15.2-5504 - Powers of Authority. - Virginia Statutes

§ 15.2-5504. Powers of Authority.

The Authority shall have the following powers together with all powersincidental thereto or necessary for the performance of those hereinafterstated:

1. To sue and be sued and to prosecute and defend, at law or in equity, inany court having jurisdiction of the subject matter and of the parties;

2. To adopt and use a corporate seal and to alter the same at pleasure;

3. To contract and be contracted with;

4. To employ and pay compensation to such employees and agents, includingattorneys, as the board of directors deem necessary in carrying on thebusiness of the Authority;

5. To exercise all powers expressly given the Authority by the governingbodies of the participating localities which established the Authority and toestablish bylaws and make all rules and regulations, not inconsistent withthe provisions of this chapter, deemed expedient for the management of theAuthority's affairs;

6. To borrow money and to accept contributions, grants and other financialassistance from the United States of America and agencies orinstrumentalities thereof, the Commonwealth, or any political subdivision,agency, or public instrumentality of the Commonwealth;

7. To formulate a tourism development agenda for each participating localityin the LENOWISCO and Cumberland Plateau Planning District Commissions;

8. To receive and expend moneys on behalf of tourism development;

9. To coordinate the participating localities' individual tourism plans; and

10. To form corporations, limited partnerships or limited liability companiesfor the purposes of fostering or promoting tourism, job creation, economicdevelopment, or the sale of goods manufactured and produced in Virginia.

(1993, c. 663, § 15.1-1399.21; 1997, c. 587; 2004, c. 806.)