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2012 SESSION
12103892DBe 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 twelve 12 members as follows: the
Secretary of Health and Human Resources 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 six 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 ten 10 citizen members of the
Board shall be appointed 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 six members so request. The Board may delegate
to a loan committee the authority to review and approve or deny loan
applications based upon information provided to or obtained by the Board, in
accordance with criteria established by the Board and subject to the Board's ratification at its next regular meeting.
In any event, the Board shall meet as necessary to attend to the business of
the Authority.