WILLIAM DONALD SCHAEFER, Governor                             Ch. 83

(4) OTHERWISE CONFORM TO THE REQUIREMENTS OF THE STATE
DEPARTMENT OF ASSESSMENTS AND TAXATION, AS PROVIDED IN THE
CORPORATIONS AND ASSOCIATIONS ARTICLE.

(C)     AFTER THE MERGER, THE HARFORD COMMUNITY COLLEGE
FOUNDATION, INC. SHALL BE THE SOLE SURVIVING CORPORATION.

(D)     THE ARTICLES OF MERGER SHALL PROVIDE THAT:

(1)      THE BOARD OF DIRECTORS OF THE HARFORD EDUCATIONAL
FOUNDATION TRANSFER THE CORPORATE ASSETS TO THE HARFORD COMMUNITY
COLLEGE FOUNDATION, INC.;

(2)      THE HARFORD COMMUNITY COLLEGE FOUNDATION, INC.
ADMINISTER THE ASSETS OF THE HARFORD EDUCATIONAL FOUNDATION AS A
REVOLVING LOAN FUND;

(3)      THE HARFORD COMMUNITY COLLEGE PAY ALL THE COSTS TO
ADMINISTER THE REVOLVING LOAN FUND;

(4)      IN THE EVENT OF A DEFAULT BY A STUDENT ON A LOAN FROM THE
REVOLVING LOAN FUND, AT THE END OF THE FISCAL YEAR IN WHICH THE DEFAULT
OCCURRED, THE HARFORD COMMUNITY COLLEGE FOUNDATION, INC. SHALL
TRANSFER TO THE REVOLVING LOAN FUND AN AMOUNT EQUAL TO THE AMOUNT
OF THE DEFAULTED LOAN; AND

(5)      IN ADDITION TO ANY OTHER POWERS GRANTED AND DUTIES
IMPOSED ON IT, THE HARFORD COMMUNITY COLLEGE FOUNDATION, INC. SHALL:

(I)       ACT AS TRUSTEE FOR THE FUNDS TRANSFERRED FROM THE
HARFORD EDUCATIONAL FOUNDATION UNDER THE TRUST AGREEMENTS MADE
BETWEEN THE DONORS AND THE HARFORD EDUCATIONAL FOUNDATION;

(II)     RENAME THE HARFORD EDUCATIONAL FOUNDATION THE
HARFORD COMMUNITY COLLEGE SCHOLARSHIP STUDENT LOAN FUND; AND

(III)    ACCEPT FUNDS BY GRANT, GIFT, DEVISE, OR BEQUEST FROM
INDIVIDUALS AND CORPORATIONS TO THE HARFORD COMMUNITY COLLEGE
SCHOLARSHIP STUDENT LOAN FUND TO ENSURE THE ABILITY TO PROMOTE
SCHOLARSHIP; AND

(IV)    ADMINISTER FUNDS ACCEPTED INTO THE HARFORD
COMMUNITY COLLEGE STUDENT LOAN FUND STRICTLY IN ACCORDANCE WITH THE
PURPOSES OF THE FUND.

(E)      (1) THE HARFORD COMMUNITY COLLEGE FOUNDATION, INC. SHALL
REPORT ITS ACTIVITIES FOR THE PRECEDING YEAR ANNUALLY TO THE COUNTY
EXECUTIVE AND COUNTY COUNCIL OF HARFORD COUNTY.

(2) THE FINANCES OF THE FOUNDATION ARE SUBJECT TO ANNUAL
AUDIT, INCLUDING THE PREPARATION OF SEPARATE BALANCE SHEETS FOR THE
HARFORD COMMUNITY COLLEGE FOUNDATION, INC. AND THE HARFORD
COMMUNITY COLLEGE SCHOLARSHIP STUDENT LOAN FUND.

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