Ch. 246

LAWS OF MARYLAND

through an appropriation contained in a budget bill or through an
approved budget amendment.

SECTION 17. AND BE IT FURTHER ENACTED, That all property of
whatsoever kind including all records, all real and personal
property, all assets and all rights and privileges held by the
Board of Regents of the University of Maryland, the Board of
Trustees of State Universities and Colleges, or any institution
formerly under the jurisdiction of any of the foregoing boards,
as said property, records, assets, rights and privileges may
exist on June 30, 1988, shall be, and hereby are, effective July
1, 1988, transferred to and vested in the Board of Regents of the
University of Maryland System. All obligations of whatsoever
kind of the Board of Regents of the University of Maryland, the
Board of Trustees of State Universities and Colleges, or any
institution formerly under the jurisdiction of any of the
foregoing boards, as said obligations may exist on June 30, 1988,
shall be, and the same hereby are effective July 1, 1988,
transferred to and assumed by the Board of Regents of the
University of Maryland System. To the extent necessary to
protect the rights of the University of Maryland System or any
constituent institution or center, any grant, gift, endowment,
trust, fund or other property, whether real or personal,
bequeathed or assigned to a constituent institution or center,
shall, from and after July 1, 1988, be kept separate and distinct
from other property held by the Board of Regents of the
University of Maryland System and shall continue to be held for
the benefit of that constituent institution. In case a conflict
arises as to which property, rights or privileges were held for
the beneficial interest of a particular constituent institution,
or as to the extent to which such property, rights or privileges
were so held, the Board of Regents of the University of Maryland
System shall determine the issue, and the determination of the
Board shall be final. Nothing in this Act shall be deemed to
increase or diminish the income, other revenue or specific
property which is pledged, or otherwise hypothecated, for the
security or liquidation of any obligations, it being the intent
that the Board of Regents shall assume said obligations without
thereby either enlarging or diminishing the rights of the holders
thereof.

SECTION 18. AND BE IT FURTHER ENACTED, That all property of
whatsoever kind, including all records, all real and personal
property, all assets and all rights and privileges held by the
State Board for Higher Education or the State Scholarship Board,
as said property, records or assets may exist on June 30, 1988,
shall be, and hereby are, effective July 1, 1988, transferred to
and vested in the Maryland Higher Education Commission. All
obligations of whatsoever kind of the State Board for Higher
Education or the State Scholarship Board, as said obligations may
exist on June 30, 1988, shall be, and the same hereby are,

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