                                 CODE OF VIRGINIA

DIRECTORS; QUALIFICATIONS; TERMS; VACANCIES; COMPENSATION AND EXPENSES; QUORUM;
RECORDS (§ 15.2-5518)

A. 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.

B. Each director shall, upon appointment or reappointment, before entering upon
his duties take and subscribe the oath prescribed by &#xA7; 49-1.

C. 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.

D. 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 &#xA7; 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.

HISTORY: 2007, c. 864.