Current through Register Vol. XLI, No. 50, December 13, 2024
Section 172-1-7 - Duties of Officers7.1. The Executive Director shall be the principal executive of the Authority and shall, in general, supervise and control all of the business and affairs of the Authority. Except as restricted by the laws of West Virginia and these rules, he or she may sign any deeds, mortgages, bonds, contracts or other instruments which are authorized to be executed; and in general shall have and perform all powers and duties incident to the office of the Executive Director and such other powers and duties as may be prescribed by the Board of Directors from time to time.7.2. The Executive Director shall have authority in his discretion unless otherwise restricted by the laws of West Virginia to:7.2.a. make or enter into contracts, commitments, underwriting, investments, loans and sales of any nature, herein collectively called Acommitments, in the ordinary course of business; provided, however, that except as may be specifically authorized or approved by the Board of Directors;7.2.b. employ or enter into agreements with agents, employees, independent contractors or consultants or advisors or advisory services and prescribe their duties an their compensation, fees and expenses;7.2.c. make arrangements for offices, service contracts and other facilities and enter into contracts or leases for such purposes;7.2.d. carry on litigation, submit or agree to arbitration and otherwise settle or compromise disputes.7.2.e. The Executive Director is further authorized to delegate reasonable and customary authority to other officers or employees of the Authority in his discretion.7.2.f. The Executive Director shall make periodic reports and special reports when he or she deems it desirable or when requested by the Board of Directors summarizing in reasonable detail action by him pursuant to the above.7.3. The Board of Directors may from time to time, subject to the provisions of these rules and the laws of West Virginia, prescribe or modify the powers, authority or duties of the Executive Director.7.4. The Secretary-Treasurer shall attend all sessions of the Board of Directors and record all votes and the minutes of all proceedings in a book to be kept for that purpose. He or she shall give, or cause to be given, notice of all special meetings of the Board of Directors and shall perform such other duties as may be prescribed by the Board of Directors or Chairman under whose supervision he or she shall be. He or she shall keep in safe custody the seal of the Authority and, when authorized by the Board of Directors, shall affix the same to any instrument requiring it and, when so affixed, it shall be attested by his or her signature or, in his or her absence, by the signature of the Chairman or the Vice Chairman.7.4.a. The Secretary-Treasurer shall have custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Authority and shall deposit all moneys and other valuable effects in the name and to the credit of the Authority ins such depositories as may be designated by the Board of Directors or the Executive Director.7.4.b. The Secretary-Treasurer or the Executive Director in pursuance of the authority granted him or her by these rules or by resolution of the Board of Directors, shall disburse the funds of the Authority as may be ordered by the Board of Directors, taking proper vouchers for such disbursements and shall render to the Executive Director and the Board of Directors, at the regular meetings of the Board, or whenever they may require it, an account of all his transactions as Treasurer and of the financial condition of the Authority.7.4.c. The Secretary-Treasurer an all Directors, other than the Chairman, shall give the Authority a bond in the sum as may be required by the laws of West Virginia.