ 59.1-199. Exclusions.

Nothing in this chapter shall apply to:

A. Any aspect of a consumer transaction which aspect is authorized under laws or regulations of this Commonwealth or the United States, or the formal advisory opinions of any regulatory body or official of this Commonwealth or the United States.

B. Acts done by the publisher, owner, agent or employee of a newspaper, periodical, or radio or television station, or other advertising media such as outdoor advertising and advertising agencies, in the publication or dissemination of an advertisement in violation of § 59.1-200, unless it be proved that such person knew that the advertisement was of a character prohibited by § 59.1-200.

C. Those aspects of a consumer transaction which are regulated by the Federal Consumer Credit Protection Act, 15 U.S.C. § 1601 et seq.

D. Banks, savings and loan associations institutions, credit unions, small loan companies, public service corporations, mortgage lenders as defined in § 6.1-409, broker-dealers as defined in § 13.1-501 and insurance companies regulated and supervised by the State Corporation Commission or a comparable federal regulating body.

E. Employment agencies licensed under Chapter 13 (§ 54.1-1300 et seq.) of Title 54.1.

F. Any aspect of a consumer transaction which is subject to the Landlord and Tenant Act, Chapter 13 (§ 55-217 et seq.) of Title 55 or the Virginia Residential Landlord and Tenant Act, Chapter 13.2 (§ 55-248.2 et seq.) of Title 55, unless the act or practice of a landlord constitutes a misrepresentation or fraudulent act or practice under § 59.1-200.

G. Real estate licensees who are licensed under Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1.

§ 59.1-265. Seller required to obtain bond or establish escrow account; action for damages against bond or account; limitation on liability of surety or escrow agent.

Before the business opportunity seller makes any of the representations set forth in § 59.1-263, the seller shall either have obtained a surety bond issued by a surety company authorized to do business in this Commonwealth or have established an escrow account with any credit union or any licensed and insured commercial bank or savings and loan association institution located in the Commonwealth of Virginia. The amount of the bond or escrow account shall be an amount not less than $50,000. Any person who is damaged by any violation of this chapter or by the business opportunity seller's breach of the contract for the business opportunity sale or of any obligation arising therefrom may bring an action against the bond or escrow account to recover damages suffered; provided, however, that the aggregate escrow liability of the surety or escrow agents under any such bond or escrow account shall be only for actual damages and in no event shall exceed the amount of the bond or escrow account.

§ 59.1-271. Definitions.

As used in this chapter:

"Business firm" means any business entity authorized to do business in the Commonwealth of Virginia and subject to the state income tax on net corporate rate income (§ 58.1-400 et seq.), or a public service company subject to a franchise or license tax on gross receipts, or a bank, mutual savings bank, savings and loan association institution, or a partnership or sole proprietorship.

"Department" means the Department of Housing and Community Development.

"Enterprise zone" means an area declared by the Governor to be eligible for the benefits of this chapter.

"Enterprise zone incentive grant" or "grant" means a grant provided pursuant to § 59.1-282.1.

"Local zone administrator" means the chief executive of the county, city, or town in which an enterprise zone is located, or his designee.

"Qualified business firm" means a business firm designated as a qualified business firm by the Department pursuant to § 59.1-279.

§ 59.1-280. State business income tax credit.

A. The Department shall certify annually to the Commissioner of the Department of Taxation, or in the case of public service companies to the Director of Public Service Taxation for the State Corporation Commission, the applicability of the tax credit provided herein for a qualified business firm against any tax due under Article 10 (§ 58.1-400 et seq.) of Chapter 3 of Title 58.1 or against any income tax, franchise tax, gross receipts tax or shares tax due from a public service company, bank, bank and trust company, trust company, insurance company, other than a foreign fire or casualty insurance company, national bank, mutual savings bank, savings and loan association institution, partnership or sole proprietorship, in an amount equaling eighty percent of the tax due to the Commonwealth for the first tax year and sixty percent of the tax due the Commonwealth for the second tax year through the tenth tax year. However, if the qualified business firm makes qualified zone investments (as defined in subsection K of § 59.1-280.1) in excess of $25 million and such qualified zone investments result in the creation of at least 100 full-time positions, the percentage amounts of the income tax credits available to such qualified business firms under this subsection shall be determined by agreement between the Department and the qualified business firm, provided such percentage amounts shall not exceed the percentages provided for other qualified business firms as set forth in the preceding sentence. Any tax credit not usable may not be applied to future tax years. The total amount of tax credits granted to qualified business firms (other than firms that are granted a tax credit under subsection J of § 59.1-280.1) under this section and to qualified zone residents under subsection B of § 59.1-280.1, for each fiscal year, shall not exceed five million dollars. However, tax credits granted under this section to business firms designated as qualified business firms prior to July 1, 1995, shall not be subject to inclusion in such five-million-dollar limitation.

B. When a partnership or a small business corporation making an election pursuant to Subchapter S of the Internal Revenue Code is eligible for a tax credit under this section, each partner or shareholder shall be eligible for the tax credit provided for in this section on his individual income tax in proportion to the amount of income received by that partner from the partnership, or shareholder from his corporation, respectively. Any qualified business firm having taxable income from business activity, both within and without the enterprise zone, shall allocate and apportion its taxable income attributable to the conduct of business in accordance with the procedures contained in §§ 58.1-302 through 58.1-420. Tax credits provided for in this section shall only apply to taxable income of a qualified business firm attributable to the conduct of business within the enterprise zone.

§ 62.1-221. Deposit of money; expenditures; security for deposits.

A. All money of the Authority, except as otherwise authorized by law or provided in this chapter, shall be deposited in an account or accounts in banks or trust companies organized under the laws of the Commonwealth or in national banking associations located in Virginia or in savings and loan associations institutions located in Virginia organized under the laws of the Commonwealth or the United States. The money in these accounts shall be paid by check signed by the Executive Director or other officers or employees and designated by the Authority. All deposits of money shall, if required by the Authority, be secured in a manner determined by the Authority to be prudent, and all banks, trust companies and savings and loan associations institutions are authorized to give security for the deposits.

B. Notwithstanding the provisions of subsection A the Authority shall have the power to contract with the holders of any of its bonds as to the custody, collection, securing, investment and payment of any money of the Authority and of any money held in trust or otherwise for the payment of bonds and to carry out such a contract. Money held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of money may be secured in the same manner as money of the Authority, and all banks and trust companies are authorized to give security for the deposits.

C. Subject to the provisions of subsection B hereof, funds of the Authority not needed for immediate use or disbursement, including any funds held in reserve, may be invested in (i) obligations or securities which are considered lawful investments for fiduciaries, both individual and corporate, as set forth in § 26-40, (ii) bankers' acceptances, or (iii) repurchase agreements, reverse repurchase agreements, rate guarantee or investment agreements or other similar banking arrangements.

D. Whenever investments are made in accordance with this section, no director, officer or employee of the Authority shall be liable for any loss therefrom in the absence of negligence, malfeasance, misfeasance or nonfeasance on his part.

§ 62.1-226. Deposit of money; expenditures; investments.

All money belonging to the Fund shall be deposited in an account or accounts in banks or trust companies organized under the laws of the Commonwealth or in national banking associations located in Virginia or in savings and loan associations institutions located in Virginia organized under the laws of the Commonwealth or the United States. The money in these accounts shall be paid by check signed by the Executive Director of the Authority or other officers or employees designated by the Board of Directors of the Authority. All deposits of money shall, if required by the Authority, be secured in a manner determined by the Authority to be prudent, and all banks, trust companies and savings and loan associations institutions are authorized to give security for the deposits. Money in the Fund shall not be commingled with other money of the Authority. Money in the Fund not needed for immediate use or disbursement may be invested or reinvested by the Authority in obligations or securities which are considered lawful investments for public funds under the laws of the Commonwealth.

§ 62.1-235. Deposit of money; expenditures; investments.

All money belonging to the Fund shall be deposited in an account or accounts in banks or trust companies organized under the laws of the Commonwealth or in national banking associations located in Virginia or in savings and loan associations institutions located in Virginia organized under the laws of the Commonwealth or the United States. The money in these accounts shall be paid by check signed by the Executive Director of the Authority or other officers or employees designated by the Board of Directors of the Authority. All deposits of money shall, if required by the Authority, be secured in a manner determined by the Authority to be prudent, and all banks, trust companies and savings and loan associations institutions are authorized to give security for the deposits. Money in the Fund shall not be commingled with other money of the Authority. Money in the Fund not needed for immediate use or disbursement may be invested or reinvested by the Authority in obligations or securities which are considered lawful investments for public funds under the laws of the Commonwealth.

§ 62.1-241.3. Deposit of money; expenditures; investments.

All money belonging to the Fund shall be deposited in an account or accounts in banks or trust companies organized under the laws of the Commonwealth or in national banking associations located in Virginia or in savings and loan associations institutions located in Virginia organized under the laws of the Commonwealth or the United States. The money in these accounts shall be paid by check signed by the Executive Director of the Authority or other officers or employees designated by the Board of Directors of the Authority. All deposits of money shall, if required by the Authority, be secured in a manner determined by the Authority to be prudent, and all banks, trust companies and savings and loan associations institutions are authorized to give security for the deposits. Money in the Fund shall not be commingled with other money of the Authority. Money in the Fund not needed for immediate use or disbursement may be invested or reinvested by the Authority in obligations or securities which are considered lawful investments for public funds under the laws of the Commonwealth.

§ 63.1-321. Definitions.

As used in this chapter:

"Business firm" means any business entity authorized to do business in the Commonwealth of Virginia and subject to the state income tax on net corporation income (§ 58.1-400 et seq.) or a public service company subject to a franchise or license tax on gross receipts, or a bank, bank and trust company, insurance company, trust company, national bank, mutual savings bank, savings and loan association institution, partnership, S corporation, or sole proprietorship.

"Community services" means any type of counseling and advice, emergency assistance, medical care, or services designed to minimize the effects of poverty, furnished to individuals or groups in an impoverished area, or impoverished people.

"Crime prevention" means any activity which aids the prevention or reduction of crime in an impoverished area.

"Education" means any type of scholastic instruction or scholarship assistance to an individual who is impoverished.

"Impoverished area" means any area in Virginia which is approved as such by the Director of the Department of Planning and Budget or his designee. Such approval shall be made on the basis of federal census studies or current indices of social and economic conditions or both.

"Impoverished people" means people in Virginia approved as such by the Director of the Department of Planning and Budget or his designee. Such approval shall be made on the basis of generally recognized low income criteria used by federal and state agencies.

"Job training" means any type of instruction to an individual who is impoverished that enables him to acquire vocational skills so that he can become employable or able to seek a higher grade of employment.

"Neighborhood organization" means any organization performing community services in an impoverished area or for impoverished people, and holding a ruling from the Internal Revenue Service of the United States Department of the Treasury that the organization is exempt from income taxation under the provisions of §§ 501 (c) (3) and 501 (c) (4) of the Internal Revenue Code of 1986, as amended from time to time, or any organization defined as a community action agency in the Economic Opportunity Act of 1964 (42 U.S.C. § 2701 et seq.), or any housing authority as defined in § 36-3.

"Neighborhood assistance" means furnishing financial assistance, labor, material, or technical advice to aid in the physical improvement of any part or all of an impoverished area, or to aid the physical improvement of the homes of impoverished people.

"Normal course of business" means those acts which are engaged in by a business firm with a view toward winning financial gain, or those acts which are performed by a business firm in the conduct of the business firm as a business.

"Professional services" means any type of personal service to the public which requires as a condition precedent to the rendering of such service the obtaining of a license or other legal authorization and shall include, but shall not be limited to, the personal services rendered by medical doctors, dentists, architects, professional engineers, certified public accountants and attorneys-at-law.

§ 63.1-324. Tax credit, amount, limitation, carry over.

The Commissioner of the Department of Social Services or his designee shall certify to the Commissioner of the Department of Taxation, or in the case of public service corporations subject to a license tax imposed by Chapter 26 (§ 58.1-2600 et seq.) of Title 58.1, to the Director of Public Service Taxation for the State Corporation Commission, the applicability of the tax credit provided herein for a business firm against any tax due under Article 10 (§ 58.1-400 et seq.) of Chapter 3 of Title 58.1 or against any income tax, franchise tax, gross receipts tax or premium tax due from a public service company, bank, bank and trust company, trust company, insurance company, other than a foreign fire or casualty insurance company, national bank, mutual savings bank, savings and loan association institution, partnership, S corporation, or sole proprietorship, in an amount equaling fifty percent of the total amount invested by the business firm during its taxable year in programs approved pursuant to § 63.1-323. Notwithstanding the provisions of § 63.1-325, credits granted to a clinic organized in whole or in part for the delivery of health care services without charge may be assigned by the clinic to physicians and dentists who are licensed pursuant to Title 54.1 and who provide health care services without charge within the scope of their licensure at the clinic. No tax credit of less than $50 shall be granted for any individual proposal, and a business firm shall not be allowed a tax credit in excess of $175,000 per taxable year. No tax credit shall be granted to any business firm for activities that are a part of its normal course of business. Any tax credit not usable for the period the investment was made may be carried over to the extent usable for the next five succeeding taxable years or until the full credit has been utilized, whichever is sooner.