§ 3.1-27.41. (Repealed effective October 1, 2008) Creation of the board of trustees; membership
A. The Rural Virginia Development Foundation shall be governed and administered by a board of trustees consisting of seventeen members. Members of the board shall be appointed by the Governor, subject to confirmation by the General Assembly. The board of trustees shall consist of the following individuals appointed by the Governor: Director of the Department of Minority Business Enterprise, two department heads of state government, two representatives of the financial community, four members of the business community, four members of the education community, and four members who are elected local officials. Initially the trustees shall be appointed for the following terms: six for a term of four years, six for a term of three years, and two for a term of two years. Thereafter, successors to trustees whose terms expire shall be appointed for terms of four years. The Director of the Department of Minority Business Enterprise and the two department heads of state government shall serve at the pleasure of the Governor. All trustees may be reappointed.
B. Trustees of the Foundation shall be reimbursed from Foundation funds for their actual traveling expenses incurred in the performance of their duties on behalf of the Foundation.
C. The board shall elect from its membership a chairman, vice-chairman, and other officers as it deems appropriate.
D. The chairman of the board, the treasurer, and any other person designated by the board to handle the funds of the Foundation shall give bond, with corporate surety, in such penalty as is fixed by the State Treasurer, conditioned upon the faithful discharge of their duties. The premium on the bonds shall be paid from funds available to the Foundation.
E. A majority of the members of the board serving at any one time shall constitute a quorum for the transaction of business.
(1984, c. 731; 1985, c. 357.)
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