{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/10.1-2404.2.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/10.1-2404.2.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/10.1-2404.2.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/10.1-2404.2.html"}],"law_id":345935,"edition_id":2,"section_id":345935,"structure_id":49680,"section_number":"10.1-2404.2","catch_line":"Operations of fund; termination","history":"1999, c. 558.","full_text":"A\n\nThe 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 Trust Fund, and the income therefrom, shall be deemed to be gifts to the Commonwealth and therefore exempt from all state and local taxes. Any income earned from gifts, bequests, rent, securities, and other property of the Trust Fund shall be the property of the Trust Fund. Any gifts received by the Virginia Historic Preservation Foundation while the Association for the Preservation of Virginia Antiquities is administering the Trust Fund, as well as any income which may accrue thereon, shall be deposited in the Trust Fund within ninety days of receipt.\n\nB\n\nBy November 1 of each year, the Association for the Preservation of Virginia Antiquities shall submit a copy of its audited financial statement to the Director of the Department of Historic Resources and to the Attorney General.\n\nC\n\nPrior to January 1, 2003, the Board of Trustees of the Virginia Historic Preservation Foundation is authorized to review the operation of the Trust Fund. If it finds that such operation is not fulfilling the requirements of the trust agreement, it may recommend to the Governor that the trust agreement with the Association for the Preservation of Virginia Antiquities be terminated. If the Governor finds that such termination is in the best interest of the Commonwealth, he may direct the Association for the Preservation of Virginia Antiquities to reconvey all the assets of the Trust Fund to the Virginia Historic Preservation Foundation.\n\nD\n\nOn and after January 1, 2003, if the Fund has not been reconveyed to the Virginia Historic Preservation Foundation, (i) the Foundation shall cease to exist and its minutes and any remaining assets shall become the property of the Department of Historic Resources and (ii) the Attorney General shall have the authority to take legal action on behalf of the Commonwealth to enforce the terms of the trust agreement established under § 10.1-2404.1.\n\n","order_by":null,"text":{"0":{"id":1289882,"text":"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 Trust Fund, and the income therefrom, shall be deemed to be gifts to the Commonwealth and therefore exempt from all state and local taxes. Any income earned from gifts, bequests, rent, securities, and other property of the Trust Fund shall be the property of the Trust Fund. Any gifts received by the Virginia Historic Preservation Foundation while the Association for the Preservation of Virginia Antiquities is administering the Trust Fund, as well as any income which may accrue thereon, shall be deposited in the Trust Fund within ninety days of receipt.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1289883,"text":"By November 1 of each year, the Association for the Preservation of Virginia Antiquities shall submit a copy of its audited financial statement to the Director of the Department of Historic Resources and to the Attorney General.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":1289884,"text":"Prior to January 1, 2003, the Board of Trustees of the Virginia Historic Preservation Foundation is authorized to review the operation of the Trust Fund. If it finds that such operation is not fulfilling the requirements of the trust agreement, it may recommend to the Governor that the trust agreement with the Association for the Preservation of Virginia Antiquities be terminated. If the Governor finds that such termination is in the best interest of the Commonwealth, he may direct the Association for the Preservation of Virginia Antiquities to reconvey all the assets of the Trust Fund to the Virginia Historic Preservation Foundation.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":1289885,"text":"On and after January 1, 2003, if the Fund has not been reconveyed to the Virginia Historic Preservation Foundation, (i) the Foundation shall cease to exist and its minutes and any remaining assets shall become the property of the Department of Historic Resources and (ii) the Attorney General shall have the authority to take legal action on behalf of the Commonwealth to enforce the terms of the trust agreement established under § 10.1-2404.1.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":49680,"edition_id":2,"name":"Historic Preservation Trust Fund","identifier":"24.1","label":"chapter","depth":3,"order_by":4,"parent_id":49674,"metadata":{"child_laws":2,"child_structures":0},"date_created":"2026-08-02 02:13:18","date_modified":"2026-08-02 12:29:02","permalink":{"id":1374077,"object_type":"structure","relational_id":49680,"identifier":"24.1","token":"10.1\/III\/24.1","url":"\/10.1\/III\/24.1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49674,"edition_id":2,"name":"Activities Administered by the Department of Historic Resources","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":49584,"metadata":{"child_laws":46,"child_structures":8},"date_created":"2026-08-02 02:13:13","date_modified":"2026-08-02 12:29:01","permalink":{"id":1373909,"object_type":"structure","relational_id":49674,"identifier":"III","token":"10.1\/III","url":"\/10.1\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49584,"edition_id":2,"name":"Conservation","identifier":"10.1","label":"title","depth":1,"order_by":38,"parent_id":null,"metadata":{"child_laws":886,"child_structures":125},"date_created":"2026-08-02 02:11:52","date_modified":"2026-08-02 12:28:44","permalink":{"id":1370315,"object_type":"structure","relational_id":49584,"identifier":"10.1","token":"10.1","url":"\/10.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":345934,"structure_id":49680,"section_number":"10.1-2404.1","catch_line":"Establishment of Historic Preservation Trust Fund","url":"\/10.1-2404.1\/","token":"10.1\/III\/24.1\/10.1-2404.1","metadata":false},{"id":345935,"structure_id":49680,"section_number":"10.1-2404.2","catch_line":"Operations of fund; termination","url":"\/10.1-2404.2\/","token":"10.1\/III\/24.1\/10.1-2404.2","metadata":false}],"previous_section":{"id":345934,"structure_id":49680,"section_number":"10.1-2404.1","catch_line":"Establishment of Historic Preservation Trust Fund","url":"\/10.1-2404.1\/","token":"10.1\/III\/24.1\/10.1-2404.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/10.1-2404.2\/","history_text":"

This law was first created in 1999. The record of its establishment is cataloged in chapter 558<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":345934,"section_number":"10.1-2404.1","catch_line":"Establishment of Historic Preservation Trust Fund","order_by":null,"url":"\/10.1-2404.1\/"}],"permalink":{"id":1374083,"object_type":"law","relational_id":345935,"identifier":"10.1-2404.2","token":"10.1\/III\/24.1\/10.1-2404.2","url":"\/10.1-2404.2\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/10.1-2404.2\/","token":"10.1\/III\/24.1\/10.1-2404.2","dublin_core":{"Title":"Operations of fund; termination","Type":"Text","Format":"text\/html","Identifier":"\u00a7 10.1-2404.2","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Trust Fund shall consist of the property received pursuant to § 10.1-2404.1<\/a> and any gifts, grants, or appropriations made to the Trust Fund. Gifts and bequests of money, securities, and other property to the Trust Fund, and the income therefrom, shall be deemed to be gifts to the Commonwealth and therefore exempt from all state and local taxes. Any income earned from gifts, bequests, rent, securities, and other property of the Trust Fund shall be the property of the Trust Fund. Any gifts received by the Virginia Historic Preservation Foundation while the Association for the Preservation of Virginia Antiquities is administering the Trust Fund, as well as any income which may accrue thereon, shall be deposited in the Trust Fund within ninety days of receipt. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> By November 1 of each year, the Association for the Preservation of Virginia Antiquities shall submit a copy of its audited financial statement to the Director<\/span> of the Department<\/span> of Historic Resources and to the Attorney General<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Prior to January 1, 2003, the Board<\/span> of Trustees of the Virginia Historic Preservation Foundation is authorized to review the operation of the Trust Fund. If it finds that such operation is not fulfilling the requirements of the trust agreement, it may recommend to the Governor that the trust agreement with the Association for the Preservation of Virginia Antiquities be terminated. If the Governor finds that such termination is in the best interest of the Commonwealth, he may direct the Association for the Preservation of Virginia Antiquities to reconvey all the assets<\/span> of the Trust Fund to the Virginia Historic Preservation Foundation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> On and after January 1, 2003, if the Fund has not been reconveyed to the Virginia Historic Preservation Foundation, (i) the Foundation shall cease to exist and its minutes and any remaining assets<\/span> shall become the property of the Department<\/span> of Historic Resources and (ii) the Attorney General<\/span> shall have the authority to take legal action on behalf of the Commonwealth to enforce the terms of the trust agreement established under § 10.1-2404.1<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nOPERATIONS OF FUND; TERMINATION (\u00a7 10.1-2404.2)\n\nA. The Trust Fund shall consist of the property received pursuant to §\n10.1-2404.1 and any gifts, grants, or appropriations made to the Trust Fund.\nGifts and bequests of money, securities, and other property to the Trust Fund,\nand the income therefrom, shall be deemed to be gifts to the Commonwealth and\ntherefore exempt from all state and local taxes. Any income earned from gifts,\nbequests, rent, securities, and other property of the Trust Fund shall be the\nproperty of the Trust Fund. Any gifts received by the Virginia Historic\nPreservation Foundation while the Association for the Preservation of Virginia\nAntiquities is administering the Trust Fund, as well as any income which may\naccrue thereon, shall be deposited in the Trust Fund within ninety days of\nreceipt.\n\nB. By November 1 of each year, the Association for the Preservation of Virginia\nAntiquities shall submit a copy of its audited financial statement to the\nDirector of the Department of Historic Resources and to the Attorney General.\n\nC. Prior to January 1, 2003, the Board of Trustees of the Virginia Historic\nPreservation Foundation is authorized to review the operation of the Trust Fund.\nIf it finds that such operation is not fulfilling the requirements of the trust\nagreement, it may recommend to the Governor that the trust agreement with the\nAssociation for the Preservation of Virginia Antiquities be terminated. If the\nGovernor finds that such termination is in the best interest of the\nCommonwealth, he may direct the Association for the Preservation of Virginia\nAntiquities to reconvey all the assets of the Trust Fund to the Virginia\nHistoric Preservation Foundation.\n\nD. On and after January 1, 2003, if the Fund has not been reconveyed to the\nVirginia Historic Preservation Foundation, (i) the Foundation shall cease to\nexist and its minutes and any remaining assets shall become the property of the\nDepartment of Historic Resources and (ii) the Attorney General shall have the\nauthority to take legal action on behalf of the Commonwealth to enforce the\nterms of the trust agreement established under § 10.1-2404.1.\n\nHISTORY: 1999, c. 558.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}