33.1-429 - General powers. - Virginia Statutes

§ 33.1-429. General powers.

The Authority is vested with the powers of a body corporate, including,without limitation, the power to:

1. Sue and be sued;

2. Make contracts;

3. Adopt and use a common seal, and alter such seal at its pleasure;

4. Procure insurance, participate in insurance plans, and provideself-insurance. The purchase of insurance, participation in an insuranceplan, or the creation of a self-insurance plan by the Authority shall not bedeemed a waiver or relinquishment of any sovereign immunity to which theAuthority or its officers, directors, employees, or agents are otherwiseentitled;

5. Develop policies and procedures generally applicable to the procurement ofgoods, services and construction based on competitive principles; and

6. Use any legal means to carry out its limited purpose.

(2000, cc. 869, 902.)