10.1-2138 - Powers and duties of Foundation.
§ 10.1-2138. Powers and duties of Foundation.
A. The Foundation for Virginia's Natural Resources shall promoteenvironmental education, pollution prevention, and citizen monitoring byfostering and supporting collaborative efforts among businesses, citizens,communities, local governments, and state agencies.
B. The Foundation shall develop goals and guidelines for submittal andevaluation of grant applications for funds from the Foundation for Virginia'sNatural Resources Trust Fund that are consistent with the goals set out insubsection A and that may include, but not be limited to, cooperativeprograms with, or project grants to, localities, state agencies, the federalgovernment, soil and water conservation districts, or any not-for-profitagency, institution, organization, or entity, public or private, whosepurpose is to provide environmental education, pollution prevention, orcitizen monitoring.
C. The Foundation shall have the following general powers:
1. To sue and be sued in contractual matters in its own name;
2. To accept, hold, and administer gifts and bequests of money, securities,or other property from any source, absolutely or in trust, for the purposesfor which the Foundation is created. Unless otherwise restricted by the termsof the gift or bequest, the Foundation is authorized to sell, exchange, orotherwise dispose of and to invest or reinvest in such investments as it maydetermine the moneys, securities, or other property given or bequeathed toit. The principal of such funds, together with the income therefrom and allother revenues, shall be placed in such depositories as the Foundation shalldetermine and shall constitute a special fund and be subject to expenditureby the Foundation without further appropriation. The Foundation shall notengage in any business except in the furtherance of its objectives;
3. To enter into contracts generally and to execute all instruments necessaryor appropriate to carry out its purposes;
4. To appoint and prescribe the duties of such officers, agents, andemployees as may be necessary to carry out its functions, and to fix and paysuch compensation to them for their services as the Foundation may determine;
5. To conduct fundraising events and activities as deemed appropriate by theBoard; and
6. To perform any lawful acts necessary or appropriate to carry out thepurposes of the Foundation.
(2005, c. 351.)