BLAIR LEE III, Acting Governor                              581

(5)  ACT AS TRUSTEE AND ADMINISTER FUNDS THAT MAY
BE RECEIVED FROM INDIVIDUALS, ASSOCIATIONS, OR CORPORATIONS
FOR SPECIFIED EDUCATIONAL PURPOSES, ACCEPTABLE TO THE
FOUNDATION;

(6)   ESTABLISH ONE OR MORE PERMANENT ENDOWMENT
FUNDS TO BE USED FOR EDUCATIONAL SCHOLARSHIPS OR
FELLOWSHIPS, AND ADMINISTER THE FUNDS IN FURTHERANCE OF THE
OBJECTIVES OF THE FOUNDATION;

(7)  ACT IN THE CAPACITY OF ADVISOR, COUNSELLOR,
OR SUPERVISOR OF EDUCATIONAL PURSUITS OF BENEFICIARIES UNDER
TRUSTS OR GRANTS, IF THESE POWERS ARE APPENDED TO MONEYS
RECEIVED FOR ADMINISTRATION;

(8)  ASSIST BANKS AND LENDING INSTITUTIONS IN
DEVELOPING AND ADMINISTERING STUDENT LOAN PLANS;

(9)   ADMINISTER EDUCATIONAL AND RESEARCH GRANTS
RECEIVED FROM FEDERAL OR STATE GOVERNMENTS, FOUNDATIONS, OR
OTHERS;

(10)   (I) BORROW MONEY AND ISSUE NOTES OR OTHER
EVIDENCE OF INDEBTEDNESS; (II) ENDORSE ANY PROMISSORY NOTE
OR OBLIGATION FOR ANY STUDENT AID LOAN AT ANY BANK OR
LENDING INSTITUTION, AND PROVIDE ANY CONTRACTUAL SERVICES
CONCERNING STUDENT AID LOANS FOR ANY BANK OR LENDING
INSTITUTION; (III) ENTER INTO ANY CONTRACT WITH THE MARYLAND
HIGHER EDUCATION LOAN CORPORATION OR ANY AGENCY OF THE STATE
OR FEDERAL GOVERNMENT; OR (IV) ACT AS AN AGENT FOR THIS
CORPORATION OR AGENCY FOR THE PURPOSE OF IMPLEMENTING
STUDENT AID LOAN PROGRAMS, BY WAY OF GUARANTEE OR OTHERWISE;
ALL NOTWITHSTANDING ANY OTHER STATE OR LOCAL LAW TO THE
CONTRARY.

IF A QUESTION OF LAW ARISES 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 MAY PETITION THE CIRCUIT COURT FOR
HARFORD COUNTY OR OTHER COURTS HAVING JURISDICTION FOR
INSTRUCTION AS TO ITS RESPONSIBILITIES IN THE PROPERTY.

(F)    ANNUAL REPORT; AUDIT.

THE FOUNDATION SHALL ANNUALLY REPORT ITS ACTIVITIES FOR
THE PRECEDING YEAR TO THE COUNTY EXECUTIVE AND COUNTY
COUNCIL. THE FINANCES OF THE FOUNDATION ARE SUBJECT TO
AUDIT AS THE COUNTY EXECUTIVE REQUIRES.

(G)  EXEMPTION FROM BANK LICENSING ACTS.

THE FOUNDATION IS EXEMPT FROM THE PROVISIONS OF BANK
LICENSING ACTS, INCLUDING ARTICLE 11, § 166; ARTICLE 49, § 5
(B); AND ARTICLE 58A.

REVISOR'S NOTE: This section presently appears as Art.
77A, §10C.