                                 CODE OF VIRGINIA

COVERED INSTITUTIONS; OPERATIONAL AUTHORITY GENERALLY (§ 23.1-1008)

In addition to those powers granted in each covered institution&#8217;s enabling
statutes and the general appropriation act, each covered institution, subject to
the express provisions of the management agreement, may exercise all the powers
necessary or convenient to carry out the purposes and provisions of this article
and:

1. Make and execute contracts, guarantees, or any other instruments and
agreements necessary or convenient to the exercise of its powers, authority, and
functions, including contracts with persons to (i) operate and manage any or all
of the covered institution&#8217;s facilities or operations and (ii) incur
liabilities and secure the obligations of any entity or individual, provided,
however, that no covered institution may pledge the faith and credit of the
Commonwealth or enter into an indemnification agreement or binding arbitration
agreement contrary to state law;

2. Conduct or engage in any lawful business, activity, effort, or project
consistent with the covered institution&#8217;s purposes or necessary or
convenient to the exercise of its powers; and

3. Procure insurance, participate in insurance plans, provide self-insurance,
continue participation in the Commonwealth&#8217;s insurance or self-insurance
plans, continue participation in the Commonwealth&#8217;s risk management
programs, and continue participation in the Virginia Retirement System or other
Commonwealth sponsored retirement plans subject to the conditions in
&#xA7;&#xA7; 23.1-1020 through 23.1-1026, and any combination of the foregoing,
as provided in this article. The purchase of insurance, participation in an
insurance plan, or creation of a self-insurance plan by the covered institution
shall not be deemed a waiver or relinquishment of any sovereign immunity to
which the covered institution or its officers, directors, employees, or agents
are otherwise entitled. Covered institutions may participate in any Commonwealth
or Virginia Retirement System insurance, self-insurance, or risk management
program on the same terms and conditions applicable to other state agencies and
other public institutions of higher education.

HISTORY: 2005, cc. 933, 945, § 23-38.99; 2016, c. 588.