BLAIR LEE III, Acting Governor

333

As to the duty of the Board to choose        a

president, the word "appoint" is substituted   for

the present word "elect". This conforms with   the
present practice.

The only other changes are in style.

As to Boards of Visitors, see §14—107 of this
subtitle.

(F)   GIFTS AND GRANTS.

(1)    THE BOARD OF TRUSTEES MAY APPLY FOR AND,
WITH THE APPROVAL OF THE GOVERNOR, ACCEPT ANY GIFT OR GRANT
FROM THE FEDERAL GOVERNMENT OR ANY OTHER PERSON.

(2)   ANY GIFT OR GRANT THE BOARD ACCEPTS SHALL BE
DEPOSITED WITH THE STATE TREASURER IN A NONBUDGETED ACCOUNT
AND MAY BE INVESTED AS THE BOARD DIRECTS IN ACCORDANCE WITH
LAW.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from Art. 77A, §12(h).

In paragraph (1) of this subsection, the present
reference to "individual...or corporation" is
deleted as unnecessary in light of the definition
of "person" in §1—101 of this article and the
present reference to "donation" is deleted as
unnecessary in light of Art. 1, §22 of the Code.

As to funds received by the Board, see also Art.
15A, §§ 5 and 6 of the Code.

(G)       REPORT TO GOVERNOR.

BEFORE JANUARY 1 OF EACH YEAR, THE BOARD OF TRUSTEES
SHALL SUBMIT TO THE GOVERNOR AND THE GENERAL ASSEMBLY A
WRITTEN REPORT THAT:

(1)   DESCRIBES ITS ACTIVITIES; AND

(2)    CONTAINS A STATEMENT OF ITS RECEIPTS AND
EXPENDITURES.

REVISOR'S NOTE: This subsection presently appears as
the third sentence of Art. 77A, §12(a).

The only changes are in style.

14-106. INSTITUTION PRESIDENTS.

(A) POSITION.

THE HEAD OF EACH INSTITUTION IS THE PRESIDENT OF THAT
INSTITUTION. UNLESS GRANTED TENURE BY THE BOARD OF
TRUSTEES, A PRESIDENT SERVES AT THE PLEASURE OF THE BOARD.