62.1-44.19:17 - Virginia Nutrient Credit Exchange Association authorized; duties; composition; appointment; terms...
§ 62.1-44.19:17. Virginia Nutrient Credit Exchange Association authorized;duties; composition; appointment; terms.
A. The permittees under the general permit may establish a nonstockcorporation under Chapter 10 (§ 13.1-801 et seq.) of Title 13.1, to be knownas the Virginia Nutrient Credit Exchange Association, to coordinate andfacilitate participation in the nutrient credit exchange program by itsmembers. The Virginia Nutrient Credit Exchange Association, which ishereafter referred to as the Association, may (i) submit on behalf of thepermittees the compliance plans required by § 62.1-44.19:14, (ii) develop astandard form of agreement for use by permittees when buying and sellingnitrogen and phosphorus allocations and credits, (iii) assist permittees inidentifying buyers and sellers of nitrogen and phosphorus allocations andcredits, (iv) coordinate planning to ensure that to the extent possible,sufficient credits are available each year to achieve full compliance withthe general permit, (v) assist individual municipal permittees in utilizingpublic-private partnerships and other innovative measures to achieve theCommonwealth's water quality goals, and (vi) perform such other duties andfunctions as may be necessary to the effective and efficient implementationof the credit exchange program. The Association shall not assume any of thepermittees' compliance obligations under the general permit.
B. Only permittees under the general permit may become members of theAssociation. The Association shall operate through a board of directors,which shall consist of 10 members and be representative of the membership inthe Association. Association board members shall be employees of Associationmembers, shall be elected by the Association membership at the beginning ofeach term of the general permit, and shall serve through the end of thepermit term to which they were elected. Vacancies for unexpired Associationboard terms shall be filled in the same manner in which members areoriginally elected to the Association board.
C. The Association board shall elect a president, vice-president, secretary,and treasurer from among its members at the beginning of each permit term.Officers and Association board members shall receive no compensation fortheir services as officers and board members of the Association.
(2005, cc. 708, 710.)