Exercise of Authority. The University and the Commonwealth acknowledge and agree that the execution of this management agreement constitutes the conclusion of a process that, as of the effective date of this Agreement, confers upon the University the enhanced authority and operating flexibility described in this article above, all of which is in furtherance of the purposes of Article 4 of the Act. Therefore, without any further conditions or requirements, the University shall, on and after the effective date of this management agreement, be authorized to exercise the authority conferred upon it by this management agreement, the policies adopted by its board of visitors attached hereto as Exhibits A through F, and by §§ 23.1-1008 through 23.1-1011 of the Act, except to the extent that the powers and authority contained therein have been limited by this management agreement or the board of visitors policies attached hereto as Exhibits A through F. The University and the Commonwealth also acknowledge and agree that, pursuant to subsection L of § 23.1-1006 of the Act and consistent with the terms of this management agreement, the board of visitors of the University shall assume full responsibility for management of the University, subject to the requirements and conditions set forth in Article 4 of the Act, the general requirements for this management agreement as provided in § 23.1-1002 of the Act, and this management agreement. The board of visitors shall be fully accountable for (i) the management of the University as provided in the Act, (ii) meeting the requirements of §§ 23.1-206 and 23.1-306 of the Code of Virginia, and (iii) meeting such other provisions as are set forth in this management agreement.
Appears in 4 contracts
Samples: Management Agreement, Management Agreement, Management Agreement
