                                 CODE OF VIRGINIA

BOARD OF DIRECTORS; MEMBERSHIP; TERMS, COMPENSATION AND EXPENSES; CHAIRMAN,
VICE-CHAIRMAN, SECRETARY AND TREASURER; QUORUM; STAFF (§ 2.2-2282)

A. The Board shall consist of the State Treasurer or his designee, the Director
of the Department of Small Business and Supplier Diversity, and nine members who
are not employees of the Commonwealth or of any political subdivision thereof
who shall be appointed by the Governor, who shall have such small business
experience as he deems necessary or desirable and at least five of whom shall
have experience in small business lending. The appointment of members of the
Board by the Governor shall be subject to confirmation by the General Assembly.
All members of the Board shall be residents of the Commonwealth and shall have
full voting privileges. Appointments shall be for terms of four years, except
that appointments to fill vacancies shall be made for the unexpired terms. No
member appointed by the Governor shall serve more than two complete terms in
succession. The members of the Board shall receive no salaries but shall be paid
travel and other expenses incurred to attend meetings or while otherwise engaged
in the discharge of their duties, all as may be deemed appropriate by the Board.

B. The Governor shall appoint one member as chairman for a two-year term. No
member shall be eligible to serve more than two consecutive terms as chairman.
Five members of the Board shall constitute a quorum for the transaction of all
business of the Authority. The Board shall elect one member from the group of
nine members appointed by the Governor as vice-chairman who shall exercise the
powers of the chairman in the absence of the chairman. The Board shall elect a
secretary and a treasurer, or a secretary-treasurer, who need not be members of
the Board and who shall continue to hold such office until their respective
successors are elected. The Department of Small Business and Supplier Diversity
of the Commonwealth shall serve as staff to the Authority.

HISTORY: 1984, c. 749, § 9-202; 1987, c. 688; 1991, c. 190; 1996, cc. 589, 599;
2001, c. 844; 2004, c. 239; 2011, cc. 691, 714; 2013, c. 482; 2021, Sp. Sess. I,
c. 11.