Virginia Code Title 42.1. Libraries § 42.1-3.1. Authority of Board generally

The Board shall be vested with full authority (i) to establish policy concerning what books and other library materials are to be kept, housed, or exhibited by The Library of Virginia;  (ii) to enter into agreements with institutions and organizations with purposes similar to its own;  (iii) to adopt and amend bylaws;  (iv) to charge for such services as deemed proper;  and (v) to do such other things as it deems proper to promote education in the realm of history and library and archival science throughout the Commonwealth through The Library of Virginia.

The Board is hereby authorized to sell, grant, and convey or to change the form of investments or control of any funds, securities or other property, provided such action is not inconsistent with the terms of the instrument under which the property may have been acquired.

The Board may confer the honorary degree of patron of letters on any person who has, in its opinion, made an outstanding contribution in the realm of arts, history, humanities, or information, library, or archival science.