A. The Virginia Arts Foundation (the Foundation) is established to serve as a supervisory foundation within the meaning of § 2.2-2100, in the executive branch of state government and is a body politic and corporate to be organized and to have such powers as provided in § 23.1-3226.
B. The Foundation shall be governed by a board of trustees (the board), consisting of the members of the Virginia Commission for the Arts.
C. Any person designated by the board to handle the funds of the Foundation shall give bond, with corporate surety, in a penalty fixed by the Governor, conditioned upon the faithful discharge of his duties. Any premium on the bond shall be paid from funds available to the Foundation.
D. The board, acting as members of the Virginia Commission for the Arts, are entitled to reimbursement for all actual and necessary expenses as provided by § 23.1-3222.
E. The director of the Commission shall serve as the chairman and the staff of such Commission shall serve as staff for the Foundation.
2016, c. 588.
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