Non Profit Athletics Act

Updated the citation for corporate powers from §31E-1-1 to §31E-1-101 to align with the correct section of the Nonprofit Corporation Act.

Changed the origin description from 'Introduced by Delegates' to 'Originating in the Committee on the Judiciary'.

Adjusted the session header to use lowercase 'regular session' and 'virginia legislature'.

New requirement that upon dissolution, corporation assets must be transferred to another 501(c)(3) organization designated by the governing board.

Clarified that voting corporate directors must consist solely of institution employees or their affiliates for athletics-related corporations.

Expanded corporate powers to include owning membership interests in legal entities and receiving intellectual property licensing rights.

Added specific provisions allowing corporations to receive, purchase, hold, lease, use, sell, and dispose of real and personal property.

Format changes from committee substitute to enrolled version, including certification signatures and final enactment language.