32.1-356 - Powers of the Foundation.
§ 32.1-356. Powers of the Foundation.
The Foundation is hereby granted all powers necessary or appropriate to carryout and effectuate its corporate purposes, including, without limitation, thefollowing:
1. To have official seals and to alter the same at pleasure;
2. To maintain an office at such place or places within this Commonwealth asit may designate;
3. To accept, hold, and administer moneys, grants, securities, or otherproperty transferred, given, or bequeathed to the Foundation, absolutely orin trust, for the purposes for which the Foundation is created;
4. To determine how moneys in the Fund are to be distributed and to authorizedistribution of moneys in the Fund to entities whose goal is to discourage,eliminate or prevent the use of tobacco products by minors and to reducechildhood obesity in the Commonwealth, on such terms and in such amounts asdetermined by the Board;
5. To deposit moneys from the Fund to the Endowment as determined by theBoard;
6. To make and execute contracts and all other instruments and agreementsnecessary or convenient for the exercise of its powers and functions;
7. To appoint and prescribe the duties of such officers, agents, employees,advisors, and consultants as may be necessary to carry out its functions, andto fix and pay such compensation to them for their services as the Foundationmay determine;
8. To adopt and from time to time amend and repeal bylaws, not inconsistentwith this chapter, to carry into effect the powers and purposes of theFoundation;
9. To receive and accept aid, grants, contributions and cooperation of anykind from any source for the purposes of this chapter subject to suchconditions, acceptable to the Foundation, upon which such aid, grants,contributions and cooperation may be made;
10. To do any lawful act necessary or appropriate to carry out the powersherein granted or reasonably implied, including use of whatever lawful meansmay be necessary and appropriate to recover any payments wrongfully made fromthe Fund.
(1999, cc. 880, 962; 2007, c. 345; 2009, cc. 424, 554.)