23-38.91 - Responsibility and accountability for management of institution; governance. - Virginia Statutes

§ 23-38.91. Responsibility and accountability for management of institution;governance.

A. The Board of Visitors and administration of a public university or collegeof the Commonwealth that meets the requirements of this subchapter todemonstrate the ability to manage successfully the administrative andfinancial operations of the institution without jeopardizing the financialintegrity and stability of the institution may enter into negotiation withthe Governor to develop a management agreement with the Commonwealth, asprovided in this subchapter. Consistent with the terms of the managementagreement, the Board of Visitors shall assume full responsibility formanagement of the institution, subject to the requirements and conditions setforth in this subchapter, the general requirements for management agreementsas provided in § 23-38.88, and the specific management agreement with theCommonwealth. The Board of Visitors shall be fully accountable for (a) themanagement of the institution of higher education as provided in thissubchapter, (b) meeting the requirements of §§ 2.2-5004, 23-9.2:3.03, and23-9.6:1.01, and (c) meeting such other provisions as may be set forth in themanagement agreement with the Commonwealth.

B. Each covered institution shall be governed and administered in the mannerprovided in this subchapter but subject to the expressed terms of themanagement agreement entered into pursuant to § 23-38.88, in theappropriation act, and in each such institution's enabling legislation.

(2005, cc. 933, 945.)