710                              Laws of Maryland                       Ch. 312

shall be elected by a majority vote of the Foundation for terms of
three years or the remainder 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
available for that purpose. The Foundation shall adopt by-laws for
governing its functions and a seal and may operate to the same
extent as any private corporation.

(d)  The purpose of the Harford County Educational Foundation
is declared to be to further educational opportunities afforded by
established and recognized institutions of learning, particularly the
Harford Junior College, by providing financial resources and serv-
ices related thereto, for facilities as well as scholarships, fellow-
ships, loans, grant and other forms of assistance; and to provide an
instrumentality or depository for the receipt of funds by grant, gift,
devise or bequest for educational uses, particularly those forms of
philanthropy especially intended for education purposes.

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

all corporate powers enumerated in Section 9 of Article 23 and

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
Foundation.

(3)   To act as trustee under any trust created solely for the
educational 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.

(6)  To establish one or more permanent endowment funds to be
used for educational scholarships or fellowships, and to administer
such funds in furtherance of the objectives of the Foundation.

(7)  To act in the capacity of advisor, counsellor and/or super-
visor of educational pursuits of beneficiaries under trusts or grants,
in the event such powers may be appended to monies received for
administration.

(8)  To assist banks and lending institutions in developing and
administering student loan plans.

(9)  To administer educational and research grants received from
Federal or State Governments, from Foundations or from others.

Should a question of law arise with respect to the power of the
Foundation to receive and administer any grant or devise, that
cannot otherwise be resolved, the Foundation or any party of interest