Commonwealth of Virginia - Boards & Commissions - Biotechnology Research Park Authority, Virginia (Activation Capital)

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Biotechnology Research Park Authority, Virginia (Activation Capital)

Authority

Purpose

The General Assembly has determined that there exists in the Commonwealth a need to (i) disseminate knowledge pertaining to scientific and technological research and development among public and private entities, including but not limited to knowledge in the area of biotechnology and (ii) promote industrial and economic development.

Term

Three year terms

Composition

The Authority shall be governed by a board of directors consisting of not less than nine nor more than fifteen members, three of whom shall be the President of Virginia Commonwealth University, the Mayor of the City of Richmond, and the Secretary of Commerce and Trade for the Commonwealth, who shall serve as directors during their terms of office. Any of the aforesaid ex officio members of the board may, from time to time and by written notice to the chairman of the board of the Authority, appoint a designee, under such terms as the designator may provide, to act on behalf of such designator. Such designee, for the term of the designation, shall be treated in all respects as a director and shall have all powers of a director, including, without limitation, the powers to attend and be heard at meetings of the board, thereby counting toward the number of the directors present for the purpose of determining whether a quorum exits; vote as a member of the board; and function as the holder of any office held by the designator or as a member of any committee of which the designator is a member. Six members of the board shall be appointed by the Governor from a list of nominations submitted by the board of directors of the Virginia Biotechnology Research Park, a not-for-profit non-stock Virginia corporation. Two of the directors appointed by the Governor shall be appointed for terms of one year, two for terms of two years, and two for terms of three years, from the effective date of their appointment; and thereafter, the members of the board shall be appointed for terms of three years.