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Developed and maintained by the Division of Legislative Automated Systems.
1996 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 51.5-55 of the Code of Virginia is amended and reenacted as follows:
§ 51.5-55. Membership of Board; terms, compensation, and expenses.
A. All powers, rights and duties conferred by this chapter or other provisions
of law upon the Authority shall be exercised by the Board of Directors of the
Authority. The Board shall consist of ten twelve members as
follows: the Secretary of Health and Human Resources or his designee; the
Treasurer of the Commonwealth or his designee; an employee of the Woodrow
Wilson Rehabilitation Center; an experienced consumer lender; a certified
public accountant; two persons with investment finance experience; and
five persons with a range of disabilities. The citizen members shall be
appointed by the Governor and confirmed by the General Assembly. The Board
shall annually elect a chairman from among its members. Board members shall
receive no salaries but shall be reimbursed for all reasonable and necessary
expenses incurred by them in the performance of their duties on behalf of the
Authority.
B. The seven nine citizen members of the Board shall initially
be appointed for terms of office as follows: three for a term of two
years, two for a term of three years, and two for a term of four years.
Appointments thereafter shall be made for four-year terms, except that
appointments to fill vacancies shall be made for the unexpired terms.
Representatives of state agencies shall serve coincident with the term of the
Governor. No member appointed by the Governor shall be eligible to serve more
than two complete terms in succession.
C. Meetings of the members of the Board shall be held at the call of the
chairman or whenever four six members so request. The Board shall
meet regularly to review individual loan applications and approve or deny such
applications based upon information provided to or obtained by the Board. In
any event, the Board shall meet as necessary to attend to the business of the
Authority.