CODE OF VIRGINIA OWNING PROPERTY (§ 15.2-5338) An authority shall have power to own, hold, clear and improve property and to insure or provide for the insurance of the property or operations of the authority against such risks as the authority may deem advisable. HISTORY: Code 1950, § 32-252; 1979, c. 719, § 15.1-1573; 1997, c. 587.