{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-703.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-703.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-703.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-703.html"}],"law_id":86791,"edition_id":1,"section_id":86791,"structure_id":13113,"section_number":"23.1-703","catch_line":"Chief executive officer of the Plan","history":"1994, c. 661, \u00a7 23-38.79; 2009, cc. 827, 845; 2016, c. 588.","full_text":"A\n\nThe board shall employ a chief executive officer to direct, manage, and administer the Plan. The chief executive officer may employ such staff as are necessary to accomplish the Plan’s stated objectives.B\n\nThe chief executive officer shall demonstrate (i) extensive experience in some or all of the following areas: management, finance, law, regulatory affairs, and investments and (ii) such other qualifications as the board may set.C\n\nThe chief executive officer shall, in addition to such other duties as the board may establish, (i) oversee the development, structure, evaluation, and implementation of the Plan’s strategic goals and objectives; (ii) facilitate communication among and between the board, advisory committees, employees, account owners, beneficiaries, and outside entities interested in the Plan; (iii) enhance the board’s ability to make effective and prompt decisions in all matters relating to the administration of the Plan; (iv) with the assistance of the Investment Advisory Committee appointed by the board and investment consultants, direct, manage, and administer the Plan’s assets and programs; and (v) report to the board periodically and as requested by the board.","order_by":null,"text":{"0":{"id":310782,"text":"The board shall employ a chief executive officer to direct, manage, and administer the Plan. The chief executive officer may employ such staff as are necessary to accomplish the Plan’s stated objectives.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":310783,"text":"The chief executive officer shall demonstrate (i) extensive experience in some or all of the following areas: management, finance, law, regulatory affairs, and investments and (ii) such other qualifications as the board may set.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":310784,"text":"The chief executive officer shall, in addition to such other duties as the board may establish, (i) oversee the development, structure, evaluation, and implementation of the Plan’s strategic goals and objectives; (ii) facilitate communication among and between the board, advisory committees, employees, account owners, beneficiaries, and outside entities interested in the Plan; (iii) enhance the board’s ability to make effective and prompt decisions in all matters relating to the administration of the Plan; (iv) with the assistance of the Investment Advisory Committee appointed by the board and investment consultants, direct, manage, and administer the Plan’s assets and programs; and (v) report to the board periodically and as requested by the board.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13113,"edition_id":1,"name":"Commonwealth Savers Plan and Able Savings Trust Accounts","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":13112,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":185235,"object_type":"structure","relational_id":13113,"identifier":"7","token":"23.1\/II\/7","url":"\/23.1\/II\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13112,"edition_id":1,"name":"Students and Campus","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184847,"object_type":"structure","relational_id":13112,"identifier":"II","token":"23.1\/II","url":"\/23.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13111,"edition_id":1,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184581,"object_type":"structure","relational_id":13111,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66160,"structure_id":13113,"section_number":"23.1-700","catch_line":"Definitions","url":"\/23.1-700\/","token":"23.1\/II\/7\/23.1-700","metadata":false},{"id":78668,"structure_id":13113,"section_number":"23.1-701","catch_line":"Plan established; moneys; governing board","url":"\/23.1-701\/","token":"23.1\/II\/7\/23.1-701","metadata":false},{"id":64579,"structure_id":13113,"section_number":"23.1-702","catch_line":"Advisory committees to the board; membership; terms; qualifications; duties","url":"\/23.1-702\/","token":"23.1\/II\/7\/23.1-702","metadata":false},{"id":86791,"structure_id":13113,"section_number":"23.1-703","catch_line":"Chief executive officer of the Plan","url":"\/23.1-703\/","token":"23.1\/II\/7\/23.1-703","metadata":false},{"id":86977,"structure_id":13113,"section_number":"23.1-704","catch_line":"Powers and duties of the board","url":"\/23.1-704\/","token":"23.1\/II\/7\/23.1-704","metadata":false},{"id":77185,"structure_id":13113,"section_number":"23.1-705","catch_line":"Board actions not a debt of Commonwealth","url":"\/23.1-705\/","token":"23.1\/II\/7\/23.1-705","metadata":false},{"id":72372,"structure_id":13113,"section_number":"23.1-706","catch_line":"Standard of care; investment and administration of the Plan","url":"\/23.1-706\/","token":"23.1\/II\/7\/23.1-706","metadata":false},{"id":57132,"structure_id":13113,"section_number":"23.1-707","catch_line":"Prepaid tuition contracts and college and ABLE savings trust agreements","url":"\/23.1-707\/","token":"23.1\/II\/7\/23.1-707","metadata":false},{"id":54148,"structure_id":13113,"section_number":"23.1-707.1","catch_line":"Prepaid tuition contracts; pricing reserves; limitations","url":"\/23.1-707.1\/","token":"23.1\/II\/7\/23.1-707.1","metadata":false},{"id":62682,"structure_id":13113,"section_number":"23.1-708","catch_line":"Assets of the Plan exempt from taxation","url":"\/23.1-708\/","token":"23.1\/II\/7\/23.1-708","metadata":false},{"id":77258,"structure_id":13113,"section_number":"23.1-709","catch_line":"Annual report","url":"\/23.1-709\/","token":"23.1\/II\/7\/23.1-709","metadata":false},{"id":74025,"structure_id":13113,"section_number":"23.1-710","catch_line":"Forms and audit of accounts and records","url":"\/23.1-710\/","token":"23.1\/II\/7\/23.1-710","metadata":false},{"id":82160,"structure_id":13113,"section_number":"23.1-711","catch_line":"Admission to institutions not guaranteed; coverage limitations","url":"\/23.1-711\/","token":"23.1\/II\/7\/23.1-711","metadata":false},{"id":72325,"structure_id":13113,"section_number":"23.1-712","catch_line":"Payroll deductions","url":"\/23.1-712\/","token":"23.1\/II\/7\/23.1-712","metadata":false},{"id":84958,"structure_id":13113,"section_number":"23.1-713","catch_line":"Liberal construction of chapter","url":"\/23.1-713\/","token":"23.1\/II\/7\/23.1-713","metadata":false}],"previous_section":{"id":64579,"structure_id":13113,"section_number":"23.1-702","catch_line":"Advisory committees to the board; membership; terms; qualifications; duties","url":"\/23.1-702\/","token":"23.1\/II\/7\/23.1-702","metadata":false},"next_section":{"id":86977,"structure_id":13113,"section_number":"23.1-704","catch_line":"Powers and duties of the board","url":"\/23.1-704\/","token":"23.1\/II\/7\/23.1-704","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-703\/","history_text":"

This law was first created in 1994. The record of its establishment is cataloged in chapter 661<\/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. It has been modified 2 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 2009, chapters 827<\/a> and 845<\/a>; in 2016, chapter 588<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":185249,"object_type":"law","relational_id":86791,"identifier":"23.1-703","token":"23.1\/II\/7\/23.1-703","url":"\/23.1-703\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-703\/","token":"23.1\/II\/7\/23.1-703","dublin_core":{"Title":"Chief executive officer of the Plan","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-703","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The board<\/span> shall employ a chief executive officer<\/span> to direct, manage, and administer the Plan<\/span>. The chief executive officer<\/span> may employ such staff as are necessary to accomplish the Plan<\/span>’s stated objectives. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The chief executive officer<\/span> shall demonstrate (i) extensive experience in some or all of the following areas: management, finance, law<\/span>, regulatory affairs, and investments and (ii) such other qualifications as the board<\/span> may set. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The chief executive officer<\/span> shall, in addition to such other duties as the board<\/span> may establish, (i) oversee the development, structure, evaluation, and implementation of the Plan<\/span>’s strategic goals and objectives; (ii) facilitate communication among and between the board<\/span>, advisory committees, employees, account owners, beneficiaries, and outside entities interested in the Plan<\/span>; (iii) enhance the board<\/span>’s ability to make effective and prompt decisions in all matters relating to the administration of the Plan<\/span>; (iv) with the assistance of the Investment Advisory Committee appointed by the board<\/span> and investment consultants, direct, manage, and administer the Plan<\/span>’s assets<\/span> and programs; and (v) report to the board<\/span> periodically and as requested by the board<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCHIEF EXECUTIVE OFFICER OF THE PLAN (\u00a7 23.1-703)\n\nA. The board shall employ a chief executive officer to direct, manage, and\nadminister the Plan. The chief executive officer may employ such staff as are\nnecessary to accomplish the Plan’s stated objectives.\n\nB. The chief executive officer shall demonstrate (i) extensive experience in\nsome or all of the following areas: management, finance, law, regulatory\naffairs, and investments and (ii) such other qualifications as the board may\nset.\n\nC. The chief executive officer shall, in addition to such other duties as the\nboard may establish, (i) oversee the development, structure, evaluation, and\nimplementation of the Plan’s strategic goals and objectives; (ii)\nfacilitate communication among and between the board, advisory committees,\nemployees, account owners, beneficiaries, and outside entities interested in the\nPlan; (iii) enhance the board’s ability to make effective and prompt\ndecisions in all matters relating to the administration of the Plan; (iv) with\nthe assistance of the Investment Advisory Committee appointed by the board and\ninvestment consultants, direct, manage, and administer the Plan’s assets\nand programs; and (v) report to the board periodically and as requested by the\nboard.\n\nHISTORY: 1994, c. 661, \u00a7 23-38.79; 2009, cc. 827, 845; 2016, c. 588.","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}}