Skip to main content
Find a Lawyer

Virginia Code Title 22.1. Education § 22.1-232. Contracts

Current as of January 01, 2025 | Updated by Findlaw Staff

A. Where a school board undertakes a career and technical education project by contract with a corporation, the school board may advance, contribute and loan funds to the corporation. The contract shall contain:

1. a system of accounting;

2. the terms upon which any profits from the sale of the project will be allocated between the school board and the corporation;

3. conditions for the return with interest of any funds advanced by the school board;

4. a provision that upon the dissolution of the corporation, any assets remaining after payment of just debts shall be transferred to and become the property of the school board;

5. a provision that, upon the completion of any project, the school board may determine not to participate in further projects;

6. a provision that the school board may at any time require the return of funds to which it is entitled.

B. Where the school board contributes or loans funds to the corporation, such contract shall provide for the posting of a bond with surety by the officers of the corporation conditioned to protect the rights of the school board.

C. Such contract may provide for the establishment of an escrow fund for the purpose of funding future projects.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Virginia Code Title 22.1. Education § 22.1-232. Contracts - last updated January 01, 2025 | https://codes.findlaw.com/va/title-22-1-education/va-code-sect-22-1-232/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard