10.1-1801 - Powers of Foundation.
§ 10.1-1801. Powers of Foundation.
The Virginia Outdoors Foundation shall have the following general powers:
1. To have succession until dissolved by the General Assembly, in which eventtitle to the properties of the Foundation, both real and personal, shall,insofar as consistent with existing contractual obligations and subject toall other legally enforceable claims or demands by or against the Foundation,pass to and become vested in the Commonwealth;
2. To sue and be sued in contractual matters in its own name;
3. To promulgate regulations as it deems necessary for the administration ofits functions in accordance with the Administrative Process Act (§ 2.2-4000et seq.);
4. To accept, hold, and administer gifts and bequests of money, securities,or other property, absolutely or in trust, for the purposes for which theFoundation is created. Unless otherwise restricted by the terms of the giftor bequest, the Foundation is authorized to sell, exchange, or otherwisedispose of and to invest or reinvest in such investments as it may determinethe moneys, securities, or other property given or bequeathed to it. Theprincipal of such funds, together with the income therefrom and all otherrevenues, shall be placed in such depositories as the Foundation shalldetermine and shall constitute a special fund and be subject to expenditureby the Foundation without further appropriation. The Foundation shall notengage in any business except in the furtherance of its objectives;
5. To acquire by gift, devise, purchase, or otherwise, absolutely or intrust, and to hold and, unless otherwise restricted by the terms of the giftor devise, to encumber, convey, or otherwise dispose of, any real property,or any estate or interest therein, as may be necessary and proper in carryinginto effect the purposes of the Foundation;
6. To enter into contracts generally and to execute all instruments necessaryor appropriate to carry out its purposes;
7. To appoint and prescribe the duties of such officers, agents, andemployees as may be necessary to carry out its functions, and to fix and paysuch compensation to them for their services as the Foundation may determine;and
8. To perform any lawful acts necessary or appropriate to carry out thepurposes of the Foundation.
(1966, c. 525, § 10-163; 1988, c. 891.)