Ch. 83

1994 LAWS OF MARYLAND

(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 Joan 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) 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) The Foundation is exempt from the provisions of bank licensing acts and from
the provisions of Title 11, Subtitles 2 and 3 of the Financial Institutions Article.]

Article - Education

16-508.1.

(A) THE BOARDS OF DIRECTORS OF THE HARFORD EDUCATIONAL
FOUNDATION AND OF THE HARFORD COMMUNITY COLLEGE FOUNDATION, INC.
HAVE THE AUTHORITY TO EFFECT A MERGER OF THE TWO CORPORATIONS UNDER
THE PROVISIONS OF TITLE 3 OF THE CORPORATIONS AND ASSOCIATIONS ARTICLE.

(B). THE ARTICLES OF MERGER SHALL:

             (1) BE IN WRITING;

(2)      BE FILED WITH THE STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION;

(3)      BE RECORDED WITH THE CORPORATE RECORDS OF THE CIRCUIT
COURT IN HARFORD COUNTY; AND

- 1142 -