University of Virginia Library

DELEGATION OF AUTHORITY TO NEGOTIATE AND EXECUTE TRANSACTIONS RELATED TO NON-ENDOWMENT BUSINESS VENTURES

WHEREAS, it is appropriate from time-to-time that the University purchase or sell an ownership interest in nonendowment business ventures; and

WHEREAS, it is in the economic best interest of the University that such transactions be handled on a timely basis;

RESOLVED that the Executive Vice President and Chief Operating Officer be authorized to negotiate the sale or purchase of stock or other evidences of ownership in nonendowment business ventures on such economic terms as he deems to be appropriate; and

RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer be authorized, in consultation with the General Counsel, to negotiate and execute contracts and other documents, and to take such other actions, pertaining to the transactions described in this resolution as he deems necessary and appropriate to consummate such transactions; and

RESOLVED FURTHER that this authorization shall expire in twelve months from this date unless extended by action of the Board of Visitors.