HB1178 - Commonwealth of Virginia Innovation Partnership Authority; amends membership of board of directors.

1 Co-Sponsor

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 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.