{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2740.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2740.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2740.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2740.html"}],"law_id":55166,"edition_id":1,"section_id":55166,"structure_id":14062,"section_number":"2.2-2740","catch_line":"Powers and duties of the Corporation","history":"2016, c. 749.","full_text":"The Corporation shall have the power and duty to:\n\n1\n\nPeriodically assess (i) product and services promotion activities with the Virginia Economic Development Partnership Authority and the Department of Agriculture and Consumer Services and (ii) suggestions from relevant industries on ways to increase exports of Virginia products;2\n\nEnsure the preparation and execution of effective international trade development marketing and promotional programs, inclusive of both international export and international import programs when economic benefit accrues to Virginia’s economy and businesses;3\n\nMake available to businesses across the Commonwealth, in conjunction and cooperation with business trade associations, chambers of commerce, universities, and other public and private groups, international trade development programs and services;4\n\nEncourage and solicit private sector involvement, support, and funding for international trade development in the Commonwealth;5\n\nEncourage the coordination of international trade development efforts of public institutions, business associations, chambers of commerce, and private industry and collect and maintain data on the development and utilization of international trade development capabilities;6\n\nOffer a program for the issuance of international documentation for companies located in the Commonwealth if no federal agency or other regulatory body or issuing entity will provide international documentation in a form deemed necessary for international commerce;7\n\nAdopt, amend, and repeal bylaws, rules, and regulations, not inconsistent with this article, for the administration and regulation of its affairs, to carry into effect the powers and purposes of the Corporation, and for the conduct of its business;8\n\nMaintain an office at any place within or without the Commonwealth that it designates;9\n\nMake and execute contracts and all other instruments and agreements necessary or convenient for the performance of its duties and the exercise of its owners and functions under this article;10\n\nEmploy officers, employees, agents, advisers, and consultants, including without limitation financial advisers and other technical advisers and public accountants, and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality;11\n\nSell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or any part of its properties and assets;12\n\nProcure insurance, in amounts and from insurers of its choice, or provide self-insurance, against any loss, cost, or expense in connection with its property, assets, or activities, including insurance or self-insurance against liability for its acts or the acts of its directors, employees, or agents and for the indemnification of the members of its Board and its employees and agents;13\n\nEstablish and revise, amend and repeal, and charge and collect fees and charges in connection with any activities or services of the Corporation;14\n\nMake grants with any funds of the Corporation available for this purpose;15\n\nDevelop policies and procedures generally applicable to the procurement of goods, services, and construction based on competitive principles;16\n\nRaise money in the corporate, nonprofit, and nonstate communities to finance the Corporation’s activities;17\n\nReceive and accept from any source aid, grants, and contributions of money, property, labor, or other things of value to be held, used, and applied to carry out the purposes of this article subject to the conditions upon which the aid, grants, or contributions are made;18\n\nEnter into agreements with any department, agency, or instrumentality of the United States, the Commonwealth, the District of Columbia, or any state for purposes consistent with its mission;19\n\nMaintain accounts and records as prescribed by the Auditor of Public Accounts, who shall annually audit the accounts of the Corporation; and20\n\nDo any acts necessary or convenient to the exercise of the powers granted or reasonably implied by this article and not otherwise inconsistent with state law.","order_by":null,"text":{"0":{"id":202230,"text":"The Corporation shall have the power and duty to:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":202231,"text":"Periodically assess (i) product and services promotion activities with the Virginia Economic Development Partnership Authority and the Department of Agriculture and Consumer Services and (ii) suggestions from relevant industries on ways to increase exports of Virginia products;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":202232,"text":"Ensure the preparation and execution of effective international trade development marketing and promotional programs, inclusive of both international export and international import programs when economic benefit accrues to Virginia’s economy and businesses;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":202233,"text":"Make available to businesses across the Commonwealth, in conjunction and cooperation with business trade associations, chambers of commerce, universities, and other public and private groups, international trade development programs and services;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":202234,"text":"Encourage and solicit private sector involvement, support, and funding for international trade development in the Commonwealth;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":202235,"text":"Encourage the coordination of international trade development efforts of public institutions, business associations, chambers of commerce, and private industry and collect and maintain data on the development and utilization of international trade development capabilities;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":202236,"text":"Offer a program for the issuance of international documentation for companies located in the Commonwealth if no federal agency or other regulatory body or issuing entity will provide international documentation in a form deemed necessary for international commerce;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":202237,"text":"Adopt, amend, and repeal bylaws, rules, and regulations, not inconsistent with this article, for the administration and regulation of its affairs, to carry into effect the powers and purposes of the Corporation, and for the conduct of its business;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":202238,"text":"Maintain an office at any place within or without the Commonwealth that it designates;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":202239,"text":"Make and execute contracts and all other instruments and agreements necessary or convenient for the performance of its duties and the exercise of its owners and functions under this article;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":202240,"text":"Employ officers, employees, agents, advisers, and consultants, including without limitation financial advisers and other technical advisers and public accountants, and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":202241,"text":"Sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or any part of its properties and assets;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":202242,"text":"Procure insurance, in amounts and from insurers of its choice, or provide self-insurance, against any loss, cost, or expense in connection with its property, assets, or activities, including insurance or self-insurance against liability for its acts or the acts of its directors, employees, or agents and for the indemnification of the members of its Board and its employees and agents;","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":202243,"text":"Establish and revise, amend and repeal, and charge and collect fees and charges in connection with any activities or services of the Corporation;","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12","next_prefix":"14"},"14":{"id":202244,"text":"Make grants with any funds of the Corporation available for this purpose;","type":"section","prefixes":["14"],"prefix":"14","entire_prefix":"14","prefix_anchor":"14","level":1,"prior_prefix":"13","next_prefix":"15"},"15":{"id":202245,"text":"Develop policies and procedures generally applicable to the procurement of goods, services, and construction based on competitive principles;","type":"section","prefixes":["15"],"prefix":"15","entire_prefix":"15","prefix_anchor":"15","level":1,"prior_prefix":"14","next_prefix":"16"},"16":{"id":202246,"text":"Raise money in the corporate, nonprofit, and nonstate communities to finance the Corporation’s activities;","type":"section","prefixes":["16"],"prefix":"16","entire_prefix":"16","prefix_anchor":"16","level":1,"prior_prefix":"15","next_prefix":"17"},"17":{"id":202247,"text":"Receive and accept from any source aid, grants, and contributions of money, property, labor, or other things of value to be held, used, and applied to carry out the purposes of this article subject to the conditions upon which the aid, grants, or contributions are made;","type":"section","prefixes":["17"],"prefix":"17","entire_prefix":"17","prefix_anchor":"17","level":1,"prior_prefix":"16","next_prefix":"18"},"18":{"id":202248,"text":"Enter into agreements with any department, agency, or instrumentality of the United States, the Commonwealth, the District of Columbia, or any state for purposes consistent with its mission;","type":"section","prefixes":["18"],"prefix":"18","entire_prefix":"18","prefix_anchor":"18","level":1,"prior_prefix":"17","next_prefix":"19"},"19":{"id":202249,"text":"Maintain accounts and records as prescribed by the Auditor of Public Accounts, who shall annually audit the accounts of the Corporation; and","type":"section","prefixes":["19"],"prefix":"19","entire_prefix":"19","prefix_anchor":"19","level":1,"prior_prefix":"18","next_prefix":"20"},"20":{"id":202250,"text":"Do any acts necessary or convenient to the exercise of the powers granted or reasonably implied by this article and not otherwise inconsistent with state law.","type":"section","prefixes":["20"],"prefix":"20","entire_prefix":"20","prefix_anchor":"20","level":1,"prior_prefix":"19"}},"ancestry":[{"id":14062,"edition_id":1,"name":"Virginia International Trade Corporation","identifier":"11","label":"article","depth":5,"order_by":1,"parent_id":13231,"metadata":{},"date_created":"2026-06-26 03:46:44","date_modified":"2026-06-26 03:46:44","permalink":{"id":175535,"object_type":"structure","relational_id":14062,"identifier":"11","token":"2.2\/I\/D\/27\/11","url":"\/2.2\/I\/D\/27\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13231,"edition_id":1,"name":"Foundations and Other Collegial Bodies","identifier":"27","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:44:29","date_modified":"2026-06-26 03:44:29","permalink":{"id":175501,"object_type":"structure","relational_id":13231,"identifier":"27","token":"2.2\/I\/D\/27","url":"\/2.2\/I\/D\/27\/","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":56413,"structure_id":14062,"section_number":"2.2-2738","catch_line":"Virginia International Trade Corporation; purpose; membership; meetings","url":"\/2.2-2738\/","token":"2.2\/I\/D\/27\/11\/2.2-2738","metadata":false},{"id":66090,"structure_id":14062,"section_number":"2.2-2739","catch_line":"Appointment of Chief Executive Officer","url":"\/2.2-2739\/","token":"2.2\/I\/D\/27\/11\/2.2-2739","metadata":false},{"id":55166,"structure_id":14062,"section_number":"2.2-2740","catch_line":"Powers and duties of the Corporation","url":"\/2.2-2740\/","token":"2.2\/I\/D\/27\/11\/2.2-2740","metadata":false},{"id":69550,"structure_id":14062,"section_number":"2.2-2741","catch_line":"Grants from the Commonwealth","url":"\/2.2-2741\/","token":"2.2\/I\/D\/27\/11\/2.2-2741","metadata":false},{"id":64729,"structure_id":14062,"section_number":"2.2-2742","catch_line":"Exemption from taxation","url":"\/2.2-2742\/","token":"2.2\/I\/D\/27\/11\/2.2-2742","metadata":false},{"id":86523,"structure_id":14062,"section_number":"2.2-2743","catch_line":"Exemptions from personnel and procurement procedures","url":"\/2.2-2743\/","token":"2.2\/I\/D\/27\/11\/2.2-2743","metadata":false}],"previous_section":{"id":66090,"structure_id":14062,"section_number":"2.2-2739","catch_line":"Appointment of Chief Executive Officer","url":"\/2.2-2739\/","token":"2.2\/I\/D\/27\/11\/2.2-2739","metadata":false},"next_section":{"id":69550,"structure_id":14062,"section_number":"2.2-2741","catch_line":"Grants from the Commonwealth","url":"\/2.2-2741\/","token":"2.2\/I\/D\/27\/11\/2.2-2741","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2740\/","history_text":"

This law was first created in 2016. The record of its establishment is cataloged in chapter 749<\/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":false,"permalink":{"id":175545,"object_type":"law","relational_id":55166,"identifier":"2.2-2740","token":"2.2\/I\/D\/27\/11\/2.2-2740","url":"\/2.2-2740\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2740\/","token":"2.2\/I\/D\/27\/11\/2.2-2740","dublin_core":{"Title":"Powers and duties of the Corporation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2740","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Corporation shall have the power and duty to:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Periodically assess (i) product and services promotion activities with the Virginia Economic Development Partnership Authority and the Department of Agriculture and Consumer Services and (ii) suggestions from relevant industries on ways to increase exports of Virginia products; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Ensure the preparation and execution of effective international trade development marketing and promotional programs, inclusive of both international export and international import programs when economic benefit accrues to Virginia’s economy and businesses; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Make available to businesses across the Commonwealth, in conjunction and cooperation with business trade associations, chambers<\/span> of commerce, universities, and other public and private groups, international trade development programs and services; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Encourage and solicit private sector involvement, support, and funding for international trade development in the Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Encourage the coordination of international trade development efforts of public institutions, business associations, chambers<\/span> of commerce, and private industry and collect and maintain data on the development and utilization of international trade development capabilities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Offer a program for the issuance of international documentation for companies located in the Commonwealth if no federal agency or other regulatory body or issuing entity will provide international documentation in a form deemed necessary for international commerce; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Adopt, amend<\/span>, and repeal bylaws, rules, and regulations, not inconsistent with this article, for the administration and regulation of its affairs, to carry into effect the powers and purposes of the Corporation, and for the conduct of its business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Maintain an office at any place within or without the Commonwealth that it designates; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Make and execute contracts<\/span> and all other instruments and agreements necessary or convenient for the performance of its duties and the exercise of its owners and functions under this article; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Employ officers, employees, agents, advisers, and consultants, including without limitation financial advisers and other technical advisers and public accountants, and, the provisions of any other law<\/span> to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or any part of its properties and assets<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Procure insurance, in amounts and from insurers of its choice, or provide self-insurance, against any loss, cost, or expense in connection with its property, assets<\/span>, or activities, including insurance or self-insurance against liability for its acts or the acts of its directors, employees, or agents and for the indemnification of the members of its Board and its employees and agents; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Establish and revise, amend<\/span> and repeal, and charge and collect fees and charges in connection with any activities or services of the Corporation; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> Make grants with any funds of the Corporation available for this purpose; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> Develop policies and procedures generally applicable to the procurement of goods, services, and construction based on competitive principles; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> Raise money in the corporate, nonprofit, and nonstate communities to finance the Corporation’s activities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

17.<\/span> Receive and accept from any source aid, grants, and contributions of money, property, labor, or other things of value to be held, used, and applied to carry out the purposes of this article subject to the conditions upon which the aid, grants, or contributions are made; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

18.<\/span> Enter into agreements with any department, agency, or instrumentality of the United States, the Commonwealth, the District of Columbia, or any state for purposes consistent with its mission; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

19.<\/span> Maintain accounts and records as prescribed by the Auditor of Public Accounts, who shall annually audit the accounts of the Corporation; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

20.<\/span> Do any acts necessary or convenient to the exercise of the powers granted or reasonably implied by this article and not otherwise inconsistent with state law<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS AND DUTIES OF THE CORPORATION (\u00a7 2.2-2740)\n\nThe Corporation shall have the power and duty to:\n\n1. Periodically assess (i) product and services promotion activities with the\nVirginia Economic Development Partnership Authority and the Department of\nAgriculture and Consumer Services and (ii) suggestions from relevant industries\non ways to increase exports of Virginia products;\n\n2. Ensure the preparation and execution of effective international trade\ndevelopment marketing and promotional programs, inclusive of both international\nexport and international import programs when economic benefit accrues to\nVirginia’s economy and businesses;\n\n3. Make available to businesses across the Commonwealth, in conjunction and\ncooperation with business trade associations, chambers of commerce,\nuniversities, and other public and private groups, international trade\ndevelopment programs and services;\n\n4. Encourage and solicit private sector involvement, support, and funding for\ninternational trade development in the Commonwealth;\n\n5. Encourage the coordination of international trade development efforts of\npublic institutions, business associations, chambers of commerce, and private\nindustry and collect and maintain data on the development and utilization of\ninternational trade development capabilities;\n\n6. Offer a program for the issuance of international documentation for companies\nlocated in the Commonwealth if no federal agency or other regulatory body or\nissuing entity will provide international documentation in a form deemed\nnecessary for international commerce;\n\n7. Adopt, amend, and repeal bylaws, rules, and regulations, not inconsistent\nwith this article, for the administration and regulation of its affairs, to\ncarry into effect the powers and purposes of the Corporation, and for the\nconduct of its business;\n\n8. Maintain an office at any place within or without the Commonwealth that it\ndesignates;\n\n9. Make and execute contracts and all other instruments and agreements necessary\nor convenient for the performance of its duties and the exercise of its owners\nand functions under this article;\n\n10. Employ officers, employees, agents, advisers, and consultants, including\nwithout limitation financial advisers and other technical advisers and public\naccountants, and, the provisions of any other law to the contrary\nnotwithstanding, to determine their duties and compensation without the approval\nof any other agency or instrumentality;\n\n11. Sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise\ndispose of all or any part of its properties and assets;\n\n12. Procure insurance, in amounts and from insurers of its choice, or provide\nself-insurance, against any loss, cost, or expense in connection with its\nproperty, assets, or activities, including insurance or self-insurance against\nliability for its acts or the acts of its directors, employees, or agents and\nfor the indemnification of the members of its Board and its employees and\nagents;\n\n13. Establish and revise, amend and repeal, and charge and collect fees and\ncharges in connection with any activities or services of the Corporation;\n\n14. Make grants with any funds of the Corporation available for this purpose;\n\n15. Develop policies and procedures generally applicable to the procurement of\ngoods, services, and construction based on competitive principles;\n\n16. Raise money in the corporate, nonprofit, and nonstate communities to finance\nthe Corporation’s activities;\n\n17. Receive and accept from any source aid, grants, and contributions of money,\nproperty, labor, or other things of value to be held, used, and applied to carry\nout the purposes of this article subject to the conditions upon which the aid,\ngrants, or contributions are made;\n\n18. Enter into agreements with any department, agency, or instrumentality of the\nUnited States, the Commonwealth, the District of Columbia, or any state for\npurposes consistent with its mission;\n\n19. Maintain accounts and records as prescribed by the Auditor of Public\nAccounts, who shall annually audit the accounts of the Corporation; and\n\n20. Do any acts necessary or convenient to the exercise of the powers granted or\nreasonably implied by this article and not otherwise inconsistent with state\nlaw.\n\nHISTORY: 2016, c. 749.","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}}