CODE OF VIRGINIA

POWERS AND DUTIES OF THE FOUNDATION (§ 2.2-2736)

A. The Foundation shall have the power and duty to:

   1.  Accept, execute, and administer any trust in which it may have an interest
   under the terms of the instrument creating the trust;

   2.  Establish and administer agreements with public or private agencies in
   order to achieve its goals;

   3.  Rent, lease, including the execution of leases with option to purchase,
   buy, own, acquire, and dispose of such property, real and personal, as the
   Foundation deems proper to carry out any of the purposes and provisions of
   this article;

   4.  Finance, fund, plan, establish, construct, enlarge, extend, equip, update,
   and maintain buildings, structures, and facilities that are necessary or
   desirable to achieve its goals;

   5.  Establish a corporation eligible for exemption from income taxation under
   § 501(c) of the Internal Revenue Code to assist in carrying out the purposes
   of the Foundation;

   6.  Operate, manage, and oversee the retail sales, demonstration, performance,
   and interpretation of artisan, musical, or other cultural activities, food and
   visitor services, and other functions as may be necessary or desirable to
   achieve its goals;

   7.  Employ and compensate such employees and agents as the Foundation deems
   necessary. The Foundation may appoint an executive director who shall be
   authorized to employ such staff as necessary to enable the Foundation to
   achieve its goals. The Foundation shall determine the duties of such staff and
   fix salaries and compensation from such funds as may be received;

   8.  Borrow and seek, accept, and expend gifts, grants, or donations from
   public or private sources;

   9.  Manage the operations of any existing or new facility in accordance with
   the provisions of this article;

   10.  Facilitate the sustainability of economic development initiatives
   relating to the cultural and natural heritage of Southwest Virginia by
   providing financial resources and technical assistance to organizations and
   venues that contribute to achieving the goals of the Foundation;

   11.  Serve as a resource and referral center by maintaining and disseminating
   information about Southwest Virginia cultural and natural heritage efforts and
   venues;

   12.  Develop specific goals and initiatives intended to improve the quality of
   life and entrepreneurial opportunities in Southwest Virginia in coordination
   with the Virginia Tourism Corporation, the Virginia Department of Housing and
   Community Development, Southwest Virginia tourism and economic development
   organizations, local governments, and other entities; and

   13.  Submit to the Governor and the General Assembly no later than the first
   day of each regular session of the General Assembly an annual report for
   publication as a report document in accordance with the procedures established
   by the Division of Legislative Automated Systems for legislative documents and
   reports.

B. The Foundation may establish nonprofit, nonstock corporations under Chapter
10 (§ 13.1-801 et seq.) of Title 13.1 as public instrumentalities exercising
public and essential governmental functions to assist the Foundation in (i)
encouraging the economic development of Southwest Virginia through the expansion
of cultural and natural heritage ventures and initiatives related to tourism and
other asset-based enterprises, including the Southwest Virginia Artisan Center,
The Crooked Road, ‘Round the Mountain, and related cultural and natural
heritage organizations and venues that promote entrepreneurial and employment
opportunities and (ii) conducting other activities useful in carrying out the
provisions of this article.The board of directors of any such corporation shall
be composed of the chairman of the Foundation and eight persons appointed by the
Foundation. The terms of the members of any corporation established shall be
four years.The Foundation shall require any such corporation to report to it at
least annually on its activities.

HISTORY: 2011, cc. 521, 548.