§ 15.2-4904. Directors; qualifications; terms; vacancies; compensation andexpenses; quorum; records; certification and distribution of reportconcerning bond issuance.
A. The authority shall be governed by a board of directors in which allpowers of the authority shall be vested and which board shall be composed ofseven directors, appointed by the governing body of the locality. The sevendirectors shall be appointed initially for terms of one, two, three and fouryears; two being appointed for one-year terms; two being appointed fortwo-year terms; two being appointed for three-year terms and one beingappointed for a four-year term. Subsequent appointments shall be for terms offour years, except appointments to fill vacancies which shall be for theunexpired terms. All terms of office shall be deemed to commence upon thedate of the initial appointment to the authority, and thereafter, inaccordance with the provisions of the immediately preceding sentence. If atthe end of any term of office of any director a successor thereto has notbeen appointed, then the director whose term of office has expired shallcontinue to hold office until his successor is appointed and qualified.
Notwithstanding the provisions of this subsection, the board of supervisorsof Wise County may appoint eight members to serve on the board of theauthority, with terms staggered as agreed upon by the board of supervisors,the board of supervisors of Henrico County may appoint 10 members to serve onthe board of the authority, two from each magisterial district, with termsstaggered as agreed upon by the board of supervisors, the town council of theTown of Saint Paul may appoint 10 members to serve on the board of theauthority, with terms staggered as agreed upon by the town council, however,the town council may at its option return to a seven member board by removingthe last three members appointed, the board of supervisors of Russell Countymay appoint nine members, two of whom shall come from a town that has usedits borrowing capacity to borrow $2 million or more for industrialdevelopment, with terms staggered as agreed upon by the board of supervisorsand the town council of the Town of South Boston shall appoint two at-largemembers, Page County may appoint nine members, with one member from eachincorporated town, one member from each magisterial district, and oneat-large, with terms staggered as agreed upon by the board of supervisors,Halifax County shall appoint five at-large members to serve on the board ofthe authority jointly created by the Town of South Boston and Halifax Countypursuant to § 15.2-4916, with terms staggered as agreed upon by the governingbodies of the Town of South Boston and Halifax County in the concurrentresolutions creating such authority, the town council of the Town of Coeburnmay appoint five members to serve on the board of the authority, with termsstaggered as agreed upon by the town council, the city council of Suffolk mayappoint eight members to serve on the board of the authority, with one memberfrom each of the boroughs, and one at-large member, with terms staggered asagreed upon by the city council, and the City of Chesapeake may appoint ninemembers, with terms staggered as agreed upon by the city council.
A member of the board of directors of the authority may be removed fromoffice by the local governing body without limitation in the event that theboard member is absent from any three consecutive meetings of the authority,or is absent from any four meetings of the authority within any 12-monthperiod. In either such event, a successor shall be appointed by the governingbody for the unexpired portion of the term of the member who has been removed.
B. Each director shall, upon appointment or reappointment, before enteringupon his duties take and subscribe the oath prescribed by § 49-1.
C. No director shall be an officer or employee of the locality except intowns under 3,500 people where members of the town governing body may serveas directors provided they do not comprise a majority of the board and exceptin Buchanan County where a constitutional officer who has previously servedon the board of directors may serve as a director provided the governing bodyof such county approves. Every director shall, at the time of his appointmentand thereafter, reside in a locality within which the authority operates orin an adjoining locality. When a director ceases to be a resident of suchlocality, the director's office shall be vacant and a new director may beappointed for the remainder of the term.
D. The directors shall elect from their membership a chairman, avice-chairman, and from their membership or not, as they desire, a secretaryand a treasurer, or a secretary-treasurer, who shall continue to hold suchoffice until their respective successors are elected. The directors shallreceive no salary but may be compensated such amount per regular, special, orcommittee meeting or per each official representation as may be approved bythe appointing authority, not to exceed $200 per meeting or officialrepresentation, and shall be reimbursed for necessary traveling and otherexpenses incurred in the performance of their duties.
E. Four members of the board of directors shall constitute a quorum of theboard for the purposes of conducting its business and exercising its powersand for all other purposes, except that no facilities owned by the authorityshall be leased or disposed of in any manner without a majority vote of themembers of the board of directors. No vacancy in the membership of the boardshall impair the right of a quorum to exercise all the powers and perform allthe duties of the board.
F. The board shall keep detailed minutes of its proceedings, which shall beopen to public inspection at all times. It shall keep suitable records of itsfinancial transactions and, unless exempted by § 30-140, it shall arrange tohave the records audited annually. Copies of each such audit shall befurnished to the governing body of the locality and shall be open to publicinspection.
Two copies of the report concerning issuance of bonds required to be filedwith the United States Internal Revenue Service shall be certified as trueand correct copies by the secretary or assistant secretary of the authority.One copy shall be furnished to the governing body of the locality and theother copy mailed to the Department of Business Assistance.
(1966, c. 651, § 15.1-1377; 1979, c. 35; 1980, c. 304; 1982, c. 463; 1983, c.514; 1984, c. 750; 1987, c. 368; 1990, c. 87; 1993, c. 896; 1996, cc. 589,599; 1997, c. 587; 1999, cc. 337, 408, 414; 2000, c. 963; 2001, c. 121; 2003,cc. 347, 357; 2006, c. 687; 2007, cc. 283, 338; 2008, c. 619; 2009, cc. 199,200, 460, 597.)
§ 15.2-4904. Directors; qualifications; terms; vacancies; compensation andexpenses; quorum; records; certification and distribution of reportconcerning bond issuance.
A. The authority shall be governed by a board of directors in which allpowers of the authority shall be vested and which board shall be composed ofseven directors, appointed by the governing body of the locality. The sevendirectors shall be appointed initially for terms of one, two, three and fouryears; two being appointed for one-year terms; two being appointed fortwo-year terms; two being appointed for three-year terms and one beingappointed for a four-year term. Subsequent appointments shall be for terms offour years, except appointments to fill vacancies which shall be for theunexpired terms. All terms of office shall be deemed to commence upon thedate of the initial appointment to the authority, and thereafter, inaccordance with the provisions of the immediately preceding sentence. If atthe end of any term of office of any director a successor thereto has notbeen appointed, then the director whose term of office has expired shallcontinue to hold office until his successor is appointed and qualified.
Notwithstanding the provisions of this subsection, the board of supervisorsof Wise County may appoint eight members to serve on the board of theauthority, with terms staggered as agreed upon by the board of supervisors,the board of supervisors of Henrico County may appoint 10 members to serve onthe board of the authority, two from each magisterial district, with termsstaggered as agreed upon by the board of supervisors, the town council of theTown of Saint Paul may appoint 10 members to serve on the board of theauthority, with terms staggered as agreed upon by the town council, however,the town council may at its option return to a seven member board by removingthe last three members appointed, the board of supervisors of Russell Countymay appoint nine members, two of whom shall come from a town that has usedits borrowing capacity to borrow $2 million or more for industrialdevelopment, with terms staggered as agreed upon by the board of supervisorsand the town council of the Town of South Boston shall appoint two at-largemembers, Page County may appoint nine members, with one member from eachincorporated town, one member from each magisterial district, and oneat-large, with terms staggered as agreed upon by the board of supervisors,Halifax County shall appoint five at-large members to serve on the board ofthe authority jointly created by the Town of South Boston and Halifax Countypursuant to § 15.2-4916, with terms staggered as agreed upon by the governingbodies of the Town of South Boston and Halifax County in the concurrentresolutions creating such authority, the town council of the Town of Coeburnmay appoint five members to serve on the board of the authority, with termsstaggered as agreed upon by the town council, the city council of Suffolk mayappoint eight members to serve on the board of the authority, with one memberfrom each of the boroughs, and one at-large member, with terms staggered asagreed upon by the city council, and the City of Chesapeake may appoint ninemembers, with terms staggered as agreed upon by the city council.
A member of the board of directors of the authority may be removed fromoffice by the local governing body without limitation in the event that theboard member is absent from any three consecutive meetings of the authority,or is absent from any four meetings of the authority within any 12-monthperiod. In either such event, a successor shall be appointed by the governingbody for the unexpired portion of the term of the member who has been removed.
B. Each director shall, upon appointment or reappointment, before enteringupon his duties take and subscribe the oath prescribed by § 49-1.
C. No director shall be an officer or employee of the locality except intowns under 3,500 people where members of the town governing body may serveas directors provided they do not comprise a majority of the board and exceptin Buchanan County where a constitutional officer who has previously servedon the board of directors may serve as a director provided the governing bodyof such county approves. Every director shall, at the time of his appointmentand thereafter, reside in a locality within which the authority operates orin an adjoining locality. When a director ceases to be a resident of suchlocality, the director's office shall be vacant and a new director may beappointed for the remainder of the term.
D. The directors shall elect from their membership a chairman, avice-chairman, and from their membership or not, as they desire, a secretaryand a treasurer, or a secretary-treasurer, who shall continue to hold suchoffice until their respective successors are elected. The directors shallreceive no salary but may be compensated such amount per regular, special, orcommittee meeting or per each official representation as may be approved bythe appointing authority, not to exceed $200 per meeting or officialrepresentation, and shall be reimbursed for necessary traveling and otherexpenses incurred in the performance of their duties.
E. Four members of the board of directors shall constitute a quorum of theboard for the purposes of conducting its business and exercising its powersand for all other purposes, except that no facilities owned by the authorityshall be leased or disposed of in any manner without a majority vote of themembers of the board of directors. No vacancy in the membership of the boardshall impair the right of a quorum to exercise all the powers and perform allthe duties of the board.
F. The board shall keep detailed minutes of its proceedings, which shall beopen to public inspection at all times. It shall keep suitable records of itsfinancial transactions and, unless exempted by § 30-140, it shall arrange tohave the records audited annually. Copies of each such audit shall befurnished to the governing body of the locality and shall be open to publicinspection.
Two copies of the report concerning issuance of bonds required to be filedwith the United States Internal Revenue Service shall be certified as trueand correct copies by the secretary or assistant secretary of the authority.One copy shall be furnished to the governing body of the locality and theother copy mailed to the Department of Business Assistance.
(1966, c. 651, § 15.1-1377; 1979, c. 35; 1980, c. 304; 1982, c. 463; 1983, c.514; 1984, c. 750; 1987, c. 368; 1990, c. 87; 1993, c. 896; 1996, cc. 589,599; 1997, c. 587; 1999, cc. 337, 408, 414; 2000, c. 963; 2001, c. 121; 2003,cc. 347, 357; 2006, c. 687; 2007, cc. 283, 338; 2008, c. 619; 2009, cc. 199,200, 460, 597.)
§ 15.2-4904. Directors; qualifications; terms; vacancies; compensation andexpenses; quorum; records; certification and distribution of reportconcerning bond issuance.
A. The authority shall be governed by a board of directors in which allpowers of the authority shall be vested and which board shall be composed ofseven directors, appointed by the governing body of the locality. The sevendirectors shall be appointed initially for terms of one, two, three and fouryears; two being appointed for one-year terms; two being appointed fortwo-year terms; two being appointed for three-year terms and one beingappointed for a four-year term. Subsequent appointments shall be for terms offour years, except appointments to fill vacancies which shall be for theunexpired terms. All terms of office shall be deemed to commence upon thedate of the initial appointment to the authority, and thereafter, inaccordance with the provisions of the immediately preceding sentence. If atthe end of any term of office of any director a successor thereto has notbeen appointed, then the director whose term of office has expired shallcontinue to hold office until his successor is appointed and qualified.
Notwithstanding the provisions of this subsection, the board of supervisorsof Wise County may appoint eight members to serve on the board of theauthority, with terms staggered as agreed upon by the board of supervisors,the board of supervisors of Henrico County may appoint 10 members to serve onthe board of the authority, two from each magisterial district, with termsstaggered as agreed upon by the board of supervisors, the town council of theTown of Saint Paul may appoint 10 members to serve on the board of theauthority, with terms staggered as agreed upon by the town council, however,the town council may at its option return to a seven member board by removingthe last three members appointed, the board of supervisors of Russell Countymay appoint nine members, two of whom shall come from a town that has usedits borrowing capacity to borrow $2 million or more for industrialdevelopment, with terms staggered as agreed upon by the board of supervisorsand the town council of the Town of South Boston shall appoint two at-largemembers, Page County may appoint nine members, with one member from eachincorporated town, one member from each magisterial district, and oneat-large, with terms staggered as agreed upon by the board of supervisors,Halifax County shall appoint five at-large members to serve on the board ofthe authority jointly created by the Town of South Boston and Halifax Countypursuant to § 15.2-4916, with terms staggered as agreed upon by the governingbodies of the Town of South Boston and Halifax County in the concurrentresolutions creating such authority, the town council of the Town of Coeburnmay appoint five members to serve on the board of the authority, with termsstaggered as agreed upon by the town council, the city council of Suffolk mayappoint eight members to serve on the board of the authority, with one memberfrom each of the boroughs, and one at-large member, with terms staggered asagreed upon by the city council, and the City of Chesapeake may appoint ninemembers, with terms staggered as agreed upon by the city council.
A member of the board of directors of the authority may be removed fromoffice by the local governing body without limitation in the event that theboard member is absent from any three consecutive meetings of the authority,or is absent from any four meetings of the authority within any 12-monthperiod. In either such event, a successor shall be appointed by the governingbody for the unexpired portion of the term of the member who has been removed.
B. Each director shall, upon appointment or reappointment, before enteringupon his duties take and subscribe the oath prescribed by § 49-1.
C. No director shall be an officer or employee of the locality except intowns under 3,500 people where members of the town governing body may serveas directors provided they do not comprise a majority of the board and exceptin Buchanan County where a constitutional officer who has previously servedon the board of directors may serve as a director provided the governing bodyof such county approves. Every director shall, at the time of his appointmentand thereafter, reside in a locality within which the authority operates orin an adjoining locality. When a director ceases to be a resident of suchlocality, the director's office shall be vacant and a new director may beappointed for the remainder of the term.
D. The directors shall elect from their membership a chairman, avice-chairman, and from their membership or not, as they desire, a secretaryand a treasurer, or a secretary-treasurer, who shall continue to hold suchoffice until their respective successors are elected. The directors shallreceive no salary but may be compensated such amount per regular, special, orcommittee meeting or per each official representation as may be approved bythe appointing authority, not to exceed $200 per meeting or officialrepresentation, and shall be reimbursed for necessary traveling and otherexpenses incurred in the performance of their duties.
E. Four members of the board of directors shall constitute a quorum of theboard for the purposes of conducting its business and exercising its powersand for all other purposes, except that no facilities owned by the authorityshall be leased or disposed of in any manner without a majority vote of themembers of the board of directors. No vacancy in the membership of the boardshall impair the right of a quorum to exercise all the powers and perform allthe duties of the board.
F. The board shall keep detailed minutes of its proceedings, which shall beopen to public inspection at all times. It shall keep suitable records of itsfinancial transactions and, unless exempted by § 30-140, it shall arrange tohave the records audited annually. Copies of each such audit shall befurnished to the governing body of the locality and shall be open to publicinspection.
Two copies of the report concerning issuance of bonds required to be filedwith the United States Internal Revenue Service shall be certified as trueand correct copies by the secretary or assistant secretary of the authority.One copy shall be furnished to the governing body of the locality and theother copy mailed to the Department of Business Assistance.
(1966, c. 651, § 15.1-1377; 1979, c. 35; 1980, c. 304; 1982, c. 463; 1983, c.514; 1984, c. 750; 1987, c. 368; 1990, c. 87; 1993, c. 896; 1996, cc. 589,599; 1997, c. 587; 1999, cc. 337, 408, 414; 2000, c. 963; 2001, c. 121; 2003,cc. 347, 357; 2006, c. 687; 2007, cc. 283, 338; 2008, c. 619; 2009, cc. 199,200, 460, 597.)
