23-302 - Powers and duties of the Board.
§ 23-302. Powers and duties of the Board.
A. The Board shall have the power to:
1. Adopt, use, and alter at will an official seal;
2. Make bylaws for the management and regulation of its affairs;
3. Sue and be sued;
4. Maintain an office at such place or places within the Commonwealth as itmay designate;
5. Accept, hold, and administer moneys, grants, securities, or other propertytransferred, given, or bequeathed to the Foundation, absolutely or in trust,for the purposes for which the Foundation is created;
6. Determine how moneys provided to the Foundation are to be distributed andto authorize grants, loans, or other distributions of such moneys for thepurposes set forth in this chapter;
7. Make and execute contracts and all other instruments and agreementsnecessary or convenient for the exercise of its powers and functions;
8. Invest its funds as provided in this chapter or permitted by applicablelaw;
9. Expend from such funds as are available to it a reasonable amount forpersonnel, operations, and administration of the Foundation; and
10. Do any lawful act necessary or appropriate to carry out the powers hereingranted or reasonably implied, including use of whatever lawful means may benecessary and appropriate to recover any payments wrongfully made from thefunds available to the Foundation.
B. The Board shall employ on a full-time, part-time, or contract basis suchpersonnel as may be necessary to ensure that the purposes of this chapter areachieved, including, but not limited to, a chief executive officer, legalcounsel, and chief research policy officer.
C. The Board and such staff as may be employed shall have the followingduties:
1. Establish procedures by which persons seeking funds from the Foundationmay make application for an award of such fund;
2. Actively seek out and encourage appropriate projects; and
3. Actively seek out and expend all reasonable efforts to obtain funds fromall available sources.
D. Any proposed projects funded by the Foundation shall be consistent withthe purposes set forth in this chapter.
E. The Board shall report its activities annually by December 1 to theGovernor, the Speaker of the House, and the Senate Committee on Rules.
(2010, c. 846.)