HB 1178

Abstract

Commonwealth of Virginia Innovation Partnership Authority; board of directors; membership. Amends the membership of the board of directors of the Commonwealth of Virginia Innovation Partnership Authority by adding four nonlegislative citizen members to increase the total membership to 15 members and removing the position currently held by a director of a technology transfer office or equivalent position from a major research public institution of higher education. The bill (i) provides the Speaker of the House of Delegates the power to appoint four nonlegislative citizen members to the board of directors, (ii) provides the Senate Committee on Rules the power to appoint four nonlegislative citizen members to the board of directors, and (iii) removes such appointment power from the Joint Rules Committee. Finally, the bill prohibits any member of the board from investing personal funds in venture capital activities or grants, loans, or investment programs supported or administered by the Authority.

Commonwealth of Virginia Innovation Partnership Authority; board of directors; membership. Amends the membership of the board of directors of the Commonwealth of Virginia Innovation Partnership Authority by adding four nonlegislative citizen members to increase the total membership to 15 members and removing the position currently held by a director of a technology transfer office or equivalent position from a major research public institution of higher education. The bill (i) provides the Speaker of the House of Delegates the power to appoint five nonlegislative citizen members to the board of directors, (ii) provides the Senate Committee on Rules the power to appoint three nonlegislative citizen members to the board of directors, and (iii) removes such appointment power from the Joint Rules Committee. Finally, the bill prohibits any member of the board from investing personal funds in venture capital activities or grants, loans, or investment programs supported or administered by the Authority.

Commonwealth of Virginia Innovation PartnershipAuthority; board of directors; membership. Amends the membershipof the board of directors of the Commonwealth of Virginia InnovationPartnership Authority by adding a nonlegislative citizen member toincrease the total membership to 12 members and removing the positioncurrently held by a director of a technology transfer office or equivalentposition from a major research public institution of higher education.The bill also (i) provides the Speaker of the House of Delegates and the Senate Committee on Rules the power to appoint four nonlegislative citizen members each to the board of directors, (ii) reduces fromsix to three the number of nonlegislative citizen members to be appointedby the Governor to the board of directors, and (iii) removes suchappointment power from the Joint Rules Committee.