HB748: Innovative Technology Authority; board of directors.
Be it enacted by the General Assembly of Virginia:
1. That § 2.2-2220 of the Code of Virginia is amended and reenacted as follows:
§ 2.2-2220. Board of directors; members; President.
The Authority shall be governed by a board of directors
consisting of sixteen thirteen members
appointed by the Governor, as follows:
two of whom members
shall be the presidents of the major research universities, and
one of whom member shall represent the other public colleges or universities
in Virginia. After the original appointments, all appointments of presidents
shall be for terms of five years, except that appointments to fill vacancies
shall be for the unexpired terms. No president shall be eligible to serve for
more than two successive five-year terms; however, after the expiration of a
term of four years or less, or after the expiration of the remainder of a term
to which appointed to fill a vacancy, two additional terms may be served by
such member if appointed thereto. The Secretary of
Education, the Secretary of Commerce and Trade, the Secretary of
Technology, and the Director of the State Council of Higher
Education shall serve on the Board for terms a term coincident with their terms
his term of office. The Governor shall
appoint the nine other members of the Board who shall be nominated by
established industry groups and technology councils within the Commonwealth.
These appointees shall include representatives of a variety of businesses,
industries and corporations of different types, sizes, locations and stages of
development. All members of the Board appointed by the Governor shall be
confirmed by each house of the General Assembly. After the original
appointments, the members of the Board shall be appointed for terms of four
years. Vacancies in the membership of the Board shall be filled by appointment
of the Governor for the unexpired portion of the term. No member of the Board
shall be eligible to serve for more than two successive terms; however, after
the expiration of a term of four years or less, or after the expiration of the
remainder of a term to which appointed to fill a vacancy, two additional terms
may be served by such member if appointed thereto. Members of the Board shall
be subject to removal from office in like manner as are state, county, town and
district officers under the provisions of §§ 24.2-230 through 24.2-238.
Immediately after appointment, the members of the Board shall enter upon the
performance of their duties.
The Board shall annually elect from among its members a chairman and a vice-chairman. The Board shall also elect annually a secretary, who need not be a member of the Board, and may also elect such other subordinate officers who need not be members of the Board, as it deems proper. The chairman, or in his absence, the vice-chairman, shall preside at all meetings of the Board. In the absence of both the chairman and vice-chairman, the Board shall appoint a chairman pro tempore, who shall preside at such meetings.
The Board shall employ a President of the Authority, who shall serve at the pleasure of the Board, to direct the day-to-day operations and activities of the Authority and carry out such of the powers and duties conferred upon him by the Board. The President and employees of the Authority shall be compensated in the manner provided by the Board and shall not be subject to the provisions of the Virginia Personnel Act (§ 2.2-2900 et seq.) of this title.