2.2-2232 - Auxiliaries.

§ 2.2-2232. Auxiliaries.

A. The Governor may provide for the formation of a nonstock corporation tocarry out the purpose of this article. The board of directors of the nonstockcorporation shall consist of the fifteen members of the Board of theAuthority. The articles of incorporation of the nonstock corporation shallprovide that upon dissolution the net assets of the corporation shall betransferred to the Commonwealth. The nonstock corporation shall ensure thatthe economic benefits attributable to the income and property rights arisingfrom any transactions in which the nonstock corporation is involved areallocated on a basis that is equitable in the reasonable business judgment ofthe board of directors, with due account being given to the interest of thecitizens of the Commonwealth and the needs of the nonstock corporation. Anysuch nonstock corporation shall not be deemed to be a state or governmentalagency, advisory agency, public body or agency or instrumentality forpurposes of Chapters 8 (§ 2.2-800 et seq.), 18 (§ 2.2-1800 et seq.), 24 (§2.2-2400 et seq.), 29 (§ 2.2-2900 et seq.), 31 (§ 2.2-3100 et seq.), 37 (§2.2-3700 et seq.), 38 (§ 2.2-3800 et seq.), 43 (§ 2.2-4300 et seq.), 44 (§2.2-4400 et seq.), 45 (§ 2.2-4500 et seq.), 46 (§ 2.2-4600 et seq.), and 47(§ 2.2-4700 et seq.) of this title, Chapter 14 (§ 30-130 et seq.) of Title 30or Chapter 1 (§ 51.1-124.1 et seq.) of Title 51.1. No director, officer oremployee of any such nonstock corporation or entity be shall deemed to be anofficer or employee for purposes of Chapter 31 (§ 2.2-3100 et seq.) of thistitle. Notwithstanding the foregoing, the Auditor of Public Accounts, or hislegally authorized representatives, shall annually audit the financialaccounts of the Authority and any such nonstock corporation entity, providedthat the working papers and files of the Auditor of Public Accounts relatingto such audits shall not be subject to the provisions of The Freedom ofInformation Act (§ 2.2-3700 et seq.).

B. Notwithstanding the provisions of subsection A, as an entity receivingstate funds, any such nonstock corporation shall be subject to periodicexternal review either (i) under the provisions of the Legislative ProgramReview and Evaluation Act (§ 30-64 et seq.) or (ii) by an entity appointedfor that purpose by the Governor. Any such nonstock corporation shall bedeemed to be an institution of higher education within the meaning of §§23-3.1 and 23-9.2, but only for the limited purposes therein stated.

(1984, c. 782, § 9-263; 1987, Sp. Sess., c. 1; 1993, c. 967; 2001, c. 844.)