23-38.53:14 - General powers of the Foundation - Virginia Statutes

§ 23-38.53:14. General powers of the Foundation.

The Foundation shall have the following general powers:

1. To have succession until dissolved by the General Assembly, in which eventtitle to the properties of the Foundation, both real and personal, shall,insofar as consistent with existing contractual obligations and subject toall other legally enforceable claims or demands by or against the Foundation,pass to and become vested in the Commonwealth;

2. To accept, acquire, hold, and administer gifts, donations, grants,bequests, and other moneys for the purpose for which the Foundation iscreated;

3. To appoint and prescribe the duties of such officers, agents, andemployees as may be necessary to carry out its functions, and to fix and paysuch compensation to them for their services as the Foundation may determine;and

4. To perform any lawful acts necessary or appropriate to carry out thepurposes of the Foundation.

(2000, c. 765.)