There is hereby established a Luray-Page County Airport Commission, hereinafter called "Commission," to consist of eight members. Four of these members shall be appointed by the Page County Board of Supervisors and four members appointed by the Town Council of Luray. The term of office of each member appointed initially shall be until January 1, 1971; thereafter, the term of office of each member shall be for the calendar year or until the appointment of a successor. Each member shall serve without compensation except for reimbursement of expenses incurred in the performance of his duties.
As soon after their appointment as possible, the members of the Commission shall convene and elect from their members a Chairman, a Treasurer and a Secretary and such other officers as it may determine.
Vacancies occurring in the Commission shall be filled by appointment by the body making the original appointment.
A. 
The Luray-Page County Airport Commission shall not spend any funds, nor contract for the expenditure of any funds, nor obligate itself in any manner thereof without the prior express written consent of the Board of Supervisors of Page County, Virginia.
B. 
Any authority heretofore delegated to the Luray-Page County Airport Commission is hereby limited to the routine, day-to-day care, management and control of the airport, and said Commission shall not have any authority whatsoever to transact any business or incur any obligation not clearly falling within this limited delegation of authority without the prior express written consent of the Board of Supervisors of Page County, Virginia.
C. 
The Luray-Page County Airport Commission's authority to enter into leases, renewals thereof or cancellation thereof for the land or any facility, the title to which is held by said Commission, or to declare the airport abandoned is hereby revoked. Said Commission shall have such authority to act, but only with the prior written consent of the Board of Supervisors of Page County, Virginia.
D. 
Any action taken or done in violation of the terms hereof shall be utterly null and void.
A. 
It shall be the duty of the Commission, annually, on or before the first day of March of each year, to prepare and submit to the Town Council and the Board of Supervisors, in writing, a proposed budget for the operation of the airport during the following calendar year. The initial budget prepared shall cover the period through December 31 of the preceding year. No expenditures other than those set forth in the budget as adopted by the town and county shall be made by said Commission.
B. 
All disbursements by the Commission shall be by check drawn by its Treasurer and approved by another officer.
C. 
The Commission shall keep proper minutes of its meeting and adequate financial records which shall be audited annually.
The Commission shall have the authority to obtain the necessary license for the operation of the airport.
The Commission shall obtain property damage insurance in the amount of $100,000 and public liability insurance in the amount of one hundred thousand/three hundred thousand dollars ($100,000./$300,000.), insuring the Town of Luray, the County of Page and the Commission from any loss or damage sustained at or by the operation of the airport. The Treasurer of the Commission shall be bonded for the proper performance of his duty with such surety and in such amount as the Commission may determine.
In serving on the Commission and when acting within the scope of the authority conferred by this Article, no member of the Commission shall be personally subject to liability upon any suit or claim by any person contracting with the Commission or using the airport or its facilities, except in relation to matters which he shall be adjudged in any action, suit or proceeding to be liable for negligence or misconduct in the performance of duty. In the event of any such suit or claim against the Commission or any of its members, the Town of Luray and the County of Page shall jointly indemnify such member or the Commission from any loss which he or it may sustain, except as provided above pertaining to negligence or misconduct.
The governing bodies shall have the right to remove any member of the Commission, with or without cause.
The Town of Luray and the County of Page agree to purchase jointly from the Luray Caverns Corporation, the property hereinabove mentioned, which facility shall be under the joint control of the two governing bodies, except as delegated to the Luray-Page County Airport Commission hereunder. All expenses pertaining to the airport property and its operation shall be shared equally by the two owners. All such expenses and the budget of the Commission shall be approved in advance by the two governing bodies voting separately.