10.1-217.4 - Powers of Foundation.
§ 10.1-217.4. Powers of Foundation.
In order to carry out its purpose, the Foundation shall have the followingpowers:
1. To establish, administer, manage, including the creation of reserves, andmake expenditures from the Chippokes Plantation Farm Foundation Fundhereinafter referred to as the fund, for the sole purpose of constructing thephysical facilities and acquiring the necessary equipment, and whenevernecessary, to maintain the continued operation and well-being of the modelfarm and physical facilities;
2. To request the General Assembly to authorize the creation of debt securedby a pledge of net revenues derived from rates, fees or other charges and thefull faith and credit of the Commonwealth of Virginia, provided that suchdebt is created for specific revenue producing capital projects, includingthe enlargement or improvement thereof;
3. To accept, hold, administer and receive gifts and bequests of money,securities or other property of whatsoever character, absolutely or in trust,to the fund, for the purposes for which the Foundation is created;
4. To enter into contracts and agreements to accomplish the purposes of theFoundation;
5. To sublease, with the approval of the Director of the Department ofConservation and Recreation, all or any part of the Chippokes Plantation Parkleased to it by the Director;
6. To establish a nonprofit corporation as an instrumentality to assist inthe details of administering the affairs of the Foundation; and
7. Generally to do any and all lawful acts necessary or appropriate to carryout the purposes for which the Foundation is created.
(1977, c. 57, § 3.1-22.10; 1986, c. 390; 2008, c. 860.)