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Virginia Law

Code of Virginia

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Code of Virginia
Title 45.2. Mines, Minerals, and Energy
Chapter 12. Permits for Certain Mining Operations; Reclamation of Land
3/19/2025

§ 45.2-1240. Decreases in size of Fund.

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.

1978, c. 634, § 45.1-197.14; 2017, c. 4; 2021, Sp. Sess. I, c. 387.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.