                                 CODE OF VIRGINIA

 POWERS AND DUTIES OF THE BOARD; REPORT (§ 45.2-1915)

The Board has the powers and duties to:

1. Advise the Director on the management of the Fund pursuant to the provisions
of &#xA7; 45.2-1916;

2. Develop, establish, and operate, with the approval of the Director, the
Program pursuant to the provisions of &#xA7; 45.2-1917;

3. Advise the Director on the possibility of working with a community
development financial institution or other financial institutions to further the
purposes of the Program;

4. Advise the Director on the distribution of moneys in the Fund in the form of
loans or rebates pursuant to the provisions of &#xA7; 45.2-1917; and

5. Submit to the Governor and the General Assembly an annual report for
publication as a report document as provided in the procedures of the Division
of Legislative Automated Systems for the processing of legislative documents and
reports. The chairman shall submit to the Governor and the General Assembly an
annual executive summary of the interim activity and work of the Board no later
than the first day of each regular session of the General Assembly. The
executive summary shall be submitted for publication as a report document as
provided in the procedures of the Division of Legislative Automated Systems for
the processing of legislative documents and reports and shall be posted on the
General Assembly&#8217;s website.

HISTORY: 2019, c. 554, § 45.1-397; 2021, Sp. Sess. I, c. 387.