6                                  Laws of Maryland                           Ch. 5

Laws of Maryland), title "Baltimore County," subtitle "Schools," to
follow immediately after Section 31-12 thereof, and to read as
follows:

31-13.

(a)    The Baltimore County Educational Foundation, hereinafter
called the Foundation, is hereby created and established a body
corporate and 'politic. The Foundation shall consist of seven direc-
tors appointed by the method and for terms as hereinafter provided.
The directors shall serve without compensation.

(b)    The Chairman PRESIDENT of the County Council and the
Chairman of the Board of Education shall each be a member of the
Foundation ex officio.—The five remaining initial directors shall be
appointed by the County Executive with the consent of the County
Council, two directors to be appointed for three years, two for two
years and one for one year. Directors shall be chosen' from among
the residents of the County. As the terms of the initial appointees
expire or as vacancies occur, their successors shall be elected by a
majority vote of the Foundation for terms of three years or the re-
mainder thereof; and thereafter, these positions shall be so filled.

(c)    The Foundation may appoint an executive director and other
employees as may be necessary to be paid for by monies made avail-
able for that purpose. The Foundation shall adopt by-laws for gov-
erning its functions and a seal and may operate to the same extent
as any private corporation.

(d)    The purpose of the Baltimore County Educational Foundation
is declared to be to further educational opportunities afforded by
established and recognized institutions of learning, by providing
financial resources and services related thereto, for facilities as well
as scholarships, fellowships, loans, grants and other forms of assist-
ance; and to provide an instrumentality or depository for the receipt
of funds by grant, gift, devise or bequest for educational uses, partic-
ularly those forms of philanthropy especially intended for education
purposes.

(e)    In furtherance of the purposes of the Foundation it shall
have the following powers:

(1)    To accept funds from Federal and State Governments and
political subdivisions of Maryland.

(2)    To accept monies by gift, devise, or any other form, whether
absolute or conditional, in furtherance of the purposes of the Founda-
tion.

(3)    To act as trustee under any trust created solely for the edu-
cational benefit of an individual or individuals, and revocable upon
termination of the purposes of the trust, by the Settlor.

(4) To act as trustee, and to manage funds received by gift or
devise as continuing endowments, when the sole beneficiary is a

specific individual or individuals or class of individuals.

(5) To act as trustee and to administer funds that may be re-
ceived from individuals, associations or corporations for specified
educational purposes, acceptable to the Foundation.