HB 4001
Creating TEAM-WV Corporation
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes TEAM-WV Corporation, a non-profit organization, to promote economic development, job creation, job retention, job training, and business recruitment in West Virginia. The Governor is tasked with forming the corporation, which will operate in accordance with existing state codes and be overseen by a board of directors appointed by the Governor with the advice and consent of the Senate. TEAM-WV will assist the Department of Commerce in providing services and carrying out the department’s functions, including incentive programs, and will be subject to specific financial and operational requirements, including an audit committee and conflict-of-interest policies.
Key provisions
- Establishes TEAM-WV Corporation as a non-profit organization.
- Requires the Governor to form the corporation with a specific purpose.
- Designates specific board members, including university presidents and the West Virginia Investment Management Board Executive Director, ex-officio.
- Outlines requirements for the board of directors, including qualifications, composition, and responsibilities.
- Mandates TEAM-WV to assist the Department of Commerce in providing services and carrying out the department’s functions.
- Establishes an audit committee to conduct annual financial audits.
- Requires the corporation to adopt a conflict-of-interest policy.
- Details procedures for dissolving the corporation and distributing assets.
Who is affected
- State of West Virginia
- West Virginia University
- Marshall University
- Department of Commerce
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