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2016 SESSION
16100737DBe it enacted by the General Assembly of Virginia:
1. That § 2.2-2415 of the Code of Virginia is amended and reenacted as follows:
§ 2.2-2415. Treasury Board membership; chairman; quorum; reimbursement for expenses.
A. The Treasury Board (the "Board") is established as a
policy board, within the meaning of § 2.2-2100, in the executive branch of state
government. The Board shall consist of seven members to be appointed as
follows: four members to be appointed by the Governor, subject to confirmation
by the General Assembly, who shall serve at the pleasure of the Governor; the
State Treasurer, the Comptroller, and the Tax Commissioner. The members
appointed by the Governor should have a background and experience in financial
management and investments. The State Treasurer, the Comptroller, and the Tax
Commissioner shall serve terms coincident with their terms of office. Vacancies
shall be filled in the manner of the original appointment.
B. The State Treasurer shall act as the chairman, and the
Board shall elect a secretary who need not be a member of the Board. The Board
shall have regularly scheduled meetings at least monthly, six times per year and shall
keep a regular and sufficient set of books, which include a record of all of
their proceedings and any action taken by them with respect to any funds which
by any provision of law are required to be administered by the Treasury Board.
Four members of the Board shall constitute a quorum.
C. Members of the Board appointed by the Governor shall
receive compensation, including reimbursement for all
reasonable and necessary expenses incurred in the discharge of their duties as
provided in § 2.2-2813.