                                 CODE OF VIRGINIA

VIRGINIA NUTRIENT CREDIT EXCHANGE ASSOCIATION AUTHORIZED; DUTIES; COMPOSITION;
APPOINTMENT; TERMS (§ 62.1-44.19:17)

A. The permittees under the general permit may establish a nonstock corporation
under Chapter 10 (&#xA7; 13.1-801 et seq.) of Title 13.1, to be known as the
Virginia Nutrient Credit Exchange Association, to coordinate and facilitate
participation in the nutrient credit exchange program by its members. The
Virginia Nutrient Credit Exchange Association, which is hereafter referred to as
the Association, may (i) submit on behalf of the permittees the compliance plans
required by &#xA7; 62.1-44.19:14, (ii) develop a standard form of agreement for
use by permittees when buying and selling nitrogen and phosphorus allocations
and credits, (iii) assist permittees in identifying buyers and sellers of
nitrogen and phosphorus allocations and credits, (iv) coordinate planning to
ensure that to the extent possible, sufficient credits are available each year
to achieve full compliance with the general permit, (v) assist individual
municipal permittees in utilizing public-private partnerships and other
innovative measures to achieve the Commonwealth&#8217;s water quality goals, and
(vi) perform such other duties and functions as may be necessary to the
effective and efficient implementation of the credit exchange program. The
Association shall not assume any of the permittees&#8217; compliance obligations
under the general permit.

B. Only permittees under the general permit may become members of the
Association. The Association shall operate through a board of directors, which
shall consist of 10 members and be representative of the membership in the
Association. Association board members shall be employees of Association
members, shall be elected by the Association membership at the beginning of each
term of the general permit, and shall serve through the end of the permit term
to which they were elected. Vacancies for unexpired Association board terms
shall be filled in the same manner in which members are originally elected to
the Association board.

C. The Association board shall elect a president, vice-president, secretary, and
treasurer from among its members at the beginning of each permit term. Officers
and Association board members shall receive no compensation for their services
as officers and board members of the Association.

HISTORY: 2005, cc. 708, 710.