§ 23-50.16:14. Creation of entities; participation in joint ventures;provision of assistance by Authority; moneys; investments.
A. Consistent with § 23-50.16:15, the Authority may create or assist in thecreation of; may own in whole or in part or otherwise control; mayparticipate in or with any entities, public or private; and may purchase,receive, subscribe for, own, hold, vote, use, employ, sell, mortgage, lend,pledge, or otherwise acquire or dispose of any (i) shares or obligations of,or other interests in, any entities organized for any purpose within orwithout the Commonwealth, and (ii) obligations of any person or corporation.
B. The Authority may participate in joint ventures with individuals,corporations, governmental bodies or agencies, partnerships, associations,insurers or other entities to facilitate any activities or programsconsistent with the public purposes and intent of this chapter.
C. The Authority may create a nonprofit entity or entities for the purpose ofsoliciting, accepting and administering grants, outright gifts and bequests,endowment gifts and bequests, and gifts and bequests in trust, which entityor entities shall not engage in trust business; however, the Authority shallnot be empowered to create a nonprofit entity or entities that would in anyway duplicate such activities by the University or its related foundations.
D. In carrying out any activities authorized by this chapter, the Authoritymay provide appropriate assistance, including making loans and providing timeof employees, to corporations, partnerships, associations, joint ventures orother entities, whether or not such corporations, partnerships, associations,joint ventures or other entities are owned or controlled in whole or in part,directly or indirectly, by the Authority.
E. Effective July 1, 1997, all moneys of the Authority, from whatever sourcederived, shall be paid to the treasurer of the Authority. Such moneys shallbe deposited in the first instance by the treasurer in one or more banks ortrust companies, in one or more special accounts. All banks and trustcompanies are authorized to give security for such deposits, if required bythe Authority. The moneys in such accounts shall be paid out on the warrantor other orders of the treasurer of the Authority or such other person orpersons as the Authority may authorize to execute such warrants or orders.
F. Notwithstanding any provision of law to the contrary, the Authority may,effective July 1, 1997, invest its operating funds in any obligations orsecurities that are considered legal investments for public funds inaccordance with Chapter 45 (§ 2.2-4500 et seq.) of Title 2.2. The Board shalladopt written investment guidelines and shall retain an independentinvestment advisory firm or consultant to review, a minimum of every fiveyears, the suitability of the Authority's investments and their consistencywith the investment guidelines.
§ 23-50.16:14. Creation of entities; participation in joint ventures;provision of assistance by Authority; moneys; investments.
A. Consistent with § 23-50.16:15, the Authority may create or assist in thecreation of; may own in whole or in part or otherwise control; mayparticipate in or with any entities, public or private; and may purchase,receive, subscribe for, own, hold, vote, use, employ, sell, mortgage, lend,pledge, or otherwise acquire or dispose of any (i) shares or obligations of,or other interests in, any entities organized for any purpose within orwithout the Commonwealth, and (ii) obligations of any person or corporation.
B. The Authority may participate in joint ventures with individuals,corporations, governmental bodies or agencies, partnerships, associations,insurers or other entities to facilitate any activities or programsconsistent with the public purposes and intent of this chapter.
C. The Authority may create a nonprofit entity or entities for the purpose ofsoliciting, accepting and administering grants, outright gifts and bequests,endowment gifts and bequests, and gifts and bequests in trust, which entityor entities shall not engage in trust business; however, the Authority shallnot be empowered to create a nonprofit entity or entities that would in anyway duplicate such activities by the University or its related foundations.
D. In carrying out any activities authorized by this chapter, the Authoritymay provide appropriate assistance, including making loans and providing timeof employees, to corporations, partnerships, associations, joint ventures orother entities, whether or not such corporations, partnerships, associations,joint ventures or other entities are owned or controlled in whole or in part,directly or indirectly, by the Authority.
E. Effective July 1, 1997, all moneys of the Authority, from whatever sourcederived, shall be paid to the treasurer of the Authority. Such moneys shallbe deposited in the first instance by the treasurer in one or more banks ortrust companies, in one or more special accounts. All banks and trustcompanies are authorized to give security for such deposits, if required bythe Authority. The moneys in such accounts shall be paid out on the warrantor other orders of the treasurer of the Authority or such other person orpersons as the Authority may authorize to execute such warrants or orders.
F. Notwithstanding any provision of law to the contrary, the Authority may,effective July 1, 1997, invest its operating funds in any obligations orsecurities that are considered legal investments for public funds inaccordance with Chapter 45 (§ 2.2-4500 et seq.) of Title 2.2. The Board shalladopt written investment guidelines and shall retain an independentinvestment advisory firm or consultant to review, a minimum of every fiveyears, the suitability of the Authority's investments and their consistencywith the investment guidelines.
§ 23-50.16:14. Creation of entities; participation in joint ventures;provision of assistance by Authority; moneys; investments.
A. Consistent with § 23-50.16:15, the Authority may create or assist in thecreation of; may own in whole or in part or otherwise control; mayparticipate in or with any entities, public or private; and may purchase,receive, subscribe for, own, hold, vote, use, employ, sell, mortgage, lend,pledge, or otherwise acquire or dispose of any (i) shares or obligations of,or other interests in, any entities organized for any purpose within orwithout the Commonwealth, and (ii) obligations of any person or corporation.
B. The Authority may participate in joint ventures with individuals,corporations, governmental bodies or agencies, partnerships, associations,insurers or other entities to facilitate any activities or programsconsistent with the public purposes and intent of this chapter.
C. The Authority may create a nonprofit entity or entities for the purpose ofsoliciting, accepting and administering grants, outright gifts and bequests,endowment gifts and bequests, and gifts and bequests in trust, which entityor entities shall not engage in trust business; however, the Authority shallnot be empowered to create a nonprofit entity or entities that would in anyway duplicate such activities by the University or its related foundations.
D. In carrying out any activities authorized by this chapter, the Authoritymay provide appropriate assistance, including making loans and providing timeof employees, to corporations, partnerships, associations, joint ventures orother entities, whether or not such corporations, partnerships, associations,joint ventures or other entities are owned or controlled in whole or in part,directly or indirectly, by the Authority.
E. Effective July 1, 1997, all moneys of the Authority, from whatever sourcederived, shall be paid to the treasurer of the Authority. Such moneys shallbe deposited in the first instance by the treasurer in one or more banks ortrust companies, in one or more special accounts. All banks and trustcompanies are authorized to give security for such deposits, if required bythe Authority. The moneys in such accounts shall be paid out on the warrantor other orders of the treasurer of the Authority or such other person orpersons as the Authority may authorize to execute such warrants or orders.
F. Notwithstanding any provision of law to the contrary, the Authority may,effective July 1, 1997, invest its operating funds in any obligations orsecurities that are considered legal investments for public funds inaccordance with Chapter 45 (§ 2.2-4500 et seq.) of Title 2.2. The Board shalladopt written investment guidelines and shall retain an independentinvestment advisory firm or consultant to review, a minimum of every fiveyears, the suitability of the Authority's investments and their consistencywith the investment guidelines.
