§ 15.2-5511. Directors; qualifications; terms; vacancies; compensation andexpenses; quorum; records; certification and distribution of reportconcerning bond issuance.
The Authority shall be governed by a board of directors in which all powersof the Authority shall be vested. Directors shall be appointed initially forstaggered terms of one, two, three and four years. Subsequent appointmentsshall be for terms of four years, except appointments to fill vacancies shallbe for the unexpired terms. All terms of office shall be deemed to commenceupon the date of the initial appointment to the Authority, and thereafter, inaccordance with the provisions of the preceding sentence. If, at the end ofany term of office of any director a successor thereto has not beenappointed, then the director whose term of office has expired shall continueto hold office until his successor is appointed and qualified. Each directorshall, upon appointment or reappointment, before entering upon his dutiestake and subscribe the oath prescribed by § 49-1.
The directors shall elect from their membership a chairman, a vice-chairman,and from their membership or not, as they desire, a secretary and atreasurer, or a secretary-treasurer, who shall continue to hold such officeuntil their respective successors are elected. Subject to availability offunds, the directors shall receive no salary but the directors may becompensated such amount per regular, special, or committee meeting as may beapproved by the appointing authority, not to exceed fifty dollars permeeting, and shall be reimbursed for necessary traveling and other expensesincurred in the performance of their duties. A majority of Authority membersshall constitute a quorum of the board for the purposes of conducting itsbusiness and exercising its powers and for all other purposes. No vacancy inthe membership of the board shall impair the right of a quorum to exerciseall the powers and perform all the duties of the Authority. The Authorityshall keep detailed minutes of its proceedings, which shall be open to publicinspection at all times. It shall keep suitable records of its financialtransactions and, unless exempted by § 30-140, it shall arrange to have therecords audited annually. Copies of each such audit shall be furnished to thegoverning bodies of the participating localities and shall be open to publicinspection.
§ 15.2-5511. Directors; qualifications; terms; vacancies; compensation andexpenses; quorum; records; certification and distribution of reportconcerning bond issuance.
The Authority shall be governed by a board of directors in which all powersof the Authority shall be vested. Directors shall be appointed initially forstaggered terms of one, two, three and four years. Subsequent appointmentsshall be for terms of four years, except appointments to fill vacancies shallbe for the unexpired terms. All terms of office shall be deemed to commenceupon the date of the initial appointment to the Authority, and thereafter, inaccordance with the provisions of the preceding sentence. If, at the end ofany term of office of any director a successor thereto has not beenappointed, then the director whose term of office has expired shall continueto hold office until his successor is appointed and qualified. Each directorshall, upon appointment or reappointment, before entering upon his dutiestake and subscribe the oath prescribed by § 49-1.
The directors shall elect from their membership a chairman, a vice-chairman,and from their membership or not, as they desire, a secretary and atreasurer, or a secretary-treasurer, who shall continue to hold such officeuntil their respective successors are elected. Subject to availability offunds, the directors shall receive no salary but the directors may becompensated such amount per regular, special, or committee meeting as may beapproved by the appointing authority, not to exceed fifty dollars permeeting, and shall be reimbursed for necessary traveling and other expensesincurred in the performance of their duties. A majority of Authority membersshall constitute a quorum of the board for the purposes of conducting itsbusiness and exercising its powers and for all other purposes. No vacancy inthe membership of the board shall impair the right of a quorum to exerciseall the powers and perform all the duties of the Authority. The Authorityshall keep detailed minutes of its proceedings, which shall be open to publicinspection at all times. It shall keep suitable records of its financialtransactions and, unless exempted by § 30-140, it shall arrange to have therecords audited annually. Copies of each such audit shall be furnished to thegoverning bodies of the participating localities and shall be open to publicinspection.
§ 15.2-5511. Directors; qualifications; terms; vacancies; compensation andexpenses; quorum; records; certification and distribution of reportconcerning bond issuance.
The Authority shall be governed by a board of directors in which all powersof the Authority shall be vested. Directors shall be appointed initially forstaggered terms of one, two, three and four years. Subsequent appointmentsshall be for terms of four years, except appointments to fill vacancies shallbe for the unexpired terms. All terms of office shall be deemed to commenceupon the date of the initial appointment to the Authority, and thereafter, inaccordance with the provisions of the preceding sentence. If, at the end ofany term of office of any director a successor thereto has not beenappointed, then the director whose term of office has expired shall continueto hold office until his successor is appointed and qualified. Each directorshall, upon appointment or reappointment, before entering upon his dutiestake and subscribe the oath prescribed by § 49-1.
The directors shall elect from their membership a chairman, a vice-chairman,and from their membership or not, as they desire, a secretary and atreasurer, or a secretary-treasurer, who shall continue to hold such officeuntil their respective successors are elected. Subject to availability offunds, the directors shall receive no salary but the directors may becompensated such amount per regular, special, or committee meeting as may beapproved by the appointing authority, not to exceed fifty dollars permeeting, and shall be reimbursed for necessary traveling and other expensesincurred in the performance of their duties. A majority of Authority membersshall constitute a quorum of the board for the purposes of conducting itsbusiness and exercising its powers and for all other purposes. No vacancy inthe membership of the board shall impair the right of a quorum to exerciseall the powers and perform all the duties of the Authority. The Authorityshall keep detailed minutes of its proceedings, which shall be open to publicinspection at all times. It shall keep suitable records of its financialtransactions and, unless exempted by § 30-140, it shall arrange to have therecords audited annually. Copies of each such audit shall be furnished to thegoverning bodies of the participating localities and shall be open to publicinspection.
