                                 CODE OF VIRGINIA

NONSTOCK CORPORATION TO ASSIST ECONOMIC DEVELOPMENT (§ 2.2-2240)

The Board may establish nonprofit, nonstock corporations under Chapter 10 (§
13.1-801 et seq.) of Title 13.1 as public instrumentalities exercising public
and essential governmental functions, to assist the Board and the Authority in
(i) promoting Virginia&#8217;s economic development and tourism promotion
efforts in the national and international corporate community; (ii) raising
money in the corporate and nonprofit community to pay for advertising and
promotion of the Commonwealth; (iii) raising nonstate dollars to complement
state and local economic development activities; or (iv) conducting or
undertaking other activities useful in carrying out the provisions of this
article.
		The board of directors of any such corporation shall be composed of the Chief
Executive Officer of the Authority and eight members appointed by the Board of
the Authority. However, any such corporation established to promote the tourism
industry in the Commonwealth shall be composed of the Chief Executive Officer of
the Authority, six members appointed by the Board of the Authority, and six
members who represent the tourism industry appointed by the Governor. The terms
of the members of any corporation established to promote the tourism industry in
the Commonwealth appointed by the Governor shall be four years.
		The Board shall require any such corporation to report to it at least annually
on its activities.

HISTORY: 1995, c. 638, § 2.1-548.43; 1996, cc. 590, 598; 2001, c. 844; 2010, c.
869.