Virginia § 45.2-1240 Decreases in size of Fund

Virginia Statutes

§ 45.2-1240 — Decreases in size of Fund

Virginia § 45.2-1240

JurisdictionVirginia

Title 45.2Mines, Minerals, and Energy

Subtitle IIIMineral Mines

Ch. 12Permits for Certain Mining Operations; Reclamation of Land

Art. 4Minerals Reclamation Fund

Part AMineral Mines Generally

This text of Virginia § 45.2-1240 (Decreases in size of Fund) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 45.2-1240 (2026).

Text

Whenever the size of the Fund decreases to less than $2 million, the Director shall suspend the return of payments pursuant to § 45.2-1237 and shall assess all members an equal amount for each affected acre, for a total amount sufficient to raise the Fund to $2 million. In lieu of such assessment, all members shall at the request of the Director post bonds or other securities within six months after the Director so notifies the members. Failure of a member to post bond or other surety or to pay the required assessment shall result in the revocation of the permit of the member and the forfeiture of the member's payments in accordance with § 45.2-1238.

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Whenever the size of the Fund decreases to less than $2 million, the Director shall suspend the return of payments pursuant to § 45.2-1237 and shall assess all members an equal amount for each affected acre, for a total amount sufficient to raise the Fund to $2 million. In lieu of such assessment, all members shall at the request of the Director post bonds or other securities within six months after the Director so notifies the members. Failure of a member to post bond or other surety or to pay the required assessment shall result in the revocation of the permit of the member and the forfeiture of the member's payments in accordance with § 45.2-1238.