580                                         LAWS OF MARYLAND                                            Ch. 22

EXECUTIVE, TWO DIRECTORS TO BE APPOINTED FOR THREE YEARS,
TWO FOR TWO YEARS AND TWO FOR ONE YEAR. DIRECTORS SHALL BE
CHOSEN FROM AMONG 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 REMAINDER
THEREOF; AND THEREAFTER, THESE POSITIONS SHALL BE SO FILLED.
HOWEVER, THE DIRECTORS OF THE HARFORD COUNTY EDUCATIONAL
FOUNDATION AS Of JULY 1, 1974, SHALL REMAIN MEMBERS OF THE
FOUNDATION FOR THE REMAINDER OF THEIR RESPECTIVE TERMS, AND
THE INITIAL OR SUCCESSIVE APPOINTMENTS PROVIDED FOR HEREIN
SHALL BE MADE ONLY UPON THE EXPIRATION OR VACANCY OF SUCH
TERMS OCCURRING FOR ANY REASON.

(C)  EXECUTIVE DIRECTOR AND EMPLOYEES; BYLAWS.

THE FOUNDATION MAY APPOINT AN EXECUTIVE DIRECTOR AND
OTHER EMPLOYEES AS MAY BE NECESSARY TO BE PAID FOR BY MONEYS
MADE AVAILABLE FOR THAT PURPOSE. THE FOUNDATION SHALL ADOPT
BYLAWS FOR GOVERNING ITS FUNCTIONS AND A SEAL AND MAY
OPERATE TO THE SAME EXTENT AS ANY PRIVATE CORPORATION.

(D)  PURPOSE.

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 COMMUNITY
COLLEGE, BY PROVIDING FINANCIAL RESOURCES AND SERVICES
RELATED THERETO, FOR FACILITIES AS WELL AS SCHOLARSHIPS,
FELLOWSHIPS, LOANS, GRANTS 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) POWERS.

IN FURTHERANCE OF THE PURPOSES OF THE FOUNDATION IT
MAY:

(1)   ACCEPT FUNDS FROM FEDERAL AND STATE
GOVERNMENTS AND POLITICAL SUBDIVISIONS OF MARYLAND;

(2)   ACCEPT MONEYS BY GIFT, DEVISE, OR ANY OTHER
FORM, WHETHER ABSOLUTE OR CONDITIONAL, IN FURTHERANCE OF THE
PURPOSES OF THE FOUNDATION;

(3)  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)  ACT AS TRUSTEE, AND MANAGE FUNDS RECEIVED BY
GIFT OR DEVISE AS CONTINUING ENDOWMENTS, WHEN THE SOLE
BENEFICIARY IS A SPECIFIC INDIVIDUAL OR INDIVIDUALS OR CLASS
OF INDIVIDUALS;