23-38.76 - Virginia College Savings Plan established; governing board; terms.
§ 23-38.76. Virginia College Savings Plan established; governing board; terms.
A. To enhance the accessibility and affordability of higher education for allcitizens of the Commonwealth, there is hereby established as an independentagency of the Commonwealth, the Virginia College Savings Plan (the Plan).Moneys of the Plan shall be held in the state treasury in a specialnonreverting fund (the Fund), which shall consist of payments receivedpursuant to prepaid tuition contracts or contributions to savings trustaccounts made pursuant to this chapter, bequests, endowments or grants fromthe United States government, its agencies and instrumentalities, and anyother available sources of funds, public or private. Any moneys remaining inthe Fund at the end of a biennium shall not revert to the general fund butshall remain in the Fund. Interest and income earned from the investment ofsuch funds shall remain in the Fund and be credited to it.
B. The Plan shall be administered by an 11-member Board, as follows: theDirector of the State Council of Higher Education for Virginia or hisdesignee; the Chancellor of the Virginia Community College System or hisdesignee; the State Treasurer or his designee; the State Comptroller or hisdesignee; and seven non-legislative citizens, four to be appointed by theGovernor, one to be appointed by the Senate Committee on Rules and two to beappointed by the Speaker of the House of Delegates, with significantexperience in finance, accounting, law, or investment management.
Appointments shall be for terms of four years, except that appointments tofill vacancies shall be for the unexpired terms. No person shall be appointedto serve for or during more than two successive four-year terms, but afterthe expiration of a term of three years or less, or after the expiration ofthe remainder of a term to which appointed to fill a vacancy, two additionalterms may be served by such member if appointed thereto. Should a noncitizenmember cease to hold his public office, the vacancy shall be filled for theremainder of the term by his successor.
C. Members of the Board shall receive no compensation, but shall bereimbursed for actual expenses incurred in the performance of their duties.The Board shall elect from its membership a chairman, vice-chairman, and asecretary for each calendar year. A majority of the members of the Boardshall constitute a quorum.
(1994, c. 661; 1997, cc. 785, 861; 1999, cc. 485, 518; 2000, cc. 382, 400;2009, cc. 827, 845.)