2.2-2240 - Nonstock corporation to assist economic development. - Virginia Statutes

§ 2.2-2240. Nonstock corporation to assist economic development.

The Board may establish nonprofit, nonstock corporations under Chapter 10 (§13.1-801 et seq.) of Title 13.1 as public instrumentalities exercising publicand essential governmental functions, to assist the Board and the Authorityin (i) promoting Virginia's economic development and tourism promotionefforts in the national and international corporate community; (ii) raisingmoney in the corporate and nonprofit community to pay for advertising andpromotion of the Commonwealth; (iii) raising nonstate dollars to complementstate and local economic development activities; or (iv) conducting orundertaking other activities useful in carrying out the provisions of thisarticle.

The board of directors of any such corporation shall be composed of the ChiefExecutive Officer of the Authority and eight members appointed by the Boardof the Authority. However, any such corporation established to promote thetourism industry in the Commonwealth shall be composed of the Chief ExecutiveOfficer of the Authority, six members appointed by the Board of theAuthority, and six members who represent the tourism industry appointed bythe Governor. The terms of the members of any corporation established topromote the tourism industry in the Commonwealth appointed by the Governorshall be four years.

The Board shall require any such corporation to report to it at leastannually on its activities.

(1995, c. 638, § 2.1-548.43; 1996, cc. 590, 598; 2001, c. 844; 2010, c. 869.)