West Virginia Code 18B-1F-3 – Commission authorized to contract with corporation; corporation to meet essential criteria; corporation membership and organization; financial requirements
(a) The commission is authorized to enter into agreements and any other contractual relationships with an affiliated corporation formed as set forth in this article.
Terms Used In West Virginia Code 18B-1F-3
- Board of directors: means the governing body of a corporation created pursuant to section three of this article. See West Virginia Code 18B-1F-2
- Chancellor: means the Chancellor for Higher Education where the context refers to a function of the Higher Education Policy Commission. See West Virginia Code 18B-1-2
- commission: means the commission created by §. See West Virginia Code 18B-1-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- corporation: means a corporation which meets the essential criteria prescribed in section three of this article and whose purpose is to provide management services to the commission in carrying out the day to day operations of the Technology Park. See West Virginia Code 18B-1F-2
- Laws of the state: includes the Constitution of the State of West Virginia and the Constitution of the United States, and treaties and laws made in pursuance thereof. See West Virginia Code 2-2-10
- Potential membership: means the total number of members who comprise the board of directors when all membership seats are filled. See West Virginia Code 18B-1F-2
(b) The affiliated corporation shall meet the following essential criteria:
(1) Corporation status. — The corporation is organized as a non-profit, non-stock corporation under the general corporation laws of the state exclusively for charitable, educational or scientific purposes within the meaning of section 501(c) of the Internal Revenue Code of 1986, as amended.
(2) Corporation membership, meetings, officers. —
(A) Members of the board of directors of the affiliated corporation serve terms as prescribed in the bylaws of the corporation and are selected by the commission in consultation with the chancellor. The commission shall make all appointments to the board of directors by majority vote of its members and shall include the individual votes as a part of the minute record.
(B) Private sector members shall constitute a majority of the potential membership of the board of directors. Vacancies shall be filled in such a way that the majority status of private sector membership is maintained.
(C) By July 1, 2011, and at least biennially thereafter, the board of directors shall elect a chair from among its members.