A. Subject to a public hearing held pursuant to § 15.2-7502, a locality may by ordinance designate an existing nonprofit entity and its governing board to carry out the functions of a land bank entity. The ordinance shall include a finding by the locality that the governance structure, articles of incorporation, charters, bylaws, and other corporate documents are sufficient to authorize the designated existing nonprofit entity to carry out the provisions of the Act.
B. An existing nonprofit entity designated pursuant to this section shall not be required to comply with the provisions of § 15.2-7503.
2016, cc. 159, 383.