§ 15.2-5518. Directors; qualifications; terms; vacancies; compensation andexpenses; quorum; records.
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. If theauthority is created by two or more localities, the members of the boardshall be appointed as agreed upon by the localities. The seven directorsshall be appointed initially for terms of one, two, three and four years; twobeing appointed for one-year terms; two being appointed for two-year terms;two being appointed for three-year terms; and one being appointed for afour-year term. Subsequent appointments shall be for terms of four years,except appointments to fill vacancies, which shall be for the unexpiredterms. All terms of office shall be deemed to commence upon the date of theinitial appointment to the authority and thereafter, in accordance with theprovisions of the immediately preceding sentence. If at the end of any termof office of any director a successor thereto has not been appointed, thenthe director whose term of office has expired shall continue to hold officeuntil his successor is appointed and qualified.
B. Each director shall, upon appointment or reappointment, before enteringupon his duties take and subscribe the oath prescribed by § 49-1.
C. 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.
D. 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.
§ 15.2-5518. Directors; qualifications; terms; vacancies; compensation andexpenses; quorum; records.
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. If theauthority is created by two or more localities, the members of the boardshall be appointed as agreed upon by the localities. The seven directorsshall be appointed initially for terms of one, two, three and four years; twobeing appointed for one-year terms; two being appointed for two-year terms;two being appointed for three-year terms; and one being appointed for afour-year term. Subsequent appointments shall be for terms of four years,except appointments to fill vacancies, which shall be for the unexpiredterms. All terms of office shall be deemed to commence upon the date of theinitial appointment to the authority and thereafter, in accordance with theprovisions of the immediately preceding sentence. If at the end of any termof office of any director a successor thereto has not been appointed, thenthe director whose term of office has expired shall continue to hold officeuntil his successor is appointed and qualified.
B. Each director shall, upon appointment or reappointment, before enteringupon his duties take and subscribe the oath prescribed by § 49-1.
C. 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.
D. 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.
§ 15.2-5518. Directors; qualifications; terms; vacancies; compensation andexpenses; quorum; records.
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. If theauthority is created by two or more localities, the members of the boardshall be appointed as agreed upon by the localities. The seven directorsshall be appointed initially for terms of one, two, three and four years; twobeing appointed for one-year terms; two being appointed for two-year terms;two being appointed for three-year terms; and one being appointed for afour-year term. Subsequent appointments shall be for terms of four years,except appointments to fill vacancies, which shall be for the unexpiredterms. All terms of office shall be deemed to commence upon the date of theinitial appointment to the authority and thereafter, in accordance with theprovisions of the immediately preceding sentence. If at the end of any termof office of any director a successor thereto has not been appointed, thenthe director whose term of office has expired shall continue to hold officeuntil his successor is appointed and qualified.
B. Each director shall, upon appointment or reappointment, before enteringupon his duties take and subscribe the oath prescribed by § 49-1.
C. 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.
D. 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.
