2.2-2701 - Powers of Foundation.
§ 2.2-2701. Powers of Foundation.
The Foundation may:
1. Make expenditures from the Fund's interest and income to assist theVirginia Commission for the Arts in promoting the arts in the Commonwealth inaccordance with § 2.2-2704 and to assist not-for-profit arts and culturalinstitutions and organizations within the Commonwealth to assess, enhance,and plan for enhancement of their fiscal stability, financial management andcontrol capabilities, and capacity to raise funds for the furtherance oftheir respective missions from nongovernmental sources.
2. Accept, hold and administer gifts and bequests of money, securities, orother property, absolutely or in trust, for the purposes for which theFoundation is created.
3. Enter into contracts and execute all instruments necessary and appropriateto carry out the Foundation's purposes.
4. Explore and make recommendations concerning other possible dedicatedrevenue sources for the Fund.
5. Perform any lawful acts necessary or appropriate to carry out the purposesof the Foundation.
(1997, c. 878, § 9-84.09:2; 2001, c. 844; 2002, c. 260.)