{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2353.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2353.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2353.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2353.html"}],"law_id":61786,"edition_id":1,"section_id":61786,"structure_id":13711,"section_number":"2.2-2353","catch_line":"Board of directors; members; president","history":"2020, cc. 1164, 1169.","full_text":"A\n\nThe Authority shall be governed by a board of directors consisting of 11 voting members as follows: (i) the Secretary of Commerce and Trade, or his designee; (ii) six nonlegislative citizen members appointed by the Governor; (iii) three nonlegislative citizen members appointed by the Joint Rules Committee; and (iv) one director of technology transfer office or equivalent position from a major research public institution of higher education, appointed by the Joint Rules Committee.B\n\nOf the nonlegislative citizen members appointed by the Governor, (i) two nonlegislative citizen members shall be from the investor community with experience as a partner in a venture capital fund with a minimum of $35 million under management or experience qualifying as an accredited investor, as defined by the federal Securities and Exchange Commission, who have experience investing, as an individual or as part of an angel group, in 10 or more early stage companies; (ii) two nonlegislative citizen members shall be from the technology sector with experience (a) as a founder of a science-based or technology-based business and who have raised equity capital or (b) as a senior executive in a science or technology company with operations in Virginia and with annual revenues in excess of $100 million; and (iii) two nonlegislative citizen members shall have experience acquiring or commercializing intellectual property through private research or experience acquiring or commercializing intellectual property from a university or other research institution. Of the nonlegislative citizen members appointed by the Joint Rules Committee, two nonlegislative citizen members shall have experience in entrepreneurial development or entrepreneurial community and network development. In making the appointments, the Governor and the Joint Rules Committee shall consider the geographic and demographic diversity of the Board.C\n\n1. After an initial staggering of terms, members of the Board shall serve terms of four years. No member shall be eligible to serve more than two terms. Any appointment to fill a vacancy shall be for the unexpired term. A person appointed to fill a vacancy may be appointed to serve two additional terms. Nonlegislative citizen members shall be citizens of the Commonwealth.2\n\nEx officio members shall serve terms coincident with their terms of office.D\n\nMembers of the Board shall receive such compensation for the performance of their duties as provided in § 2.2-2813. Members shall be reimbursed for all reasonable and necessary expenses incurred in the performance of their duties as provided in §§ 2.2-2813 and 2.2-2825. Funding for the costs of compensation and expenses of the members shall be provided by the Authority.E\n\nThe Board shall elect a chairman from the nonlegislative citizen members of the Board, and the Secretary of Commerce and Trade shall serve as the vice-chairman. The Board shall elect a secretary and a treasurer, who need not be members of the Board, and may also elect other subordinate officers, who need not be members of the Board. The Board may also form advisory committees, which may include representatives who are not members of the Board, to undertake more extensive study on issues before the Board.F\n\nA majority of the members shall constitute a quorum for the transaction of the Authority’s business, and no vacancy in the membership shall impair the right of a quorum to exercise the rights and perform all duties of the Authority. The Board shall meet at least quarterly or at the call of the chairman.G\n\nThe Board shall appoint a president of the Authority, who shall not be a member of the Board who shall serve at the pleasure of the Board and carry out such powers and duties conferred upon him by the Board.","order_by":null,"text":{"0":{"id":225613,"text":"The Authority shall be governed by a board of directors consisting of 11 voting members as follows: (i) the Secretary of Commerce and Trade, or his designee; (ii) six nonlegislative citizen members appointed by the Governor; (iii) three nonlegislative citizen members appointed by the Joint Rules Committee; and (iv) one director of technology transfer office or equivalent position from a major research public institution of higher education, appointed by the Joint Rules Committee.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":225614,"text":"Of the nonlegislative citizen members appointed by the Governor, (i) two nonlegislative citizen members shall be from the investor community with experience as a partner in a venture capital fund with a minimum of $35 million under management or experience qualifying as an accredited investor, as defined by the federal Securities and Exchange Commission, who have experience investing, as an individual or as part of an angel group, in 10 or more early stage companies; (ii) two nonlegislative citizen members shall be from the technology sector with experience (a) as a founder of a science-based or technology-based business and who have raised equity capital or (b) as a senior executive in a science or technology company with operations in Virginia and with annual revenues in excess of $100 million; and (iii) two nonlegislative citizen members shall have experience acquiring or commercializing intellectual property through private research or experience acquiring or commercializing intellectual property from a university or other research institution. Of the nonlegislative citizen members appointed by the Joint Rules Committee, two nonlegislative citizen members shall have experience in entrepreneurial development or entrepreneurial community and network development. In making the appointments, the Governor and the Joint Rules Committee shall consider the geographic and demographic diversity of the Board.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":225615,"text":"1. After an initial staggering of terms, members of the Board shall serve terms of four years. No member shall be eligible to serve more than two terms. Any appointment to fill a vacancy shall be for the unexpired term. A person appointed to fill a vacancy may be appointed to serve two additional terms. Nonlegislative citizen members shall be citizens of the Commonwealth.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C2"},"3":{"id":225616,"text":"Ex officio members shall serve terms coincident with their terms of office.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C","next_prefix":"D"},"4":{"id":225617,"text":"Members of the Board shall receive such compensation for the performance of their duties as provided in § 2.2-2813. Members shall be reimbursed for all reasonable and necessary expenses incurred in the performance of their duties as provided in §§ 2.2-2813 and 2.2-2825. Funding for the costs of compensation and expenses of the members shall be provided by the Authority.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C2","next_prefix":"E"},"5":{"id":225618,"text":"The Board shall elect a chairman from the nonlegislative citizen members of the Board, and the Secretary of Commerce and Trade shall serve as the vice-chairman. The Board shall elect a secretary and a treasurer, who need not be members of the Board, and may also elect other subordinate officers, who need not be members of the Board. The Board may also form advisory committees, which may include representatives who are not members of the Board, to undertake more extensive study on issues before the Board.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"6":{"id":225619,"text":"A majority of the members shall constitute a quorum for the transaction of the Authority’s business, and no vacancy in the membership shall impair the right of a quorum to exercise the rights and perform all duties of the Authority. The Board shall meet at least quarterly or at the call of the chairman.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"7":{"id":225620,"text":"The Board shall appoint a president of the Authority, who shall not be a member of the Board who shall serve at the pleasure of the Board and carry out such powers and duties conferred upon him by the Board.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F"}},"ancestry":[{"id":13711,"edition_id":1,"name":"Commonwealth of Virginia Innovation Partnership Act","identifier":"11","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:45:37","date_modified":"2026-06-26 03:45:37","permalink":{"id":174035,"object_type":"structure","relational_id":13711,"identifier":"11","token":"2.2\/I\/D\/22\/11","url":"\/2.2\/I\/D\/22\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13344,"edition_id":1,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":173945,"object_type":"structure","relational_id":13344,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":70429,"structure_id":13711,"section_number":"2.2-2351","catch_line":"Short title; declaration of public purpose","url":"\/2.2-2351\/","token":"2.2\/I\/D\/22\/11\/2.2-2351","metadata":false},{"id":66958,"structure_id":13711,"section_number":"2.2-2352","catch_line":"Definitions","url":"\/2.2-2352\/","token":"2.2\/I\/D\/22\/11\/2.2-2352","metadata":false},{"id":61786,"structure_id":13711,"section_number":"2.2-2353","catch_line":"Board of directors; members; president","url":"\/2.2-2353\/","token":"2.2\/I\/D\/22\/11\/2.2-2353","metadata":false},{"id":56487,"structure_id":13711,"section_number":"2.2-2354","catch_line":"Powers and duties of the president","url":"\/2.2-2354\/","token":"2.2\/I\/D\/22\/11\/2.2-2354","metadata":false},{"id":56808,"structure_id":13711,"section_number":"2.2-2355","catch_line":"Powers of the Authority","url":"\/2.2-2355\/","token":"2.2\/I\/D\/22\/11\/2.2-2355","metadata":false},{"id":70323,"structure_id":13711,"section_number":"2.2-2356","catch_line":"Designation of staff of not-for-profit entity","url":"\/2.2-2356\/","token":"2.2\/I\/D\/22\/11\/2.2-2356","metadata":false},{"id":60780,"structure_id":13711,"section_number":"2.2-2357","catch_line":"Division of Entrepreneurial Ecosystems","url":"\/2.2-2357\/","token":"2.2\/I\/D\/22\/11\/2.2-2357","metadata":false},{"id":68622,"structure_id":13711,"section_number":"2.2-2358","catch_line":"Division of Investment","url":"\/2.2-2358\/","token":"2.2\/I\/D\/22\/11\/2.2-2358","metadata":false},{"id":56795,"structure_id":13711,"section_number":"2.2-2359","catch_line":"Division of Commercialization","url":"\/2.2-2359\/","token":"2.2\/I\/D\/22\/11\/2.2-2359","metadata":false},{"id":72724,"structure_id":13711,"section_number":"2.2-2360","catch_line":"Virginia Innovation Index","url":"\/2.2-2360\/","token":"2.2\/I\/D\/22\/11\/2.2-2360","metadata":false},{"id":61362,"structure_id":13711,"section_number":"2.2-2361","catch_line":"Grants or loans of public or private funds","url":"\/2.2-2361\/","token":"2.2\/I\/D\/22\/11\/2.2-2361","metadata":false},{"id":54695,"structure_id":13711,"section_number":"2.2-2362","catch_line":"Moneys of Authority; examination of books by the Auditor of Public Accounts","url":"\/2.2-2362\/","token":"2.2\/I\/D\/22\/11\/2.2-2362","metadata":false},{"id":56002,"structure_id":13711,"section_number":"2.2-2363","catch_line":"Exemption from taxes or assessments","url":"\/2.2-2363\/","token":"2.2\/I\/D\/22\/11\/2.2-2363","metadata":false},{"id":69413,"structure_id":13711,"section_number":"2.2-2364","catch_line":"Exemption of Authority from personnel and procurement procedures; adoption of procurement policies","url":"\/2.2-2364\/","token":"2.2\/I\/D\/22\/11\/2.2-2364","metadata":false}],"previous_section":{"id":66958,"structure_id":13711,"section_number":"2.2-2352","catch_line":"Definitions","url":"\/2.2-2352\/","token":"2.2\/I\/D\/22\/11\/2.2-2352","metadata":false},"next_section":{"id":56487,"structure_id":13711,"section_number":"2.2-2354","catch_line":"Powers and duties of the president","url":"\/2.2-2354\/","token":"2.2\/I\/D\/22\/11\/2.2-2354","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2353\/","history_text":"

This law was first created in 2020. The record of its establishment is cataloged in chapters 1164<\/a> and 1169<\/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":71377,"section_number":"2.2-2813","catch_line":"Definitions; compensation and expense payments from state funds for service on collegial bodies","order_by":null,"url":"\/2.2-2813\/"},{"id":73173,"section_number":"2.2-2825","catch_line":"Reimbursement for certain travel expenditures; restrictions on reimbursement","order_by":null,"url":"\/2.2-2825\/"}],"permalink":{"id":174045,"object_type":"law","relational_id":61786,"identifier":"2.2-2353","token":"2.2\/I\/D\/22\/11\/2.2-2353","url":"\/2.2-2353\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2353\/","token":"2.2\/I\/D\/22\/11\/2.2-2353","dublin_core":{"Title":"Board of directors; members; president","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2353","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority<\/span> shall be governed by a board<\/span> of directors consisting of 11 voting members as follows: (i) the Secretary of Commerce and Trade, or his designee; (ii) six nonlegislative citizen members appointed by the Governor; (iii) three nonlegislative citizen members appointed by the Joint Rules Committee; and (iv) one director of technology transfer office or equivalent position from a major research public institution of higher education, appointed by the Joint Rules Committee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Of the nonlegislative citizen members appointed by the Governor, (i) two nonlegislative citizen members shall be from the investor community with experience as a partner in a venture capital fund with a minimum of $35 million under management or experience qualifying as an accredited investor, as defined by the federal Securities and Exchange Commission, who have experience investing, as an individual or as part of an angel group, in 10 or more early stage companies; (ii) two nonlegislative citizen members shall be from the technology sector with experience (a) as a founder<\/span> of a science-based or technology-based business and who have raised equity<\/span> capital or (b) as a senior executive in a science or technology company with operations in Virginia and with annual revenues in excess of $100 million; and (iii) two nonlegislative citizen members shall have experience acquiring or commercializing intellectual property through private research or experience acquiring or commercializing intellectual property from a university or other research institution. Of the nonlegislative citizen members appointed by the Joint Rules Committee, two nonlegislative citizen members shall have experience in entrepreneurial development or entrepreneurial community and network development. In making the appointments, the Governor and the Joint Rules Committee shall consider the geographic and demographic diversity of the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> 1. After an initial staggering of terms, members of the Board<\/span> shall serve terms of four years. No member shall be eligible to serve more than two terms. Any appointment to fill a vacancy shall be for the unexpired term. A person appointed to fill a vacancy may be appointed to serve two additional terms. Nonlegislative citizen members shall be citizens of the Commonwealth<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Ex officio members shall serve terms coincident with their terms of office. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Members of the Board<\/span> shall receive such compensation for the performance of their duties as provided in § 2.2-2813<\/a>. Members shall be reimbursed for all reasonable and necessary expenses incurred in the performance of their duties as provided in §§ 2.2-2813<\/a> and 2.2-2825<\/a>. Funding for the costs of compensation and expenses of the members shall be provided by the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The Board<\/span> shall elect a chairman from the nonlegislative citizen members of the Board<\/span>, and the Secretary of Commerce and Trade shall serve as the vice-chairman. The Board<\/span> shall elect a secretary and a treasurer, who need not be members of the Board<\/span>, and may also elect other subordinate officers, who need not be members of the Board<\/span>. The Board<\/span> may also form advisory committees, which may include representatives who are not members of the Board<\/span>, to undertake more extensive study on issues<\/span> before the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> A majority of the members shall constitute a quorum for the transaction of the Authority<\/span>’s business, and no vacancy in the membership shall impair the right of a quorum to exercise the rights and perform all duties of the Authority<\/span>. The Board<\/span> shall meet at least quarterly or at the call of the chairman. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> The Board<\/span> shall appoint a president of the Authority<\/span>, who shall not be a member of the Board<\/span> who shall serve at the pleasure of the Board<\/span> and carry out such powers and duties conferred upon him by the Board<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOARD OF DIRECTORS; MEMBERS; PRESIDENT (\u00a7 2.2-2353)\n\nA. The Authority shall be governed by a board of directors consisting of 11\nvoting members as follows: (i) the Secretary of Commerce and Trade, or his\ndesignee; (ii) six nonlegislative citizen members appointed by the Governor;\n(iii) three nonlegislative citizen members appointed by the Joint Rules\nCommittee; and (iv) one director of technology transfer office or equivalent\nposition from a major research public institution of higher education, appointed\nby the Joint Rules Committee.\n\nB. Of the nonlegislative citizen members appointed by the Governor, (i) two\nnonlegislative citizen members shall be from the investor community with\nexperience as a partner in a venture capital fund with a minimum of $35 million\nunder management or experience qualifying as an accredited investor, as defined\nby the federal Securities and Exchange Commission, who have experience\ninvesting, as an individual or as part of an angel group, in 10 or more early\nstage companies; (ii) two nonlegislative citizen members shall be from the\ntechnology sector with experience (a) as a founder of a science-based or\ntechnology-based business and who have raised equity capital or (b) as a senior\nexecutive in a science or technology company with operations in Virginia and\nwith annual revenues in excess of $100 million; and (iii) two nonlegislative\ncitizen members shall have experience acquiring or commercializing intellectual\nproperty through private research or experience acquiring or commercializing\nintellectual property from a university or other research institution. Of the\nnonlegislative citizen members appointed by the Joint Rules Committee, two\nnonlegislative citizen members shall have experience in entrepreneurial\ndevelopment or entrepreneurial community and network development. In making the\nappointments, the Governor and the Joint Rules Committee shall consider the\ngeographic and demographic diversity of the Board.\n\nC. 1. After an initial staggering of terms, members of the Board shall serve\nterms of four years. No member shall be eligible to serve more than two terms.\nAny appointment to fill a vacancy shall be for the unexpired term. A person\nappointed to fill a vacancy may be appointed to serve two additional terms.\nNonlegislative citizen members shall be citizens of the Commonwealth.\n\n 2. Ex officio members shall serve terms coincident with their terms of office.\n\nD. Members of the Board shall receive such compensation for the performance of\ntheir duties as provided in § 2.2-2813. Members shall be reimbursed for all\nreasonable and necessary expenses incurred in the performance of their duties as\nprovided in §§ 2.2-2813 and 2.2-2825. Funding for the costs of\ncompensation and expenses of the members shall be provided by the Authority.\n\nE. The Board shall elect a chairman from the nonlegislative citizen members of\nthe Board, and the Secretary of Commerce and Trade shall serve as the\nvice-chairman. The Board shall elect a secretary and a treasurer, who need not\nbe members of the Board, and may also elect other subordinate officers, who need\nnot be members of the Board. The Board may also form advisory committees, which\nmay include representatives who are not members of the Board, to undertake more\nextensive study on issues before the Board.\n\nF. A majority of the members shall constitute a quorum for the transaction of\nthe Authority’s business, and no vacancy in the membership shall impair\nthe right of a quorum to exercise the rights and perform all duties of the\nAuthority. The Board shall meet at least quarterly or at the call of the\nchairman.\n\nG. The Board shall appoint a president of the Authority, who shall not be a\nmember of the Board who shall serve at the pleasure of the Board and carry out\nsuch powers and duties conferred upon him by the Board.\n\nHISTORY: 2020, cc. 1164, 1169.","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}}