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2000 SESSION

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SB 484 Health Research Fund.

Introduced by: John H. Chichester | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Commonwealth Health Research Fund. Provides that the Commonwealth Health Research Board may expend the annual income generated from investments of the Commonwealth Health Research Fund; annual income does not include any noncash dividends paid on investments of the Fund or any realized gain on the sale of any investment of the fund. Under current law, the Board may expend up to 90 percent of the annual income realized from investments of the Fund, including realized gains on the sale of investments, on grants that have the potential of maximizing human health benefits for the citizens of the Commonwealth and on certain enumerated expenses of administering the Fund. The bill provides that the Board may contract for professional services to assist the Board in the performance of its duties and responsibilities. The bill also provides that members of the Board shall be compensated for their services at the per diem rate specified in Chapter 924 of the 1997 Acts of Assembly as for members of the General Assembly. The Board and Fund were established by the 1997 Session of the General Assembly. The Fund consists of all stock and cash distributed to the Commonwealth as a policyholder pursuant to the conversion of Blue Cross and Blue Shield of Virginia from a mutual insurance company to a Virginia stock corporation.


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