Bill Text: VA HB1178 | 2024 | Regular Session | Enrolled
Bill Title: Commonwealth of Virginia Innovation Partnership Authority; amends membership of board of directors.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Vetoed) 2024-04-17 - House sustained Governor's veto [HB1178 Detail]
Download: Virginia-2024-HB1178-Enrolled.html
Be it enacted by the General Assembly of Virginia:
1. That §2.2-2353 of the Code of Virginia is amended and reenacted as follows:
§2.2-2353. Board of directors; members; president.
A. The Authority shall be governed by a board of directors
consisting of 11 15 voting members as follows: (i) the Secretary
of Commerce and Trade, or his designee; (ii) six nonlegislative citizen members
appointed by the Governor; (iii) three four nonlegislative
citizen members appointed by the Joint Rules Committee Speaker of the
House of Delegates; and (iv) one director of technology transfer office
or equivalent position from a major research public institution of higher
education, four nonlegislative citizen members appointed by the
Joint Rules Senate Committee on Rules.
B. Of the nonlegislative citizen members appointed by the
Governor, (i) two nonlegislative citizen members shall be from the investor
community with experience as a partner in a venture capital fund with a minimum
of $35 million under management or experience qualifying as an accredited
investor, as defined by the federal Securities and Exchange Commission, who
have experience investing, as an individual or as part of an angel group, in 10
or more early stage companies; (ii) two nonlegislative citizen members shall be
from the technology sector with experience (a) as a founder of a science-based
or technology-based business and who have raised equity capital or (b) as a
senior executive in a science or technology company with operations in Virginia
and with annual revenues in excess of $100 million; and (iii) two
nonlegislative citizen members shall have experience acquiring or
commercializing intellectual property through private research or experience
acquiring or commercializing intellectual property from a university or other
research institution. Of Each of the nonlegislative citizen
members appointed by the Joint Rules Committee, two nonlegislative citizen
members Speaker of the House of Delegates and the Senate Committee on
Rules shall (i) have experience as a director of a technology
transfer office or equivalent experience from a major research public
institution of higher education or (ii) have experience in at least one
of the following areas: entrepreneurial development or,
entrepreneurial community and network development, venture capitalism,
information technology, scientific research, or technology-based economic
development. In making the appointments, the Governor, the Speaker of
the House of Delegates, and the Joint Rules Senate Committee
on Rules shall consider the geographic and demographic diversity of the
Board.
In no case shall a member of the Board invest such member's personal funds in (a) any direct or indirect venture capital activities supported by the Authority at the time of the investment or (b) any grant, loan, or investment program administered by the Authority.
C. 1. After an initial staggering of terms, members of the Board shall serve terms of four years. No member shall be eligible to serve more than two terms. Any appointment to fill a vacancy shall be for the unexpired term. A person appointed to fill a vacancy may be appointed to serve two additional terms. Nonlegislative citizen members shall be citizens of the Commonwealth.
2. Ex officio members shall serve terms coincident with their terms of office.
D. Members of the Board shall receive such compensation for the performance of their duties as provided in §2.2-2813. Members shall be reimbursed for all reasonable and necessary expenses incurred in the performance of their duties as provided in §§2.2-2813 and 2.2-2825. Funding for the costs of compensation and expenses of the members shall be provided by the Authority.
E. The Board shall elect a chairman from the nonlegislative citizen members of the Board, and the Secretary of Commerce and Trade shall serve as the vice-chairman. The Board shall elect a secretary and a treasurer, who need not be members of the Board, and may also elect other subordinate officers, who need not be members of the Board. The Board may also form advisory committees, which may include representatives who are not members of the Board, to undertake more extensive study on issues before the Board.
F. A majority of the members shall constitute a quorum for the transaction of the Authority's business, and no vacancy in the membership shall impair the right of a quorum to exercise the rights and perform all duties of the Authority. The Board shall meet at least quarterly or at the call of the chairman.
G. The Board shall appoint a president of the Authority, who shall not be a member of the Board who shall serve at the pleasure of the Board and carry out such powers and duties conferred upon him by the Board.
2. That the terms of persons appointed to serve as nonlegislative citizen members and as a director of a technology transfer office or equivalent position from a major research public institution of higher education serving on the board of directors of the Commonwealth of Virginia Innovation Partnership Authority shall expire on the effective date of this act.
3. That the initial appointments of nonlegislative citizen members to the Commonwealth of Virginia Innovation Partnership Authority made in accordance with the provisions of this act shall be staggered as follows: (i) one nonlegislative citizen member appointed by the Governor, one nonlegislative citizen member appointed by the Speaker of the House of Delegates, and two nonlegislative citizen members appointed by the Senate Committee on Rules shall be appointed for a term of one year; (ii) one nonlegislative citizen member appointed by the Governor, two nonlegislative citizen members appointed by the Speaker of the House of Delegates, and one nonlegislative citizen member appointed by the Senate Committee on Rules shall be appointed for a term of two years; (iii) one nonlegislative citizen member appointed by the Governor, one nonlegislative citizen member appointed by the Speaker of the House of Delegates, and one nonlegislative citizen member appointed by the Senate Committee on Rules shall be appointed for a term of three years; and (iv) three nonlegislative citizen members appointed by the Governor shall be appointed for a term of four years. Any member appointed to an initial term of less than four years shall be eligible to serve two additional full four-year terms.
