§ 2.2-2220. Board of directors; members; President.
The Authority shall be governed by a board of directors consisting of 13members appointed as follows: (i) two presidents of the major research stateinstitutions of higher education, and one president representing the otherstate institutions of higher education, appointed by the Governor; (ii) threenonlegislative citizen members appointed by the Governor; (iii) sixnonlegislative citizen members appointed by the General Assembly as follows:three nonlegislative citizen members appointed by the Speaker of the Housefrom a list recommended by the House Committee on Science and Technology andthe Joint Commission on Technology and Science; three nonlegislative citizenmembers appointed by the Senate Committee on Rules from a list recommended bythe Senate Committee on General Laws and Technology and the Joint Commissionon Technology and Science; and (iv) the Secretary of Technology, who shallserve ex officio with full voting privileges.
One nonlegislative citizen member appointed by the Governor, onenonlegislative citizen member appointed by the Speaker of the House, and onenonlegislative citizen member appointed by the Senate Committee on Rulesshall each have experience as a founding member of a technology company basedupon intellectual property that has successfully secured a minimum of $5million of institutional venture capital. One nonlegislative citizen memberappointed by the Governor, one nonlegislative citizen member appointed by theSpeaker of the House, and one nonlegislative citizen member appointed by theSenate Committee on Rules shall each have experience as an institutionalventure capital investment partner in a fund with a minimum of $250 millionof limited partner investment and a minimum of five years of fund operations.One nonlegislative citizen member appointed by the Governor, onenonlegislative citizen member appointed by the Speaker of the House, and onenonlegislative citizen member appointed by the Senate Committee on Rulesshall each have experience as a senior executive in a technology orscientific research and development company with annual revenues in excess of$50 million.
The Secretary of Technology shall serve a term coincident with his term ofoffice. After the initial staggering of terms, nonlegislative citizen membersand presidents shall be appointed for terms of two years. Vacancies in themembership of the Board shall be filled in the same manner as the originalappointments for the unexpired portion of the term. No nonlegislative citizenmember or president shall be eligible to serve for more than three successivetwo-year terms; however, after the expiration of a term of one year, or afterthe expiration of the remainder of a term to which appointed to fill avacancy, three additional terms may be served by such member if appointedthereto. Members of the Board shall be subject to removal from office in likemanner as are state, county, town and district officers under the provisionsof §§ 24.2-230 through 24.2-238. Immediately after appointment, the membersof the Board shall enter upon the performance of their duties.
The Board shall annually elect from among its members a chairman and avice-chairman. The Board shall also elect annually a secretary, who need notbe a member of the Board, and may also elect such other subordinate officerswho need not be members of the Board, as it deems proper. The chairman, or inhis absence, the vice-chairman, shall preside at all meetings of the Board.In the absence of both the chairman and vice-chairman, the Board shallappoint a chairman pro tempore, who shall preside at such meetings.
The Board shall employ a President of the Authority, who shall serve at thepleasure of the Board, to direct the day-to-day operations and activities ofthe Authority and carry out such of the powers and duties conferred upon himby the Board. The President and employees of the Authority shall becompensated in the manner provided by the Board and shall not be subject tothe provisions of the Virginia Personnel Act (§ 2.2-2900 et seq.) of thistitle.
(1984, c. 782, § 9-253; 1993, c. 967; 1999, cc. 412, 421, 433; 2001, c. 844;2005, c. 439; 2008, cc. 299, 611; 2009, cc. 325, 810.)
§ 2.2-2220. Board of directors; members; President.
The Authority shall be governed by a board of directors consisting of 13members appointed as follows: (i) two presidents of the major research stateinstitutions of higher education, and one president representing the otherstate institutions of higher education, appointed by the Governor; (ii) threenonlegislative citizen members appointed by the Governor; (iii) sixnonlegislative citizen members appointed by the General Assembly as follows:three nonlegislative citizen members appointed by the Speaker of the Housefrom a list recommended by the House Committee on Science and Technology andthe Joint Commission on Technology and Science; three nonlegislative citizenmembers appointed by the Senate Committee on Rules from a list recommended bythe Senate Committee on General Laws and Technology and the Joint Commissionon Technology and Science; and (iv) the Secretary of Technology, who shallserve ex officio with full voting privileges.
One nonlegislative citizen member appointed by the Governor, onenonlegislative citizen member appointed by the Speaker of the House, and onenonlegislative citizen member appointed by the Senate Committee on Rulesshall each have experience as a founding member of a technology company basedupon intellectual property that has successfully secured a minimum of $5million of institutional venture capital. One nonlegislative citizen memberappointed by the Governor, one nonlegislative citizen member appointed by theSpeaker of the House, and one nonlegislative citizen member appointed by theSenate Committee on Rules shall each have experience as an institutionalventure capital investment partner in a fund with a minimum of $250 millionof limited partner investment and a minimum of five years of fund operations.One nonlegislative citizen member appointed by the Governor, onenonlegislative citizen member appointed by the Speaker of the House, and onenonlegislative citizen member appointed by the Senate Committee on Rulesshall each have experience as a senior executive in a technology orscientific research and development company with annual revenues in excess of$50 million.
The Secretary of Technology shall serve a term coincident with his term ofoffice. After the initial staggering of terms, nonlegislative citizen membersand presidents shall be appointed for terms of two years. Vacancies in themembership of the Board shall be filled in the same manner as the originalappointments for the unexpired portion of the term. No nonlegislative citizenmember or president shall be eligible to serve for more than three successivetwo-year terms; however, after the expiration of a term of one year, or afterthe expiration of the remainder of a term to which appointed to fill avacancy, three additional terms may be served by such member if appointedthereto. Members of the Board shall be subject to removal from office in likemanner as are state, county, town and district officers under the provisionsof §§ 24.2-230 through 24.2-238. Immediately after appointment, the membersof the Board shall enter upon the performance of their duties.
The Board shall annually elect from among its members a chairman and avice-chairman. The Board shall also elect annually a secretary, who need notbe a member of the Board, and may also elect such other subordinate officerswho need not be members of the Board, as it deems proper. The chairman, or inhis absence, the vice-chairman, shall preside at all meetings of the Board.In the absence of both the chairman and vice-chairman, the Board shallappoint a chairman pro tempore, who shall preside at such meetings.
The Board shall employ a President of the Authority, who shall serve at thepleasure of the Board, to direct the day-to-day operations and activities ofthe Authority and carry out such of the powers and duties conferred upon himby the Board. The President and employees of the Authority shall becompensated in the manner provided by the Board and shall not be subject tothe provisions of the Virginia Personnel Act (§ 2.2-2900 et seq.) of thistitle.
(1984, c. 782, § 9-253; 1993, c. 967; 1999, cc. 412, 421, 433; 2001, c. 844;2005, c. 439; 2008, cc. 299, 611; 2009, cc. 325, 810.)
§ 2.2-2220. Board of directors; members; President.
The Authority shall be governed by a board of directors consisting of 13members appointed as follows: (i) two presidents of the major research stateinstitutions of higher education, and one president representing the otherstate institutions of higher education, appointed by the Governor; (ii) threenonlegislative citizen members appointed by the Governor; (iii) sixnonlegislative citizen members appointed by the General Assembly as follows:three nonlegislative citizen members appointed by the Speaker of the Housefrom a list recommended by the House Committee on Science and Technology andthe Joint Commission on Technology and Science; three nonlegislative citizenmembers appointed by the Senate Committee on Rules from a list recommended bythe Senate Committee on General Laws and Technology and the Joint Commissionon Technology and Science; and (iv) the Secretary of Technology, who shallserve ex officio with full voting privileges.
One nonlegislative citizen member appointed by the Governor, onenonlegislative citizen member appointed by the Speaker of the House, and onenonlegislative citizen member appointed by the Senate Committee on Rulesshall each have experience as a founding member of a technology company basedupon intellectual property that has successfully secured a minimum of $5million of institutional venture capital. One nonlegislative citizen memberappointed by the Governor, one nonlegislative citizen member appointed by theSpeaker of the House, and one nonlegislative citizen member appointed by theSenate Committee on Rules shall each have experience as an institutionalventure capital investment partner in a fund with a minimum of $250 millionof limited partner investment and a minimum of five years of fund operations.One nonlegislative citizen member appointed by the Governor, onenonlegislative citizen member appointed by the Speaker of the House, and onenonlegislative citizen member appointed by the Senate Committee on Rulesshall each have experience as a senior executive in a technology orscientific research and development company with annual revenues in excess of$50 million.
The Secretary of Technology shall serve a term coincident with his term ofoffice. After the initial staggering of terms, nonlegislative citizen membersand presidents shall be appointed for terms of two years. Vacancies in themembership of the Board shall be filled in the same manner as the originalappointments for the unexpired portion of the term. No nonlegislative citizenmember or president shall be eligible to serve for more than three successivetwo-year terms; however, after the expiration of a term of one year, or afterthe expiration of the remainder of a term to which appointed to fill avacancy, three additional terms may be served by such member if appointedthereto. Members of the Board shall be subject to removal from office in likemanner as are state, county, town and district officers under the provisionsof §§ 24.2-230 through 24.2-238. Immediately after appointment, the membersof the Board shall enter upon the performance of their duties.
The Board shall annually elect from among its members a chairman and avice-chairman. The Board shall also elect annually a secretary, who need notbe a member of the Board, and may also elect such other subordinate officerswho need not be members of the Board, as it deems proper. The chairman, or inhis absence, the vice-chairman, shall preside at all meetings of the Board.In the absence of both the chairman and vice-chairman, the Board shallappoint a chairman pro tempore, who shall preside at such meetings.
The Board shall employ a President of the Authority, who shall serve at thepleasure of the Board, to direct the day-to-day operations and activities ofthe Authority and carry out such of the powers and duties conferred upon himby the Board. The President and employees of the Authority shall becompensated in the manner provided by the Board and shall not be subject tothe provisions of the Virginia Personnel Act (§ 2.2-2900 et seq.) of thistitle.
(1984, c. 782, § 9-253; 1993, c. 967; 1999, cc. 412, 421, 433; 2001, c. 844;2005, c. 439; 2008, cc. 299, 611; 2009, cc. 325, 810.)
