The exercise of the powers granted by this chapter is in all respects for the benefit of the inhabitants of the Commonwealth and the promotion of their safety, health, welfare, knowledge, convenience, and prosperity. No part of the assets or net earnings of the Authority shall inure to the benefit of or be distributable to any private individual, except that reasonable compensation may be paid for services rendered to or for the Authority affecting one or more of its purposes, and benefits may be conferred that are in conformity with its purposes. No private individual is entitled to share in the distribution of any of the corporate assets upon dissolution of the Authority.
1996, cc. 905, 1046, § 23-50.16:15; 2016, c. 588.
Structure Code of Virginia
Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions
Chapter 24 - Virginia Commonwealth University Health System Authority
§ 23.1-2401. Authority established; powers, purposes, and duties
§ 23.1-2402. Board of directors; membership; meetings; officers; employees
§ 23.1-2403. Chief executive officer of the Authority
§ 23.1-2404. Powers of the Authority
§ 23.1-2405. Additional powers of the Authority; operation of projects
§ 23.1-2406. Additional powers of the Authority; police
§ 23.1-2408. Moneys of the Authority
§ 23.1-2409. Grants and loans from localities
§ 23.1-2411. Exemption from taxation
§ 23.1-2412. Transfer of existing hospital facilities
§ 23.1-2414. Leases of property
§ 23.1-2415. Employees of the Authority
§ 23.1-2416. Retirement benefits for employees of the Authority
§ 23.1-2417. Insurance for employees of the Authority
§ 23.1-2418. Power to issue bonds
§ 23.1-2419. Liability on bonds
§ 23.1-2421. Trust indentures and mortgages; security for the bonds
§ 23.1-2422. Remedies of obligees of Authority
§ 23.1-2423. Bonds to be legal investments
§ 23.1-2425. (Effective until September 1, 2022) Confidential and public information
§ 23.1-2425. (Effective September 1, 2022) Confidential and public information