{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-4904.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-4904.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-4904.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-4904.html"}],"law_id":74389,"edition_id":1,"section_id":74389,"structure_id":13549,"section_number":"15.2-4904","catch_line":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records; certification and distribution of report concerning bond issuance","history":"1966, c. 651, \u00a7 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.; 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; 2012, cc. 337, 352; 2013, c. 482; 2014, cc. 381, 382; 2016, c. 414; 2017, cc. 541, 557, 560; 2018, c. 310; 2019, c. 363; 2021, c. 3; 2021, Sp. Sess. I, cc. 321, 422; 2022, c. 622; 2023, c. 574; 2024, cc. 75, 483, 520; 2025, c. 101.","full_text":"A\n\nThe authority shall be governed by a board of directors in which all powers of the authority shall be vested and which board shall be composed of seven directors, appointed by the governing body of the locality. The seven directors shall be appointed initially for terms of one, two, three, and four years; two being appointed for one-year terms; two being appointed for two-year terms; two being appointed for three-year terms, and one being appointed for a four-year term. Subsequent appointments shall be for terms of four years, except appointments to fill vacancies, which shall be for the unexpired terms. All terms of office shall be deemed to commence upon the date of the initial appointment to the authority, and thereafter, in accordance with the provisions of the immediately preceding sentence. If at the end of any term of office of any director a successor thereto has not been appointed, then the director whose term of office has expired shall continue to hold office until his successor is appointed and qualified.\n\t\t\tNotwithstanding the provisions of this subsection, the board of supervisors of Wise County may appoint eight members to serve on the board of the authority, with terms staggered as agreed upon by the board of supervisors; the board of supervisors of Henrico County may appoint 10 members to serve on the board of the authority, two from each magisterial district, with terms staggered as agreed upon by the board of supervisors; the board of supervisors of Roanoke County may appoint 10 members to serve on the board of the authority, two from each magisterial district, with terms staggered as agreed upon by the board of supervisors; the board of supervisors of Mathews County may appoint from five to seven members to serve on the board of the authority; the town council of the Town of Louisa may appoint from five to seven members to serve on the board of the authority, with terms staggered as agreed upon by the town council; the board of supervisors of King William County may appoint nine members to serve on the board of the authority, with terms staggered as agreed upon by the board of supervisors; the town council of the Town of Saint Paul may appoint 10 members to serve on the board of the authority, with terms staggered as agreed upon by the town council; however, the town council of the Town of Saint Paul may at its option return to a seven-member board by removing the last three members appointed; the board of supervisors of Russell County may appoint nine members, which shall consist of two members from the governing body of a town that has used its borrowing capacity to borrow $2 million or more for industrial development and such other members as the board of supervisors shall agree upon, with terms staggered as agreed upon by the board of supervisors, and the town council of the Town of South Boston shall appoint two at-large members; Page County may appoint nine members, with one member from each incorporated town, one member from each magisterial district, and one member at-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 of the authority jointly created by the Town of South Boston and Halifax County pursuant to § 15.2-4916, with terms staggered as agreed upon by the governing bodies of the Town of South Boston and Halifax County in the concurrent resolutions creating such authority; the board of supervisors of Goochland County may appoint five members to serve on the board of the authority; the board of supervisors of Powhatan County may appoint five members to serve on the board of the authority; the town council of the Town of Coeburn may appoint five members to serve on the board of the authority, with terms staggered as agreed upon by the town council; the town council of the Town of Kenbridge may appoint five members to serve on the board of the authority, with terms staggered as agreed upon by the town council; the town council of the Town of Victoria may appoint five members to serve on the board of the authority, with terms staggered as agreed upon by the town council; the city council of Suffolk may appoint eight members to serve on the board of the authority, with one member from each of the boroughs and one at-large member, with terms staggered as agreed upon by the city council; the City of Lexington may appoint from five to seven members to serve on the board of the authority, with terms staggered as agreed upon by the city council; and the City of Chesapeake may appoint nine members, with terms staggered as agreed upon by the city council; however, in the City of Chesapeake, after July 1, 2017, no member shall serve more than two consecutive terms. Any person who has served more than one and one-half terms as a member of the Chesapeake Economic Development Authority as of July 1, 2017, shall not be eligible for reappointment for another consecutive term. A member of the Chesapeake Economic Development Authority shall serve at the pleasure of the city council of the City of Chesapeake. No Chesapeake Economic Development Authority member shall work for the Authority within one year after serving as a member. The city council of the City of Norfolk may appoint 11 members, with terms staggered as agreed upon by the city council, and the board of supervisors of Louisa County may appoint directors to serve on the board of the authority for terms coincident with members of the board of supervisors.\n\t\t\tA member of the board of directors of the authority may be removed from office by the local governing body without limitation in the event that the board member is absent from any three consecutive meetings of the authority or is absent from any four meetings of the authority within any 12-month period or upon unanimous vote of the board of supervisors. In any such event, a successor shall be appointed by the governing body for the unexpired portion of the term of the member who has been removed.B\n\nEach director shall, upon appointment or reappointment, before entering upon his duties take and subscribe the oath prescribed by § 49-1.C\n\nNo director shall be an officer or employee of the locality except (i) in a town with a population of less than 3,500 where members of the town governing body may serve as directors provided they do not constitute a majority of the board, (ii) in Buchanan County where a constitutional officer who has previously served on the board of directors may serve as a director provided the governing body of such county approves, (iii) in Essex County where the board of supervisors may appoint one employee of the locality to the Economic Development Authority of the County of Essex, (iv) in Frederick County where the board of supervisors may appoint one of its members to the Economic Development Authority of the County of Frederick, Virginia, (v) in Mathews County where the board of supervisors may appoint one employee of the locality to the Economic Development Authority of the County of Mathews, and (vi) in Craig County where the board of supervisors may appoint one of its members to the Economic Development Authority of the County of Craig. Every director shall, at the time of his appointment and thereafter, reside in a locality within which the authority operates or in an adjoining locality. When a director ceases to be a resident of such locality, the director’s office shall be vacant and a new director may be appointed for the remainder of the term.D\n\nThe directors shall elect from their membership a chairman, a vice-chairman, and from their membership or not, as they desire, a secretary and a treasurer, or a secretary-treasurer, who shall continue to hold such office until their respective successors are elected. The directors shall receive no salary but may be compensated such amount per regular, special, or committee meeting or per each official representation as may be approved by the appointing authority, not to exceed $200 per meeting or official representation, and shall be reimbursed for necessary traveling and other expenses incurred in the performance of their duties.E\n\nExcept as provided herein, four members of the board of directors shall constitute a quorum of the board for the purposes of conducting its business and exercising its powers and for all other purposes, except that no facilities owned by the authority shall be leased or disposed of in any manner without a majority vote of the members of the board of directors. No vacancy in the membership of the board shall impair the right of a quorum to exercise all the powers and perform all the duties of the board. In the case of the Economic Development Authority of Goochland County, the Economic Development Authority of Powhatan County, the Industrial Development Authority of the Town of Kenbridge, and the Industrial Development Authority of the Town of Victoria, three members of the board of directors shall constitute a quorum of the board for the purposes of conducting its business and exercising its powers and for all other purposes, except that no facilities owned by the authority shall be leased or disposed of in any manner without a majority vote of the members of the board of directors.F\n\nThe board shall keep detailed minutes of its proceedings, which shall be open to public inspection at all times. It shall keep suitable records of its financial transactions and, unless exempted by § 30-140, it shall arrange to have the records audited annually. Copies of each such audit shall be furnished to the governing body of the locality and shall be open to public inspection.\n\t\t\tTwo copies of the report concerning issuance of bonds required to be filed with the United States Internal Revenue Service shall be certified as true and correct copies by the secretary or assistant secretary of the authority. One copy shall be furnished to the governing body of the locality and the other copy mailed to the Department of Small Business and Supplier Diversity.","order_by":null,"text":{"0":{"id":267340,"text":"The authority shall be governed by a board of directors in which all powers of the authority shall be vested and which board shall be composed of seven directors, appointed by the governing body of the locality. The seven directors shall be appointed initially for terms of one, two, three, and four years; two being appointed for one-year terms; two being appointed for two-year terms; two being appointed for three-year terms, and one being appointed for a four-year term. Subsequent appointments shall be for terms of four years, except appointments to fill vacancies, which shall be for the unexpired terms. All terms of office shall be deemed to commence upon the date of the initial appointment to the authority, and thereafter, in accordance with the provisions of the immediately preceding sentence. If at the end of any term of office of any director a successor thereto has not been appointed, then the director whose term of office has expired shall continue to hold office until his successor is appointed and qualified.\n\t\t\tNotwithstanding the provisions of this subsection, the board of supervisors of Wise County may appoint eight members to serve on the board of the authority, with terms staggered as agreed upon by the board of supervisors; the board of supervisors of Henrico County may appoint 10 members to serve on the board of the authority, two from each magisterial district, with terms staggered as agreed upon by the board of supervisors; the board of supervisors of Roanoke County may appoint 10 members to serve on the board of the authority, two from each magisterial district, with terms staggered as agreed upon by the board of supervisors; the board of supervisors of Mathews County may appoint from five to seven members to serve on the board of the authority; the town council of the Town of Louisa may appoint from five to seven members to serve on the board of the authority, with terms staggered as agreed upon by the town council; the board of supervisors of King William County may appoint nine members to serve on the board of the authority, with terms staggered as agreed upon by the board of supervisors; the town council of the Town of Saint Paul may appoint 10 members to serve on the board of the authority, with terms staggered as agreed upon by the town council; however, the town council of the Town of Saint Paul may at its option return to a seven-member board by removing the last three members appointed; the board of supervisors of Russell County may appoint nine members, which shall consist of two members from the governing body of a town that has used its borrowing capacity to borrow $2 million or more for industrial development and such other members as the board of supervisors shall agree upon, with terms staggered as agreed upon by the board of supervisors, and the town council of the Town of South Boston shall appoint two at-large members; Page County may appoint nine members, with one member from each incorporated town, one member from each magisterial district, and one member at-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 of the authority jointly created by the Town of South Boston and Halifax County pursuant to § 15.2-4916, with terms staggered as agreed upon by the governing bodies of the Town of South Boston and Halifax County in the concurrent resolutions creating such authority; the board of supervisors of Goochland County may appoint five members to serve on the board of the authority; the board of supervisors of Powhatan County may appoint five members to serve on the board of the authority; the town council of the Town of Coeburn may appoint five members to serve on the board of the authority, with terms staggered as agreed upon by the town council; the town council of the Town of Kenbridge may appoint five members to serve on the board of the authority, with terms staggered as agreed upon by the town council; the town council of the Town of Victoria may appoint five members to serve on the board of the authority, with terms staggered as agreed upon by the town council; the city council of Suffolk may appoint eight members to serve on the board of the authority, with one member from each of the boroughs and one at-large member, with terms staggered as agreed upon by the city council; the City of Lexington may appoint from five to seven members to serve on the board of the authority, with terms staggered as agreed upon by the city council; and the City of Chesapeake may appoint nine members, with terms staggered as agreed upon by the city council; however, in the City of Chesapeake, after July 1, 2017, no member shall serve more than two consecutive terms. Any person who has served more than one and one-half terms as a member of the Chesapeake Economic Development Authority as of July 1, 2017, shall not be eligible for reappointment for another consecutive term. A member of the Chesapeake Economic Development Authority shall serve at the pleasure of the city council of the City of Chesapeake. No Chesapeake Economic Development Authority member shall work for the Authority within one year after serving as a member. The city council of the City of Norfolk may appoint 11 members, with terms staggered as agreed upon by the city council, and the board of supervisors of Louisa County may appoint directors to serve on the board of the authority for terms coincident with members of the board of supervisors.\n\t\t\tA member of the board of directors of the authority may be removed from office by the local governing body without limitation in the event that the board member is absent from any three consecutive meetings of the authority or is absent from any four meetings of the authority within any 12-month period or upon unanimous vote of the board of supervisors. In any such event, a successor shall be appointed by the governing body for the unexpired portion of the term of the member who has been removed.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":267341,"text":"Each director shall, upon appointment or reappointment, before entering upon his duties take and subscribe the oath prescribed by § 49-1.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":267342,"text":"No director shall be an officer or employee of the locality except (i) in a town with a population of less than 3,500 where members of the town governing body may serve as directors provided they do not constitute a majority of the board, (ii) in Buchanan County where a constitutional officer who has previously served on the board of directors may serve as a director provided the governing body of such county approves, (iii) in Essex County where the board of supervisors may appoint one employee of the locality to the Economic Development Authority of the County of Essex, (iv) in Frederick County where the board of supervisors may appoint one of its members to the Economic Development Authority of the County of Frederick, Virginia, (v) in Mathews County where the board of supervisors may appoint one employee of the locality to the Economic Development Authority of the County of Mathews, and (vi) in Craig County where the board of supervisors may appoint one of its members to the Economic Development Authority of the County of Craig. Every director shall, at the time of his appointment and thereafter, reside in a locality within which the authority operates or in an adjoining locality. When a director ceases to be a resident of such locality, the director’s office shall be vacant and a new director may be appointed for the remainder of the term.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":267343,"text":"The directors shall elect from their membership a chairman, a vice-chairman, and from their membership or not, as they desire, a secretary and a treasurer, or a secretary-treasurer, who shall continue to hold such office until their respective successors are elected. The directors shall receive no salary but may be compensated such amount per regular, special, or committee meeting or per each official representation as may be approved by the appointing authority, not to exceed $200 per meeting or official representation, and shall be reimbursed for necessary traveling and other expenses incurred in the performance of their duties.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":267344,"text":"Except as provided herein, four members of the board of directors shall constitute a quorum of the board for the purposes of conducting its business and exercising its powers and for all other purposes, except that no facilities owned by the authority shall be leased or disposed of in any manner without a majority vote of the members of the board of directors. No vacancy in the membership of the board shall impair the right of a quorum to exercise all the powers and perform all the duties of the board. In the case of the Economic Development Authority of Goochland County, the Economic Development Authority of Powhatan County, the Industrial Development Authority of the Town of Kenbridge, and the Industrial Development Authority of the Town of Victoria, three members of the board of directors shall constitute a quorum of the board for the purposes of conducting its business and exercising its powers and for all other purposes, except that no facilities owned by the authority shall be leased or disposed of in any manner without a majority vote of the members of the board of directors.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":267345,"text":"The board shall keep detailed minutes of its proceedings, which shall be open to public inspection at all times. It shall keep suitable records of its financial transactions and, unless exempted by § 30-140, it shall arrange to have the records audited annually. Copies of each such audit shall be furnished to the governing body of the locality and shall be open to public inspection.\n\t\t\tTwo copies of the report concerning issuance of bonds required to be filed with the United States Internal Revenue Service shall be certified as true and correct copies by the secretary or assistant secretary of the authority. One copy shall be furnished to the governing body of the locality and the other copy mailed to the Department of Small Business and Supplier Diversity.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":13549,"edition_id":1,"name":"Industrial Development and Revenue Bond Act","identifier":"49","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:45:11","date_modified":"2026-06-26 03:45:11","permalink":{"id":158343,"object_type":"structure","relational_id":13549,"identifier":"49","token":"15.2\/IV\/49","url":"\/15.2\/IV\/49\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12721,"edition_id":1,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":157897,"object_type":"structure","relational_id":12721,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":62034,"structure_id":13549,"section_number":"15.2-4900","catch_line":"Short title","url":"\/15.2-4900\/","token":"15.2\/IV\/49\/15.2-4900","metadata":false},{"id":54556,"structure_id":13549,"section_number":"15.2-4901","catch_line":"Purpose of chapter","url":"\/15.2-4901\/","token":"15.2\/IV\/49\/15.2-4901","metadata":false},{"id":60789,"structure_id":13549,"section_number":"15.2-4902","catch_line":"Definitions","url":"\/15.2-4902\/","token":"15.2\/IV\/49\/15.2-4902","metadata":false},{"id":66473,"structure_id":13549,"section_number":"15.2-4903","catch_line":"Creation of industrial development authorities","url":"\/15.2-4903\/","token":"15.2\/IV\/49\/15.2-4903","metadata":false},{"id":74389,"structure_id":13549,"section_number":"15.2-4904","catch_line":"Directors; 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This law was first created in 1966. The record of its establishment is cataloged in chapter 651 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1966 \u201cActs\u201d aren\u2019t available online. It has been modified 29 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1979, chapter 35; in 1980, chapter 304; in 1982, chapter 463; in 1983, chapter 514; in 1984, chapter 750; in 1987, chapter 368; in 1990, chapter 87; in 1993, chapter 896; in 1996, chapters 589<\/a> and 599<\/a>; in 1999, chapters 337<\/a>, 408<\/a>, and 414<\/a>; in 2000, chapter 963<\/a>; in 2001, chapter 121<\/a>; in 2003, chapters 347<\/a> and 357<\/a>; in 2006, chapter 687<\/a>; in 2007, chapters 283<\/a> and 338<\/a>; in 2008, chapter 619<\/a>; in 2009, chapters 199<\/a>, 200<\/a>, 460<\/a>, and 597<\/a>; in 2012, chapters 337<\/a> and 352<\/a>; in 2013, chapter 482<\/a>; in 2014, chapters 381<\/a> and 382<\/a>; in 2016, chapter 414<\/a>; in 2017, chapters 541<\/a>, 557<\/a>, and 560<\/a>; in 2018, chapter 310<\/a>; in 2019, chapter 363<\/a>; in 2021, chapter 3<\/a>; in 2022, chapter 622<\/a>; in 2023, chapter 574<\/a>; in 2024, chapters 75<\/a>, 483<\/a>, and 520<\/a>; in 2025, chapter 101<\/a>.<\/p>","references":[{"id":79142,"section_number":"15.2-4920","catch_line":"Validation of creation of authorities, appointment of directors and proceedings; curative resolutions","order_by":null,"url":"\/15.2-4920\/"}],"refers_to":[{"id":61752,"section_number":"15.2-4916","catch_line":"Authorities acting jointly","order_by":null,"url":"\/15.2-4916\/"},{"id":64128,"section_number":"30-140","catch_line":"Certain political subdivisions to file report of audit; period in which report kept as public record; when audit not required; sworn statement of exempted entities; publication of summary of financial condition; repeal of conflicting provisions","order_by":null,"url":"\/30-140\/"}],"permalink":{"id":158361,"object_type":"law","relational_id":74389,"identifier":"15.2-4904","token":"15.2\/IV\/49\/15.2-4904","url":"\/15.2-4904\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-4904\/","token":"15.2\/IV\/49\/15.2-4904","dublin_core":{"Title":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records; certification and distribution of report concerning bond issuance","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-4904","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The authority<\/span> shall be governed by a board of directors in which all powers of the authority<\/span> shall be vested and which board shall be composed of seven directors, appointed by the governing body<\/span> of the locality<\/span>. The seven directors shall be appointed initially for terms of one, two, three, and four years; two being appointed for one-year terms; two being appointed for two-year terms; two being appointed for three-year terms, and one being appointed for a four-year term. Subsequent appointments shall be for terms of four years, except appointments to fill vacancies, which shall be for the unexpired terms. All terms of office shall be deemed to commence upon the date of the initial appointment to the authority<\/span>, and thereafter, in accordance with the provisions of the immediately preceding sentence. If at the end of any term of office of any director a successor thereto has not been appointed, then the director whose term of office has expired shall continue to hold office until his successor is appointed and qualified.\n\t\t\tNotwithstanding the provisions of this subsection, the board of supervisors<\/span> of Wise County<\/span> may appoint eight members to serve on the board of the authority<\/span>, with terms staggered as agreed upon by the board of supervisors<\/span>; the board of supervisors<\/span> of Henrico County<\/span> may appoint 10 members to serve on the board of the authority<\/span>, two from each magisterial district, with terms staggered as agreed upon by the board of supervisors<\/span>; the board of supervisors<\/span> of Roanoke County<\/span> may appoint 10 members to serve on the board of the authority<\/span>, two from each magisterial district, with terms staggered as agreed upon by the board of supervisors<\/span>; the board of supervisors<\/span> of Mathews County<\/span> may appoint from five to seven members to serve on the board of the authority<\/span>; the town<\/span> council<\/span> of the Town<\/span> of Louisa may appoint from five to seven members to serve on the board of the authority<\/span>, with terms staggered as agreed upon by the town<\/span> council<\/span>; the board of supervisors<\/span> of King William County<\/span> may appoint nine members to serve on the board of the authority<\/span>, with terms staggered as agreed upon by the board of supervisors<\/span>; the town<\/span> council<\/span> of the Town<\/span> of Saint Paul may appoint 10 members to serve on the board of the authority<\/span>, with terms staggered as agreed upon by the town<\/span> council<\/span>; however, the town<\/span> council<\/span> of the Town<\/span> of Saint Paul may at its option return to a seven-member board by removing the last three members appointed; the board of supervisors<\/span> of Russell County<\/span> may appoint nine members, which shall consist of two members from the governing body<\/span> of a town<\/span> that has used its borrowing capacity to borrow $2 million or more for industrial development and such other members as the board of supervisors<\/span> shall agree upon, with terms staggered as agreed upon by the board of supervisors<\/span>, and the town<\/span> council<\/span> of the Town<\/span> of South Boston shall appoint two at-large members; Page County<\/span> may appoint nine members, with one member from each incorporated town<\/span>, one member from each magisterial district, and one member at-large, with terms staggered as agreed upon by the board of supervisors<\/span>; Halifax County<\/span> shall appoint five at-large members to serve on the board of the authority<\/span> jointly created by the Town<\/span> of South Boston and Halifax County<\/span> pursuant to § 15.2-4916<\/a>, with terms staggered as agreed upon by the governing bodies of the Town<\/span> of South Boston and Halifax County<\/span> in the concurrent resolutions creating such authority<\/span>; the board of supervisors<\/span> of Goochland County<\/span> may appoint five members to serve on the board of the authority<\/span>; the board of supervisors<\/span> of Powhatan County<\/span> may appoint five members to serve on the board of the authority<\/span>; the town<\/span> council<\/span> of the Town<\/span> of Coeburn may appoint five members to serve on the board of the authority<\/span>, with terms staggered as agreed upon by the town<\/span> council<\/span>; the town<\/span> council<\/span> of the Town<\/span> of Kenbridge may appoint five members to serve on the board of the authority<\/span>, with terms staggered as agreed upon by the town<\/span> council<\/span>; the town<\/span> council<\/span> of the Town<\/span> of Victoria may appoint five members to serve on the board of the authority<\/span>, with terms staggered as agreed upon by the town<\/span> council<\/span>; the city<\/span> council<\/span> of Suffolk may appoint eight members to serve on the board of the authority<\/span>, with one member from each of the boroughs and one at-large member, with terms staggered as agreed upon by the city<\/span> council<\/span>; the City<\/span> of Lexington may appoint from five to seven members to serve on the board of the authority<\/span>, with terms staggered as agreed upon by the city<\/span> council<\/span>; and the City<\/span> of Chesapeake may appoint nine members, with terms staggered as agreed upon by the city<\/span> council<\/span>; however, in the City<\/span> of Chesapeake, after July 1, 2017, no member shall serve more than two consecutive terms. Any person who has served more than one and one-half terms as a member of the Chesapeake Economic Development Authority<\/span> as of July 1, 2017, shall not be eligible for reappointment for another consecutive term. A member of the Chesapeake Economic Development Authority<\/span> shall serve at the pleasure of the city<\/span> council<\/span> of the City<\/span> of Chesapeake. No Chesapeake Economic Development Authority<\/span> member shall work for the Authority<\/span> within one year after serving as a member. The city<\/span> council<\/span> of the City<\/span> of Norfolk may appoint 11 members, with terms staggered as agreed upon by the city<\/span> council<\/span>, and the board of supervisors<\/span> of Louisa County<\/span> may appoint directors to serve on the board of the authority<\/span> for terms coincident with members of the board of supervisors<\/span>.\n\t\t\tA member of the board of directors of the authority<\/span> may be removed from office by the local governing body<\/span> without limitation in the event that the board member is absent from any three consecutive meetings of the authority<\/span> or is absent from any four meetings of the authority<\/span> within any 12-month period or upon unanimous vote of the board of supervisors<\/span>. In any such event, a successor shall be appointed by the governing body<\/span> for the unexpired portion of the term of the member who has been removed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Each director shall, upon appointment or reappointment, before entering upon his duties take and subscribe the oath<\/span> prescribed by § 49-1<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No director shall be an officer or employee of the locality<\/span> except (i) in a town<\/span> with a population of less than 3,500 where members of the town<\/span> governing body<\/span> may serve as directors provided they do not constitute a majority of the board, (ii) in Buchanan County<\/span> where a constitutional officer<\/span> who has previously served on the board of directors may serve as a director provided the governing body<\/span> of such county<\/span> approves, (iii) in Essex County<\/span> where the board of supervisors<\/span> may appoint one employee of the locality<\/span> to the Economic Development Authority<\/span> of the County<\/span> of Essex, (iv) in Frederick County<\/span> where the board of supervisors<\/span> may appoint one of its members to the Economic Development Authority<\/span> of the County<\/span> of Frederick, Virginia, (v) in Mathews County<\/span> where the board of supervisors<\/span> may appoint one employee of the locality<\/span> to the Economic Development Authority<\/span> of the County<\/span> of Mathews, and (vi) in Craig County<\/span> where the board of supervisors<\/span> may appoint one of its members to the Economic Development Authority<\/span> of the County<\/span> of Craig. Every director shall, at the time of his appointment and thereafter, reside in a locality<\/span> within which the authority<\/span> operates or in an adjoining locality<\/span>. When a director ceases to be a resident of such locality<\/span>, the director’s office shall be vacant and a new director may be appointed for the remainder of the term. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The directors shall elect from their membership a chairman, a vice-chairman, and from their membership or not, as they desire, a secretary and a treasurer, or a secretary-treasurer, who shall continue to hold such office until their respective successors are elected. The directors shall receive no salary but may be compensated such amount per regular, special, or committee meeting or per each official representation as may be approved by the appointing authority<\/span>, not to exceed $200 per meeting or official representation, and shall be reimbursed for necessary traveling and other expenses incurred in the performance of their duties. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Except as provided herein, four members of the board of directors shall constitute a quorum of the board for the purposes of conducting its business and exercising its powers and for all other purposes, except that no facilities<\/span> owned by the authority<\/span> shall be leased or disposed of in any manner without a majority vote of the members of the board of directors. No vacancy in the membership of the board shall impair the right of a quorum to exercise all the powers and perform all the duties of the board. In the case of the Economic Development Authority<\/span> of Goochland County<\/span>, the Economic Development Authority<\/span> of Powhatan County<\/span>, the Industrial Development Authority<\/span> of the Town<\/span> of Kenbridge, and the Industrial Development Authority<\/span> of the Town<\/span> of Victoria, three members of the board of directors shall constitute a quorum of the board for the purposes of conducting its business and exercising its powers and for all other purposes, except that no facilities<\/span> owned by the authority<\/span> shall be leased or disposed of in any manner without a majority vote of the members of the board of directors. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The board shall keep detailed minutes of its proceedings, which shall be open to public inspection at all times. It shall keep suitable records of its financial transactions and, unless exempted by § 30-140<\/a>, it shall arrange to have the records audited annually. Copies of each such audit shall be furnished to the governing body<\/span> of the locality<\/span> and shall be open to public inspection.\n\t\t\tTwo copies of the report concerning issuance of bonds<\/span> required to be filed with the United States Internal Revenue Service shall be certified as true and correct copies by the secretary or assistant secretary of the authority<\/span>. One copy shall be furnished to the governing body<\/span> of the locality<\/span> and the other copy mailed to the Department of Small Business and Supplier Diversity. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDIRECTORS; QUALIFICATIONS; TERMS; VACANCIES; COMPENSATION AND EXPENSES; QUORUM;\nRECORDS; CERTIFICATION AND DISTRIBUTION OF REPORT CONCERNING BOND ISSUANCE (\u00a7\n15.2-4904)\n\nA. The authority shall be governed by a board of directors in which all powers\nof the authority shall be vested and which board shall be composed of seven\ndirectors, appointed by the governing body of the locality. The seven directors\nshall be appointed initially for terms of one, two, three, and four years; two\nbeing appointed for one-year terms; two being appointed for two-year terms; two\nbeing appointed for three-year terms, and one being appointed for a four-year\nterm. Subsequent appointments shall be for terms of four years, except\nappointments to fill vacancies, which shall be for the unexpired terms. All\nterms of office shall be deemed to commence upon the date of the initial\nappointment to the authority, and thereafter, in accordance with the provisions\nof the immediately preceding sentence. If at the end of any term of office of\nany director a successor thereto has not been appointed, then the director whose\nterm of office has expired shall continue to hold office until his successor is\nappointed and qualified.\n\t\t\tNotwithstanding the provisions of this subsection, the board of supervisors\nof Wise County may appoint eight members to serve on the board of the authority,\nwith terms staggered as agreed upon by the board of supervisors; the board of\nsupervisors of Henrico County may appoint 10 members to serve on the board of\nthe authority, two from each magisterial district, with terms staggered as\nagreed upon by the board of supervisors; the board of supervisors of Roanoke\nCounty may appoint 10 members to serve on the board of the authority, two from\neach magisterial district, with terms staggered as agreed upon by the board of\nsupervisors; the board of supervisors of Mathews County may appoint from five to\nseven members to serve on the board of the authority; the town council of the\nTown of Louisa may appoint from five to seven members to serve on the board of\nthe authority, with terms staggered as agreed upon by the town council; the\nboard of supervisors of King William County may appoint nine members to serve on\nthe board of the authority, with terms staggered as agreed upon by the board of\nsupervisors; the town council of the Town of Saint Paul may appoint 10 members\nto serve on the board of the authority, with terms staggered as agreed upon by\nthe town council; however, the town council of the Town of Saint Paul may at its\noption return to a seven-member board by removing the last three members\nappointed; the board of supervisors of Russell County may appoint nine members,\nwhich shall consist of two members from the governing body of a town that has\nused its borrowing capacity to borrow $2 million or more for industrial\ndevelopment and such other members as the board of supervisors shall agree upon,\nwith terms staggered as agreed upon by the board of supervisors, and the town\ncouncil of the Town of South Boston shall appoint two at-large members; Page\nCounty may appoint nine members, with one member from each incorporated town,\none member from each magisterial district, and one member at-large, with terms\nstaggered as agreed upon by the board of supervisors; Halifax County shall\nappoint five at-large members to serve on the board of the authority jointly\ncreated by the Town of South Boston and Halifax County pursuant to §\n15.2-4916, with terms staggered as agreed upon by the governing bodies of the\nTown of South Boston and Halifax County in the concurrent resolutions creating\nsuch authority; the board of supervisors of Goochland County may appoint five\nmembers to serve on the board of the authority; the board of supervisors of\nPowhatan County may appoint five members to serve on the board of the authority;\nthe town council of the Town of Coeburn may appoint five members to serve on the\nboard of the authority, with terms staggered as agreed upon by the town council;\nthe town council of the Town of Kenbridge may appoint five members to serve on\nthe board of the authority, with terms staggered as agreed upon by the town\ncouncil; the town council of the Town of Victoria may appoint five members to\nserve on the board of the authority, with terms staggered as agreed upon by the\ntown council; the city council of Suffolk may appoint eight members to serve on\nthe board of the authority, with one member from each of the boroughs and one\nat-large member, with terms staggered as agreed upon by the city council; the\nCity of Lexington may appoint from five to seven members to serve on the board\nof the authority, with terms staggered as agreed upon by the city council; and\nthe City of Chesapeake may appoint nine members, with terms staggered as agreed\nupon by the city council; however, in the City of Chesapeake, after July 1,\n2017, no member shall serve more than two consecutive terms. Any person who has\nserved more than one and one-half terms as a member of the Chesapeake Economic\nDevelopment Authority as of July 1, 2017, shall not be eligible for\nreappointment for another consecutive term. A member of the Chesapeake Economic\nDevelopment Authority shall serve at the pleasure of the city council of the\nCity of Chesapeake. No Chesapeake Economic Development Authority member shall\nwork for the Authority within one year after serving as a member. The city\ncouncil of the City of Norfolk may appoint 11 members, with terms staggered as\nagreed upon by the city council, and the board of supervisors of Louisa County\nmay appoint directors to serve on the board of the authority for terms\ncoincident with members of the board of supervisors.\n\t\t\tA member of the board of directors of the authority may be removed from\noffice by the local governing body without limitation in the event that the\nboard member is absent from any three consecutive meetings of the authority or\nis absent from any four meetings of the authority within any 12-month period or\nupon unanimous vote of the board of supervisors. In any such event, a successor\nshall be appointed by the governing body for the unexpired portion of the term\nof the member who has been removed.\n\nB. Each director shall, upon appointment or reappointment, before entering upon\nhis duties take and subscribe the oath prescribed by § 49-1.\n\nC. No director shall be an officer or employee of the locality except (i) in a\ntown with a population of less than 3,500 where members of the town governing\nbody may serve as directors provided they do not constitute a majority of the\nboard, (ii) in Buchanan County where a constitutional officer who has previously\nserved on the board of directors may serve as a director provided the governing\nbody of such county approves, (iii) in Essex County where the board of\nsupervisors may appoint one employee of the locality to the Economic Development\nAuthority of the County of Essex, (iv) in Frederick County where the board of\nsupervisors may appoint one of its members to the Economic Development Authority\nof the County of Frederick, Virginia, (v) in Mathews County where the board of\nsupervisors may appoint one employee of the locality to the Economic Development\nAuthority of the County of Mathews, and (vi) in Craig County where the board of\nsupervisors may appoint one of its members to the Economic Development Authority\nof the County of Craig. Every director shall, at the time of his appointment and\nthereafter, reside in a locality within which the authority operates or in an\nadjoining locality. When a director ceases to be a resident of such locality,\nthe director’s office shall be vacant and a new director may be appointed\nfor the remainder of the term.\n\nD. The directors shall elect from their membership a chairman, a vice-chairman,\nand from their membership or not, as they desire, a secretary and a treasurer,\nor a secretary-treasurer, who shall continue to hold such office until their\nrespective successors are elected. The directors shall receive no salary but may\nbe compensated such amount per regular, special, or committee meeting or per\neach official representation as may be approved by the appointing authority, not\nto exceed $200 per meeting or official representation, and shall be reimbursed\nfor necessary traveling and other expenses incurred in the performance of their\nduties.\n\nE. Except as provided herein, four members of the board of directors shall\nconstitute a quorum of the board for the purposes of conducting its business and\nexercising its powers and for all other purposes, except that no facilities\nowned by the authority shall be leased or disposed of in any manner without a\nmajority vote of the members of the board of directors. No vacancy in the\nmembership of the board shall impair the right of a quorum to exercise all the\npowers and perform all the duties of the board. In the case of the Economic\nDevelopment Authority of Goochland County, the Economic Development Authority of\nPowhatan County, the Industrial Development Authority of the Town of Kenbridge,\nand the Industrial Development Authority of the Town of Victoria, three members\nof the board of directors shall constitute a quorum of the board for the\npurposes of conducting its business and exercising its powers and for all other\npurposes, except that no facilities owned by the authority shall be leased or\ndisposed of in any manner without a majority vote of the members of the board of\ndirectors.\n\nF. The board shall keep detailed minutes of its proceedings, which shall be open\nto public inspection at all times. It shall keep suitable records of its\nfinancial transactions and, unless exempted by § 30-140, it shall arrange\nto have the records audited annually. Copies of each such audit shall be\nfurnished to the governing body of the locality and shall be open to public\ninspection.\n\t\t\tTwo copies of the report concerning issuance of bonds required to be filed\nwith the United States Internal Revenue Service shall be certified as true and\ncorrect copies by the secretary or assistant secretary of the authority. One\ncopy shall be furnished to the governing body of the locality and the other copy\nmailed to the Department of Small Business and Supplier Diversity.\n\nHISTORY: 1966, c. 651, \u00a7 15.1-1377; 1979, c. 35; 1980, c. 304; 1982, c. 463;\n1983, c. 514; 1984, c. 750; 1987, c. 368; 1990, c. 87; 1993, c. 896; 1996, cc.\n589, 599; 1997, c.; 1999, cc. 337, 408, 414; 2000, c. 963; 2001, c. 121; 2003,\ncc. 347, 357; 2006, c. 687; 2007, cc. 283, 338; 2008, c. 619; 2009, cc. 199,\n200, 460, 597; 2012, cc. 337, 352; 2013, c. 482; 2014, cc. 381, 382; 2016, c.\n414; 2017, cc. 541, 557, 560; 2018, c. 310; 2019, c. 363; 2021, c. 3; 2021, Sp.\nSess. I, cc. 321, 422; 2022, c. 622; 2023, c. 574; 2024, cc. 75, 483, 520; 2025,\nc. 101.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}