SPIRO T. AGNEW, Governor                      1427

the board, may transact such business of the corporation as the
board may from time to time authorize. Unless otherwise provided
by the bylaws of the corporation, a majority of the whole of such
committee attending shall constitute a quorum for the transaction
of any business and the act of a majority of the members of the
executive committee present at any meeting thereof shall be the act
of such committee.

5. Powers of directors.

(a)  Make or guarantee loans.—(1) To lend money, upon such
terms and conditions as the board may prescribe, within the limita-
tions contained in this article, to persons who are residents of this
State and who have been accepted for enrollment or who are in good
standing at eligible colleges or vocational schools in this State or else-
where, to assist them in meeting their expenses of [higher] educa-
tion; provided, however, that no such person shall receive any loan or
loans of more than one thousand five hundred dollars for any aca-
demic year if he is attending a college, nor more than one thousand
dollars for any academic year if he is attending a vocational school,
and that no such person shall receive said loan or loans for more
than six academic years or their equivalent; and

(2)  To guarantee the loan of money, upon such terms and con-
ditions as the board may prescribe, within the limitations contained
in this article, to persons who are residents of this State and who
have been accepted for enrollment or who are in good standing at
eligible colleges or vocational schools in this State or elsewhere, to
assist them in meeting their expenses of [higher] education; [pro-
viding] provided, however, that no loan to such a person shall be
guaranteed to an amount of more than one thousand five hundred
dollars for any academic year if he is attending a college, nor more
than one thousand dollars for any academic year if he is attending
a vocational school, and that such loan or loans shall not be guar-
anteed for more than six academic years or their equivalent.

(3)   Students who have been accepted for enrollment or who are
in good standing at eligible colleges or vocational schools on a part-
time basis shall be eligible for loans hereunder provided that they
carry at least one-half the normal full-time academic work load as
determined by the college or vocational school. The board may, by
rule, establish other minimum qualifications for a person to be deemed
a part-time student for the purposes hereof.

(4)  The board shall have the power to procure a policy or policies
of group life insurance to insure the repayment of loans made or
guaranteed by the corporation in the event of the death of an indi-
vidual to whom a loan is made or guaranteed hereunder.

(5)   No collateral security or endorsements shall be required on
any loan made or guaranteed by the corporation unless by specific
authority of the board.

(b)  Acquire, hold and administer property; debts.—To take, hold
and administer, on behalf of the corporation and for any of its
purposes, real property, personal property and moneys, or any in-
terest therein, and the income therefrom, either absolutely or in
trust, for any purpose of the corporation from any source whatever.
The board of directors may acquire property or moneys for such
purpose by purchase or lease and by the acceptance of governmental