15.2-5502 - Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records; certification and distribution of report concerning bond issuance.
§ 15.2-5502. Directors; qualifications; terms; vacancies; compensation andexpenses; quorum; records; certification and distribution of reportconcerning bond issuance.
The Authority shall be governed by a board of directors in which all powersof the Authority shall be vested and which board shall be composed of theeight chairmen of the local tourism development committees established in §15.2-5505. The eight directors shall be appointed initially for terms of one,two, three and four years: the representatives of Buchanan and DickensonCounties being appointed for one-year terms; the representatives of LeeCounty and the City of Norton being appointed for two-year terms; therepresentatives of Russell and Scott Counties being appointed for three-yearterms; and the representatives of Tazewell and Wise Counties being appointedfor four-year terms. Subsequent appointments shall be for terms of fouryears, except appointments to fill vacancies shall be for the unexpiredterms. All terms of office shall be deemed to commence upon the date of theinitial appointment to the Authority, and thereafter, in accordance with theprovisions of the preceding sentence. If, at the end of any term of office ofany director a successor thereto has not been appointed, then the directorwhose term of office has expired shall continue to hold office until hissuccessor is appointed and qualified. Each director shall, upon appointmentor reappointment, before entering upon his duties take and subscribe the oathprescribed by § 49-1.
The directors shall elect from their membership a chairman, a vice-chairman,and from their membership or not, as they desire, a secretary and atreasurer, or a secretary-treasurer, who shall continue to hold such officeuntil their respective successors are elected. The directors shall receive nosalary but the directors may be compensated such amount per regular, special,or committee meeting as may be approved by the appointing authority, not toexceed fifty dollars per meeting, and shall be reimbursed for necessarytraveling and other expenses incurred in the performance of their duties.Five members of the board of directors shall constitute a quorum of the boardfor the purposes of conducting its business and exercising its powers and forall other purposes. No vacancy in the membership of the board shall impairthe right of a quorum to exercise all the powers and perform all the dutiesof the board. The board shall keep detailed minutes of its proceedings, whichshall be open to public inspection at all times. It shall keep suitablerecords of its financial transactions and, unless exempted by § 30-140, itshall arrange to have the records audited annually. Copies of each such auditshall be furnished to the governing bodies of the participating localitiesand shall be open to public inspection.
(1993, c. 663, § 15.1-1399.20; 1994, c. 160; 1997, c. 587.)