Bill > SB1062

This bill establishes TEAM-WV, a non-stock, not-for-profit corporation created to promote economic development, job creation, job retention, job training, and business recruitment in West Virginia. The Governor is tasked with forming this corporation, which will operate under general corporate law but with specific provisions outlined in the bill. TEAM-WV will have a board of directors, including ex-officio members from West Virginia University and Marshall University, and others with expertise in finance and governance. The corporation can enter into contracts with the Department of Commerce to assist with its functions, though TEAM-WV itself will not be considered a state agency. The bill also details requirements for the corporation's articles of incorporation, board qualifications, conflict of interest policies, financial audits, and reporting to the legislature. Notably, it allows for the transfer of the state's spirits distribution and merchandising operations to TEAM-WV under a long-term agreement, with proceeds from this transfer going to the state's general revenue fund.

Business and Industry

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=1062&year=2026&sessiontype=RS&btype=bill