Virginia § 15.2-6553 Powers of Authority

Virginia Statutes

§ 15.2-6553 — Powers of Authority

Virginia § 15.2-6553

Title 15.2COUNTIES, CITIES AND TOWNS

Subtitle IVOTHER GOVERNMENTAL ENTITIES

Ch. 65.1TOURIST TRAIN DEVELOPMENT AUTHORITY

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Bluebook

Va. Code Ann. § 15.2-6553 (2026).

Text

The Authority shall have the following powers together with all powers incidental thereto or necessary for the performance of those hereafter stated:

1.To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties;

2.To adopt and use a corporate seal and to alter the same at its pleasure;

3.To contract and be contracted with;

4.To employ and pay compensation to such employees and agents, including attorneys, as the board deems necessary in carrying on the business of the Authority;

5.To establish bylaws and make all rules and regulations, not inconsistent with the provisions of this chapter, deemed expedient for the management of the Authority's affairs;

6.To borrow money and to accept contribution

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The Authority shall have the following powers together with all powers incidental thereto or necessary for the performance of those hereafter stated:

1. To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties;

2. To adopt and use a corporate seal and to alter the same at its pleasure;

3. To contract and be contracted with;

4. To employ and pay compensation to such employees and agents, including attorneys, as the board deems necessary in carrying on the business of the Authority;

5. To establish bylaws and make all rules and regulations, not inconsistent with the provisions of this chapter, deemed expedient for the management of the Authority's affairs;

6. To borrow money and to accept contributions, grants, and other financial assistance from the United States of America and agencies or instrumentalities thereof, the Commonwealth, or any political subdivision, agency, or public instrumentality of the Commonwealth;

7. To issue bonds in accordance with applicable law;

8. To receive and expend moneys on behalf of tourist train development; and

9. To cooperate with any private or governmental entity in the state of West Virginia in the development of a tourist train.