A. The Medical School may:

1. Exercise public and essential governmental functions to provide for the public health, welfare, convenience, knowledge, benefit, and prosperity of the residents of the Commonwealth and such other persons as may be served by the Medical School;

2. Adopt regulations for the government and management of the Medical School that it deems expedient and that are not contrary to law;

3. Sue and be sued;

4. Plead and be impleaded;

5. Contract and be contracted with;

6. Identify, document, and evaluate needs, problems, and resources relating to medical and health care, education, and research and plan, develop, and implement programs to meet such needs on both an immediate and long-range basis;

7. Plan, design, construct, possess, own, remove, renovate, enlarge, equip, maintain, and operate projects to provide medical and health care, education, research, and related, supporting, and other appropriate services;

8. Lease, sell, or otherwise convey any or all of its projects to others who agree to operate the projects if the Medical School determines that such lease, sale, or other conveyance will assist, promote, or further the purposes of this chapter;

9. Acquire any property, real or personal, and right, easement, or estate in such property that it deems necessary by purchase, lease, gift, devise, or eminent domain, on such terms and conditions and in such a manner as it may deem proper and sell, lease, and dispose of such property or any portion of or interest in such property. The Medical School shall exercise the power of eminent domain in accordance with Chapter 2 (§ 25.1-200 et seq.) of Title 25.1 and only (i) within the corporate limits of the City of Norfolk and (ii) to acquire property to be used for operating projects. The Medical School shall not condemn, pursuant to this chapter, the property of any corporation that has the power of eminent domain;

10. Fix, revise, charge, and collect revenues, fees, rents, and other charges for the services and facilities furnished by the Medical School and establish and revise regulations regarding the use, occupancy, or operation of all or part of any such facility or service rendered;

11. Accept loans, grants, contributions, or assistance from the federal government, the Commonwealth, any locality of the Commonwealth, or any other public or private source and enter into any agreement or contract regarding the acceptance, use, or repayment of any such loan, grant, contribution, or assistance;

12. Develop, undertake, conduct, and provide programs, alone or in conjunction with any other public or private person or entity, for medical, biomedical, and health care research and any associated disciplines relating to (i) the knowledge, causes, and cures of diseases, conditions, syndromes, or disorders; (ii) health care services; or (iii) the delivery of health care;

13. Foster the utilization of information, discoveries, data, and material produced through medical, biomedical, and health care research; obtain patents, copyrights, and trademarks for such intellectual property; administer and manage such intellectual property or contract for such administration and management by entities organized for such purpose; and market, transfer, and convey, in whole or in part, any interest in such information, discoveries, data, materials, patents, copyrights, trademarks, or other intellectual property in any manner that is consistent with the Medical School's patent and copyright policies and the terms of any grants or contracts providing financial support for the relevant research;

14. Promote, develop, improve, and increase the health, welfare, convenience, commerce, and prosperity of the Commonwealth;

15. Assist in or provide for the creation of domestic or foreign stock and nonstock corporations and purchase, receive, subscribe for, or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise dispose of (i) shares of or other interests in or obligations of any domestic or foreign corporations, partnerships, associations, joint ventures, or other entities organized for any purpose, (ii) direct or indirect obligations of the United States, any other government, state, territory, governmental district, or locality, or (iii) any other obligations of any association, partnership, or individual or any other domestic or foreign corporation organized for any purpose;

16. Provide appropriate assistance in carrying out any activities authorized by this chapter to any domestic or foreign corporation, partnership, association, joint venture, or other entity owned in whole or in part or controlled, directly or indirectly, in whole or in part, by the Medical School, including making loans and providing employees;

17. Make loans and provide other assistance to corporations, partnerships, associations, joint ventures, or other entities;

18. Make contracts or guarantees, incur liabilities, borrow money, or secure any obligations of others;

19. Transact its business, establish and locate its offices, facilities, and any satellite offices and facilities, other than its primary Hampton Roads offices and facilities, at other locations within and outside the Commonwealth or the United States and control, directly or through domestic or foreign stock or nonstock corporations or other entities, facilities that assist or aid the Medical School in carrying out the purposes of this chapter, including the power to own or operate, directly or indirectly, medical educational and research institutions, medical, research, and paramedical facilities, and related and supporting facilities and projects within or outside the Commonwealth or the United States;

20. Participate in joint ventures, within or outside the Commonwealth or the United States, with individuals, corporations, partnerships, associations, or other entities for providing such medical and health care, education, and research, or related services or other activities that the Medical School may determine to undertake;

21. Conduct or engage, directly or indirectly, in any lawful business, activity, effort, or project that is necessary, convenient, or desirable to assist the Medical School in carrying out its public purposes or for the exercise of any of its powers, within or outside the Commonwealth or the United States provided that any private benefit resulting to any other corporation or other entity from any such business, activity, effort, or project is merely incidental to the resulting public benefit;

22. Exercise all the corporate powers granted to corporations by the provisions of Title 13.1, except in those cases in which, by the express terms of the provisions of such title, such powers are confined to corporations created under such title; and

23. Accept, execute, and administer any trust in which it may have an interest under the terms of the instrument creating the trust.

B. Nothing in this chapter shall be deemed a waiver of the sovereign immunity of the Commonwealth or the Medical School.

2016, c. 588.