Virginia Code 32.1-359: Duties of the Board
The Board shall perform the following duties:
Terms Used In Virginia Code 32.1-359
- Agreement: means the agreement or agreements between the Commonwealth, as seller of the Tobacco Assets, and the Corporation, as purchaser of the Tobacco Assets. See Virginia Code 32.1-354
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Board of Trustees of the Foundation appointed pursuant to § 32. See Virginia Code 32.1-354
- Endowment: means the Virginia Tobacco Settlement Foundation Endowment established pursuant to § 32. See Virginia Code 32.1-354
- Foundation: means the Virginia Foundation for Healthy Youth, created pursuant to § 32. See Virginia Code 32.1-354
- Fund: means the Virginia Tobacco Settlement Fund established pursuant to § 32. See Virginia Code 32.1-354
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
1. Establish specific criteria and procedures governing decisions by the Foundation to cause the moneys obtained from the Master Settlement Agreement in the Fund to be primarily distributed to entities for use in the discouragement, elimination or prevention of the use of tobacco products by minors. Additionally, the Foundation may distribute moneys in the Fund obtained primarily from public grants and private funding sources to reduce childhood obesity and to prevent and reduce substance use by youth in the Commonwealth;
2. Establish requirements that every recipient of money distributed from the Fund establish and maintain policies that restrict the use of tobacco products by minors, as provided in § 32.1-361;
3. Evaluate the proposals for the use of the assets of the Fund in accordance with the criteria established by the Board and the provisions of this chapter;
4. Evaluate the implementation and results of all efforts receiving support from the Foundation; and
5. Determine amounts to be deposited from time to time from the Fund to the Endowment.
1999, cc. 880, 962; 2007, c. 345; 2009, cc. 424, 554; 2017, cc. 60, 109.