SB1291: Continuing care retirement community; no less than 20% of board shall be residents of facility.

SENATE BILL NO. 1291
Offered January 12, 2011
Prefiled January 12, 2011
A BILL to amend the Code of Virginia by adding a section numbered 38.2-4901.1, relating to continuing care retirement community boards of directors; resident representation.
Patron-- McWaters
Referred to Committee on Commerce and Labor

Be it enacted by the General Assembly of Virginia:

1.  That the Code of Virginia is amended by adding a section numbered 38.2-4901.1 as follows:

§ 38.2-4901.1. Board of directors; resident representation.

A. Not less than 20 percent of the members of the board of directors of any provider engaged in the business of providing continuing care at a facility in the Commonwealth shall be residents of the continuing care facility who have been elected to serve as resident representatives by the residents of the continuing care facility. Resident representatives shall have the same voting rights as other members of the board.

B. A provider in existence on July 1, 2011, shall satisfy the requirements of subsection A by July 1, 2013, either (i) by increasing the number of directors on the board, (ii) by providing for the replacement of sitting directors with resident representatives as terms expire or as vacancies on the board arise, or (iii) both (i) and (ii), as the provider may elect.