West Virginia Code 18B-1F-7 – Audits required; financial reports; conflicts of interest
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(a) The financial statements of the corporation shall be audited annually by an independent certified public accountant or firm. Within thirty days of completion, the financial audit report shall be presented to the corporation's board of directors for approval, after which a copy of the financial audit and required statements shall be submitted to the commission.
Terms Used In West Virginia Code 18B-1F-7
- approval: when used in reference to action by the commission or the council, means action in which the governance rationale of a governing board under its jurisdiction is given due consideration, and the action of the commission is to additionally establish whether the proposed institutional action is consistent with law and established policy and is an appropriate advancement of the public interest. See West Virginia Code 18B-1-2
- 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
- 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
- Executive director: means the chief executive officer of an affiliated corporation employed pursuant to section five of this article. See West Virginia Code 18B-1F-2
(b) Notwithstanding any other provision of this code to the contrary, any officer or employee of the commission, who is not the executive director of the corporation, may hold an appointment as a member and as an officer of the corporation board of directors.