62.1-132.1 - General powers. - Virginia Statutes

§ 62.1-132.1. General powers.

The Authority is vested with the powers of a body corporate, including,without limitation, 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; and

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

(1981, c. 589; 1997, c. 232.)