Virginia Law

The Authority is granted all powers necessary or convenient for the carrying out of its statutory purposes, including, but not limited to, the following rights and powers to:

1. Sue and be sued, implead and be impleaded, and complain and defend in all courts. Nothing herein shall be construed to waive any applicable immunity enjoyed by the Authority.

2. Adopt, use, and alter at will a corporate seal.

3. Acquire, purchase, hold, use, lease, or otherwise dispose of any project and property, real, personal or mixed, tangible or intangible, or any interest therein necessary or desirable for carrying out the purposes of the Authority, and, without limitation of the foregoing, to lease as lessee, any project and any property, real, personal, or mixed, or any interest therein, at such annual rental and on such terms and conditions as may be determined by the Board and to lease as lessor to any person, any project and any property, real, personal, or mixed, tangible or intangible, or any interest therein, at any time acquired by the Authority, whether wholly or partially completed, at such annual rental and on such terms and conditions as may be determined by the Board, and to sell, transfer, or convey any property, real, personal, or mixed, tangible or intangible or any interest therein, at any time acquired or held by the Authority on such terms and conditions as may be determined by the Board.

4. Plan, develop, undertake, carry out, construct, improve, rehabilitate, repair, furnish, maintain, and operate projects.

5. Adopt bylaws for the management and regulation of its affairs.

6. Establish and maintain an office in Richmond to serve as headquarters for the Authority. The Authority may also establish and maintain satellite offices within the Commonwealth.

7. Fix, alter, charge, and collect rates, rentals, and other charges for the use of projects of, or for the sale of products of or for the services rendered by, the Authority, at rates to be determined by it for the purpose of providing for the payment of the expenses of the Authority, the planning, development, construction, improvement, rehabilitation, repair, furnishing, maintenance, and operation of its projects and properties, the payment of the costs accomplishing its purposes set forth in § 2.2-2351, the payment of the principal of and interest on its obligations, and the fulfillment of the terms and provisions of any agreements made with the purchasers or holders of any such obligations.

8. Make and enter into all contracts and agreements necessary or incidental to the performance of its duties, the furtherance of its purposes, and the execution of its powers under this article, including agreements with any person or federal agency.

9. Employ, in its discretion, consultants, researchers, attorneys, architects, engineers, accountants, financial experts, investment bankers, superintendents, managers, and such other employees and agents as may be necessary, and to fix their compensation to be payable from funds made available to the Authority.

10. Receive and accept from any federal or private agency, foundation, corporation, association, or person grants to be expended in accomplishing the objectives of the Authority and receive and accept from the Commonwealth or any state, and any municipality, county, or other political subdivision thereof and from any other source, aid or contributions of either money, property, or other things of value, to be held, used, and applied only for the purposes for which such grants and contributions may be made.

11. Render advice and assistance, and provide services, to institutions of higher education and to other persons providing services or facilities for scientific and technological research or graduate education, provided that credit toward a degree, certificate, or diploma shall be granted only if such education is provided in conjunction with an institution of higher education authorized to operate in Virginia.

12. Develop, undertake, and provide programs, alone or in conjunction with any person or federal agency, for scientific and technological research, technology management, continuing education, and in-service training, provided that credit toward a degree, certificate, or diploma shall be granted only if such education is provided in conjunction with an institution of higher education authorized to operate in Virginia; foster the utilization of scientific and technological research information, discoveries, and data and to obtain patents, copyrights, and trademarks thereon; to encourage the coordination of the scientific and technological research efforts of public institutions and private industry and collect and maintain data on the development and utilization of scientific and technological research capabilities.

13. Pledge or otherwise encumber all or any of the revenues or receipts of the Authority as security for all or any of the obligations of the Authority.

14. Receive, administer, and market any interest in patents, copyrights, and materials that are potentially patentable or copyrightable developed by or for state agencies, public institutions of higher education, and political subdivisions of the Commonwealth.

15. Develop the Index, pursuant to § 2.2-2360, to use to identify research areas worthy of Commonwealth investment in order to promote commercialization and economic development efforts in the Commonwealth.

16. Foster innovative partnerships and relationships among the Commonwealth, the Commonwealth's institutions of higher education, the private sector, federal labs, and not-for-profit organizations to improve research and development of commercialization efforts.

17. Receive and review annual reports from institutions and facilities regarding the progress of projects funded through the Authority. The Authority shall develop guidelines, methodologies, metrics, and criteria for the reports. The Authority shall aggregate the reports and submit an annual omnibus report on the status of research and development initiatives funded by the Authority in the Commonwealth to the Governor and the Chairmen of the House Committee on Appropriations, the House Committee on Communications, Technology and Innovation, the Senate Committee on Finance and Appropriations, and the Senate Committee on General Laws and Technology.

18. Administer grant, loan, and investment programs as authorized by this article. The Authority shall develop guidelines, subject to the approval of the Board, for the application, review, and award of grants, loans, and investments under the provisions of this article. These guidelines shall address, at a minimum, the application process and, where appropriate, shall give special emphasis to fostering collaboration and partnership among institutions of higher education and partnerships between institutions of higher education and business and industry.

19. Establish and administer, through any nonstock, nonprofit corporation established by the Authority, investment funds that may accept funds from any source, public or private, to support venture capital activities in the Commonwealth. The administration of any such investment fund shall be advised by the Advisory Committee on Investment created pursuant to § 2.2-2358.

20. Report on all investment activities of the Authority, and any entity established by the Authority, including returns on investments, to the Governor and the Chairmen of the House Committee on Appropriations, the House Committee on Communications, Technology and Innovation, the Senate Committee on Finance and Appropriations, and the Senate Committee on General Laws and Technology.

21. Exclusively, or with any other person, form and otherwise develop, own, operate, govern, and otherwise direct the disposition of assets of, or any combination thereof, separate legal entities, on any such terms and conditions and in any such manner as may be determined by the Board, provided that such separate legal entities shall be formed solely for the purpose of managing and administering any assets disposed of by the Authority. Such legal entities may include limited liability companies, limited partnerships, charitable foundations, real estate holding companies, investment holding companies, nonstock corporations, and benefit corporations. Any legal entities created by the Authority shall be operated under the governance of the Authority, and each shall provide quarterly performance reports to the Board. The articles of incorporation, partnership, or organization for such legal entities shall provide that, upon dissolution, the assets of the entities that are owned on behalf of the Commonwealth shall be transferred to the Authority. Any legal entity created pursuant to this subdivision shall ensure that the economic benefits attributable to the income and property rights arising from any transaction in which the entity is involved are allocated based on the reasonable business judgment of the Board, with due account being given to the interest of the citizens of the Commonwealth and the needs of the entity. No legal entity shall be deemed to be a state or government agency, advisory agency, public body, or instrumentality of the Commonwealth. No director, officer, or employee of any such legal entity shall be deemed to be an officer or employee for purposes of the State and Local Government Conflict of Interests Act (§ 2.2-3100 et seq.) solely by virtue in his capacity as a director, officer, or employee of such legal entity. Notwithstanding the foregoing, the Auditor of Public Accounts or his legally authorized representative shall annually audit the financial accounts of the Authority and any such legal entities.

22. Provide leadership for strategic initiatives that explore and shape programs designed to attract and grow innovation in the Commonwealth. Such leadership may include (i) seeking, or supporting others in seeking, federal grants, contracts, or other funding sources that advance the exploration functions of the Authority's public purpose; (ii) assuming responsibility for forward-looking technology assessment and market vision around strategic initiatives and partnerships with federal and local governments; (iii) taking a leading role in defining, promoting, and implementing forward-looking technology market and industry development policies and processes that advance innovation and entrepreneurial activity and the assimilation of technology; (iv) contracting with federal and private entities to further innovation, commercialization, and entrepreneurship in the Commonwealth; and (v) conducting limited-scale commercialization pilot projects based on identified strategic initiatives to promote the industry or commercial development of specific technologies or interests.

23. Do all acts and things necessary or convenient to carry out the powers granted to it by law.

2020, cc. 1164, 1169.