                                 CODE OF VIRGINIA

BOARD OF DIRECTORS; MEMBERS AND OFFICERS; CHIEF EXECUTIVE OFFICER (§
2.2-2235.1)

A. The Authority shall be governed by a board of directors (the Board)
consisting of the Secretary of Commerce and Trade, the Secretary of Finance, the
Chairman of the Virginia Growth and Opportunity Board, the Executive Director of
the Virginia Port Authority, and the Staff Directors of the House Committee on
Appropriations and the Senate Committee on Finance and Appropriations, serving
as ex officio, voting members, and 11 voting members to be appointed as follows:

   1. Seven nonlegislative citizen members appointed by the Governor; and

   2. Four nonlegislative citizen members appointed by the Joint Rules Committee.

B. 1. Each of the nonlegislative citizen members appointed by the Governor and
the Joint Rules Committee shall possess expertise in at least one of the
following areas: marketing; international commerce; finance or grant
administration; state, regional, or local economic development; measuring the
effectiveness of incentive programs; law; information technology;
transportation; workforce development; manufacturing; biotechnology;
cybersecurity; defense; energy; or any other industry identified in the
comprehensive economic development policy developed pursuant to § 2.2-205.

   2. Each of the nine regions defined by the Virginia Growth and Opportunity
   Board pursuant to subdivision A 1 of &#xA7; 2.2-2486 shall be represented by
   at least one member of the Board. In determining such geographical
   representation, ex officio members of the Board may be considered to represent
   the region in which they serve in their official capacity.

C. After the initial staggering of terms, members shall serve terms of four
years, except that ex officio members of the Board shall serve terms coincident
with their terms of office. No member shall be eligible to serve more than two
terms; however, after the expiration of the term of a member appointed to serve
three years or less, two additional terms may be served if appointed thereto.
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 of the Board shall be citizens of the
Commonwealth.

D. Members of the Board shall receive such compensation for the performance of
their duties as provided in &#xA7; 2.2-2813. All members shall be reimbursed for
all reasonable and necessary expenses incurred in the performance of their
duties as provided in &#xA7;&#xA7; 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. The Board shall be deemed a supervisory board within the meaning of &#xA7;
2.2-2100.

F. The Board shall elect a chairman from the nonlegislative citizen members of
the Board, and the Secretary of Commerce and Trade shall serve as vice-chairman.
The Board shall also 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 Chairman and the Vice-chairman, with approval by the
Board, shall create an executive committee 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 and discussion of the issues before
the Board.

G. A majority of the members shall constitute a quorum for the transaction of
the Authority&#8217;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 meetings of the Board shall be held at least quarterly or at the
call of the chairman.

H. The Board shall appoint the chief executive officer of the Authority, who
shall not be a member of the Board, whose title shall be President and Chief
Executive Officer and may be referred to as the President or as the Chief
Executive Officer and who shall serve at the pleasure of the Board and carry out
such powers and duties conferred upon him by the Board.

HISTORY: 2017, cc. 804, 824; 2018, c. 829.