10.1-2404.2 - Operations of fund; termination.
§ 10.1-2404.2. Operations of fund; termination.
A. The Trust Fund shall consist of the property received pursuant to §10.1-2404.1 and any gifts, grants, or appropriations made to the Trust Fund.Gifts and bequests of money, securities, and other property to the TrustFund, and the income therefrom, shall be deemed to be gifts to theCommonwealth and therefore exempt from all state and local taxes. Any incomeearned from gifts, bequests, rent, securities, and other property of theTrust Fund shall be the property of the Trust Fund. Any gifts received by theVirginia Historic Preservation Foundation while the Association for thePreservation of Virginia Antiquities is administering the Trust Fund, as wellas any income which may accrue thereon, shall be deposited in the Trust Fundwithin ninety days of receipt.
B. By November 1 of each year, the Association for the Preservation ofVirginia Antiquities shall submit a copy of its audited financial statementto the Director of the Department of Historic Resources and to the AttorneyGeneral.
C. Prior to January 1, 2003, the Board of Trustees of the Virginia HistoricPreservation Foundation is authorized to review the operation of the TrustFund. If it finds that such operation is not fulfilling the requirements ofthe trust agreement, it may recommend to the Governor that the trustagreement with the Association for the Preservation of Virginia Antiquitiesbe terminated. If the Governor finds that such termination is in the bestinterest of the Commonwealth, he may direct the Association for thePreservation of Virginia Antiquities to reconvey all the assets of the TrustFund to the Virginia Historic Preservation Foundation.
D. On and after January 1, 2003, if the Fund has not been reconveyed to theVirginia Historic Preservation Foundation, (i) the Foundation shall cease toexist and its minutes and any remaining assets shall become the property ofthe Department of Historic Resources and (ii) the Attorney General shall havethe authority to take legal action on behalf of the Commonwealth to enforcethe terms of the trust agreement established under § 10.1-2404.1.
(1999, c. 558.)