{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5518.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5518.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5518.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5518.html"}],"law_id":70578,"edition_id":1,"section_id":70578,"structure_id":14676,"section_number":"15.2-5518","catch_line":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records","history":"2007, c. 864.","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. If the authority is created by two or more localities, the members of the board shall be appointed as agreed upon by the localities. 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.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\nFour 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.D\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.","order_by":null,"text":{"0":{"id":254651,"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. If the authority is created by two or more localities, the members of the board shall be appointed as agreed upon by the localities. 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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":254652,"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":254653,"text":"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.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":254654,"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.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":14676,"edition_id":1,"name":"Tourism Financing Development Authority Act","identifier":"55.2","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:49:16","date_modified":"2026-06-26 03:49:16","permalink":{"id":159547,"object_type":"structure","relational_id":14676,"identifier":"55.2","token":"15.2\/IV\/55.2","url":"\/15.2\/IV\/55.2\/","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":71694,"structure_id":14676,"section_number":"15.2-5516","catch_line":"Short title","url":"\/15.2-5516\/","token":"15.2\/IV\/55.2\/15.2-5516","metadata":false},{"id":56281,"structure_id":14676,"section_number":"15.2-5517","catch_line":"One or more localities may create authority","url":"\/15.2-5517\/","token":"15.2\/IV\/55.2\/15.2-5517","metadata":false},{"id":70578,"structure_id":14676,"section_number":"15.2-5518","catch_line":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records","url":"\/15.2-5518\/","token":"15.2\/IV\/55.2\/15.2-5518","metadata":false},{"id":60627,"structure_id":14676,"section_number":"15.2-5519","catch_line":"Powers of authority","url":"\/15.2-5519\/","token":"15.2\/IV\/55.2\/15.2-5519","metadata":false},{"id":71697,"structure_id":14676,"section_number":"15.2-5520","catch_line":"Liability of authority","url":"\/15.2-5520\/","token":"15.2\/IV\/55.2\/15.2-5520","metadata":false},{"id":64330,"structure_id":14676,"section_number":"15.2-5521","catch_line":"Dissolution of authority; disposition of property","url":"\/15.2-5521\/","token":"15.2\/IV\/55.2\/15.2-5521","metadata":false},{"id":58669,"structure_id":14676,"section_number":"15.2-5522","catch_line":"Provisions of chapter controlling over other statutes and charters","url":"\/15.2-5522\/","token":"15.2\/IV\/55.2\/15.2-5522","metadata":false}],"previous_section":{"id":56281,"structure_id":14676,"section_number":"15.2-5517","catch_line":"One or more localities may create authority","url":"\/15.2-5517\/","token":"15.2\/IV\/55.2\/15.2-5517","metadata":false},"next_section":{"id":60627,"structure_id":14676,"section_number":"15.2-5519","catch_line":"Powers of authority","url":"\/15.2-5519\/","token":"15.2\/IV\/55.2\/15.2-5519","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5518\/","history_text":"

This law was first created in 2007. The record of its establishment is cataloged in chapter 864<\/a> 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.<\/p>","references":false,"refers_to":[{"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":159557,"object_type":"law","relational_id":70578,"identifier":"15.2-5518","token":"15.2\/IV\/55.2\/15.2-5518","url":"\/15.2-5518\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5518\/","token":"15.2\/IV\/55.2\/15.2-5518","dublin_core":{"Title":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5518","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> 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<\/span> of the locality<\/span>. If the authority is created by two or more localities, the members of the board shall be appointed as agreed upon by the localities. 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. <\/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> 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. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/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. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDIRECTORS; QUALIFICATIONS; TERMS; VACANCIES; COMPENSATION AND EXPENSES; QUORUM;\nRECORDS (\u00a7 15.2-5518)\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. If the authority is\ncreated by two or more localities, the members of the board shall be appointed\nas agreed upon by the localities. The seven directors shall be appointed\ninitially for terms of one, two, three and four years; two being appointed for\none-year terms; two being appointed for two-year terms; two being appointed for\nthree-year terms; and one being appointed for a four-year term. Subsequent\nappointments shall be for terms of four years, except appointments to fill\nvacancies, which shall be for the unexpired terms. All terms of office shall be\ndeemed to commence upon the date of the initial appointment to the authority and\nthereafter, in accordance with the provisions of the immediately preceding\nsentence. If at the end of any term of office of any director a successor\nthereto has not been appointed, then the director whose term of office has\nexpired shall continue to hold office until his successor is appointed and\nqualified.\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. Four members of the board of directors shall constitute a quorum of the board\nfor the purposes of conducting its business and exercising its powers and for\nall other purposes, except that no facilities owned by the authority shall be\nleased or disposed of in any manner without a majority vote of the members of\nthe board of directors. No vacancy in the membership of the board shall impair\nthe right of a quorum to exercise all the powers and perform all the duties of\nthe board.\n\nD. 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\nHISTORY: 2007, c. 864.","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}}