                                 CODE OF VIRGINIA

POWERS OF AUTHORITY (§ 2.2-2237)

The Authority is granted all powers necessary or convenient for the carrying out
of its statutory purposes, including, but not limited to, the power to:

1. Sue and be sued, implead and be impleaded, complain and defend in all courts;

2. Adopt, use, and alter at will a common seal;

3. Acquire, purchase, hold, use, lease or otherwise dispose of any property,
real, personal or mixed, tangible or intangible, or any interest therein
necessary or desirable for carrying out the purposes of the Authority, and to
lease as lessee, any property, real, personal or mixed, tangible or intangible,
or any interest therein, at such annual rental and on such terms and conditions
as may be determined by the Board and to lease as lessor to any person, any
property, real, personal or mixed, tangible or intangible, or any interest
therein, at any time acquired by the Authority, whether wholly or partially
completed, at such annual rental and on such terms and conditions as may be
determined by the Board and to sell, transfer or convey any property, real,
personal or mixed, tangible or intangible, or any interest therein, at any time
acquired or held by the Authority on such terms and conditions as may be
determined by the Board, provided that the terms of any conveyance or lease of
real property shall be subject to the prior written approval of the Governor;

4. Fix, alter, charge and collect rates, rentals, fees, and other charges for
the use of property of, the sale of products of, or services rendered by the
Authority at rates to be determined by it for the purpose of providing for the
payment of the expenses of the Authority;

5. Make and enter into all contracts and agreements necessary or incidental to
the performance of its duties, the furtherance of its purposes, and the
execution of its powers under this article, including agreements with any person
or federal agency;

6. Employ, at its discretion, consultants, researchers, attorneys, architects,
engineers, accountants, financial experts, investment bankers, superintendents,
managers, and such other employees and agents as may be necessary, and to fix
their compensation to be payable from funds made available to the Authority. The
Authority may hire employees within and without the Commonwealth and the United
States without regard to whether such employees are citizens of the
Commonwealth. Legal services for the Authority shall be provided by the Attorney
General in accordance with Chapter 5 (&#xA7; 2.2-500 et seq.);

7. Receive and accept from any federal or private agency, foundation,
corporation, association or person, grants or other aid to be expended in
accomplishing the objectives of the Authority, and receive and accept from the
Commonwealth or any state, and any municipality, county or other political
subdivision thereof or from any other source, aid or contributions of either
money, property, or other things of value, to be held, used, and applied only
for the purposes for which such grants and contributions may be made. All
federal moneys accepted under this section shall be accepted and expended by the
Authority upon such terms and conditions as are prescribed by the United States
and as are consistent with state law; and all state moneys accepted under this
section shall be expended by the Authority upon such terms and conditions as are
prescribed by the Commonwealth;

8. Render advice and assistance and to provide services to state agencies, local
and regional economic development entities, private firms, and other persons
providing services or facilities for economic development in Virginia;

9. Develop, undertake, and provide programs, alone or in conjunction with any
person, for economic research, industrial development research, and all other
research that might lead to improvements in economic development in Virginia;

10. Adopt, alter, and repeal bylaws, rules, and regulations governing the manner
in which its business shall be transacted and the manner in which the powers of
the Authority shall be exercised and its duties performed;

11. Do all acts and things necessary or convenient to carry out the powers
granted to it by law, and perform any act or carry out any function not
inconsistent with state law that may be useful in carrying out the provisions of
this article; and

12. Administer any program established under the Virginia Jobs Investment
Program described in &#xA7; 2.2-2240.3.

HISTORY: 1995, c. 638, §§ 2.1-548.33, 2.1-548.34, 2.1-548.35; 2001, c. 844;
2014, cc. 41, 464; 2016, c. 32.