23-38.99 - Powers and authority generally. - Virginia Statutes

§ 23-38.99. Powers and authority generally.

In addition to those powers granted in each covered institution's enablinglegislation and in the appropriation act, a covered institution, subject tothe express provisions of the management agreement as provided in § 23-38.88,shall have all the powers and authority necessary or convenient to carry outthe purposes and provisions of this subchapter. The powers of the Board ofVisitors of the institution shall include:

1. To make and execute contracts, guarantees, or any other instruments andagreements necessary or convenient for the exercise of its powers, authority,and functions including, without limitation, to make and execute contractswith persons to operate and manage any or all of the institution's facilitiesor operations, and to incur liabilities and secure the obligations of anyentity or individual; provided, however, that no covered institution maypledge the faith and credit of the Commonwealth or enter into anindemnification agreement or binding arbitration agreement contrary to thelaw of Virginia applicable to state agencies.

2. To conduct or engage in any lawful business, activity, effort, or projectconsistent with the institution's purposes or necessary or convenient toexercise its powers and authority.

3. To procure such insurance, participate in such insurance plans, providesuch self-insurance, continue participation in the Commonwealth's insuranceor self-insurance plans, continue to participate in the Commonwealth's riskmanagement programs, continue participation in the Virginia Retirement Systemor other Commonwealth sponsored retirement plans subject to the conditionsand provisions of Article 6 (§ 23-38.114 et seq.) of this subchapter, or anycombination of the foregoing, as provided in this subchapter. The purchase ofinsurance, participation in an insurance plan, or creation of aself-insurance plan by the institution shall not be deemed a waiver orrelinquishment of any sovereign immunity to which the institution or itsofficers, directors, employees, or agents are otherwise entitled. The factthat a covered institution is governed by this subchapter shall notdisqualify it from participating in any Commonwealth or Virginia RetirementSystem insurance, self-insurance, or risk management program on the sameterms and conditions applicable to other state agencies and other publicinstitutions of higher education.

(2005, cc. 933, 945.)