{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-6308.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-6308.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-6308.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-6308.1.html"}],"law_id":349026,"edition_id":2,"section_id":349026,"structure_id":50024,"section_number":"15.2-6308.1","catch_line":"Approval of Governor required","history":"2005, cc. 869, 887.","full_text":"If an authority desires to undertake a project or other activity as provided in this chapter, and the property involved in such undertaking is subject to a reversionary interest in favor of the Commonwealth, such undertaking shall require the prior approval of the Governor but shall not require the approval of any other agency or political subdivision of the Commonwealth. Once the Governor grants such approval, the Commonwealth’s reversionary interest in such property shall be subordinate to any lease, mortgage, or other transaction entered into by such authority with regard to such property.\n\n","order_by":null,"text":{"0":{"id":1300952,"text":"If an authority desires to undertake a project or other activity as provided in this chapter, and the property involved in such undertaking is subject to a reversionary interest in favor of the Commonwealth, such undertaking shall require the prior approval of the Governor but shall not require the approval of any other agency or political subdivision of the Commonwealth. Once the Governor grants such approval, the Commonwealth’s reversionary interest in such property shall be subordinate to any lease, mortgage, or other transaction entered into by such authority with regard to such property.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":50024,"edition_id":2,"name":"Authorities for Development of Former Federal Areas","identifier":"63","label":"chapter","depth":3,"order_by":27,"parent_id":49964,"metadata":{"child_laws":27,"child_structures":0},"date_created":"2026-08-02 02:20:24","date_modified":"2026-08-02 12:29:55","permalink":{"id":1387119,"object_type":"structure","relational_id":50024,"identifier":"63","token":"15.2\/IV\/63","url":"\/15.2\/IV\/63\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49964,"edition_id":2,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":4,"parent_id":49831,"metadata":{"child_laws":721,"child_structures":68},"date_created":"2026-08-02 02:19:12","date_modified":"2026-08-02 12:29:48","permalink":{"id":1384899,"object_type":"structure","relational_id":49964,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49831,"edition_id":2,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":46,"parent_id":null,"metadata":{"child_laws":2297,"child_structures":225},"date_created":"2026-08-02 02:16:22","date_modified":"2026-08-02 12:29:22","permalink":{"id":1378281,"object_type":"structure","relational_id":49831,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":349017,"structure_id":50024,"section_number":"15.2-6300","catch_line":"Declaration of policy for authorities created by the Governor","url":"\/15.2-6300\/","token":"15.2\/IV\/63\/15.2-6300","metadata":false},{"id":349016,"structure_id":50024,"section_number":"15.2-6300.1","catch_line":"Declaration of policy for authorities created by a locality","url":"\/15.2-6300.1\/","token":"15.2\/IV\/63\/15.2-6300.1","metadata":false},{"id":349018,"structure_id":50024,"section_number":"15.2-6301","catch_line":"Definitions","url":"\/15.2-6301\/","token":"15.2\/IV\/63\/15.2-6301","metadata":false},{"id":349019,"structure_id":50024,"section_number":"15.2-6302","catch_line":"Establishment of development authorities","url":"\/15.2-6302\/","token":"15.2\/IV\/63\/15.2-6302","metadata":false},{"id":349020,"structure_id":50024,"section_number":"15.2-6303","catch_line":"Authorities to file annual reports","url":"\/15.2-6303\/","token":"15.2\/IV\/63\/15.2-6303","metadata":false},{"id":349022,"structure_id":50024,"section_number":"15.2-6304","catch_line":"Board of commissioners; 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additional security; liability thereon","url":"\/15.2-6312\/","token":"15.2\/IV\/63\/15.2-6312","metadata":false},{"id":349033,"structure_id":50024,"section_number":"15.2-6313","catch_line":"Bonds to be authorized by resolution of board; terms; sale; negotiability; validity","url":"\/15.2-6313\/","token":"15.2\/IV\/63\/15.2-6313","metadata":false},{"id":349035,"structure_id":50024,"section_number":"15.2-6314","catch_line":"Exemption from taxation; authorities to be municipal corporate instrumentalities of Commonwealth","url":"\/15.2-6314\/","token":"15.2\/IV\/63\/15.2-6314","metadata":false},{"id":349034,"structure_id":50024,"section_number":"15.2-6314.1","catch_line":"Applicability of the Virginia Personnel Act and the Virginia Public Procurement Act","url":"\/15.2-6314.1\/","token":"15.2\/IV\/63\/15.2-6314.1","metadata":false},{"id":349036,"structure_id":50024,"section_number":"15.2-6315","catch_line":"Provisions for securing payment of bonds","url":"\/15.2-6315\/","token":"15.2\/IV\/63\/15.2-6315","metadata":false},{"id":349037,"structure_id":50024,"section_number":"15.2-6316","catch_line":"Rights and remedies of obligees","url":"\/15.2-6316\/","token":"15.2\/IV\/63\/15.2-6316","metadata":false},{"id":349038,"structure_id":50024,"section_number":"15.2-6317","catch_line":"Rents, fees and charges; 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This law was first created in 2005. The record of its establishment is cataloged in chapters 869<\/a> and 887<\/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":false,"permalink":{"id":1387165,"object_type":"law","relational_id":349026,"identifier":"15.2-6308.1","token":"15.2\/IV\/63\/15.2-6308.1","url":"\/15.2-6308.1\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-6308.1\/","token":"15.2\/IV\/63\/15.2-6308.1","dublin_core":{"Title":"Approval of Governor required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-6308.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

If an authority<\/span> desires to undertake a project<\/span> or other activity as provided in this chapter, and the property involved in such undertaking is subject to a reversionary interest in favor of the Commonwealth, such undertaking shall require the prior approval of the Governor but shall not require the approval of any other agency or political subdivision of the Commonwealth. Once the Governor grants such approval, the Commonwealth’s reversionary interest in such property shall be subordinate to any lease, mortgage, or other transaction entered into by such authority with regard to such property.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAPPROVAL OF GOVERNOR REQUIRED (\u00a7 15.2-6308.1)\n\nIf an authority desires to undertake a project or other activity as provided in\nthis chapter, and the property involved in such undertaking is subject to a\nreversionary interest in favor of the Commonwealth, such undertaking shall\nrequire the prior approval of the Governor but shall not require the approval of\nany other agency or political subdivision of the Commonwealth. Once the Governor\ngrants such approval, the Commonwealth’s reversionary interest in such\nproperty shall be subordinate to any lease, mortgage, or other transaction\nentered into by such authority with regard to such property.\n\nHISTORY: 2005, cc. 869, 887.","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"}}