PARRIS N. GLENDENING, Governor                               Ch. 89

18- 2104.

(A)    THERE IS A MARYLAND HIGHER EDUCATION TUITION TRUST FUND
BOARD.

(B)    THE BOARD CONSISTS OF THE FOLLOWING NINE MEMBERS, APPOINTED
BY THE GOVERNOR;

(1) TWO REPRESENTATIVES OF THE HIGHER EDUCATION COMMISSION;

(2)     A REPRESENTATIVE OF THE OFFICE OF THE STATE TREASURER;

(3) A REPRESENTATIVE OF THE OFFICE OF THE STATE COMPTROLLER;

(4)     A REPRESENTATIVE OF THE DEPARTMENT OF BUDGET AND FISCAL
PLANNING; AND

(5) FOUR MEMBERS OF THE PUBLIC WHO SHALL HAVE SIGNIFICANT
EXPERIENCE IN FINANCE, ACCOUNTING, INVESTMENT MANAGEMENT, OR OTHER
AREAS THAT CAN BE OF ASSISTANCE TO THE BOARD.

(C) BEFORE TAKING OFFICE, EACH APPOINTEE TO THE BOARD SHALL TAKE
THE OATH REQUIRED BY ARTICLE I, § 9 OF THE CONSTITUTION.

(D) (1) EXCEPT FOR THE TERMS OF THE INITIAL MEMBERS OF THE BOARD,
THE TERM OF A MEMBER OF THE BOARD IS 4 YEARS.

(2) THE TERMS OF THE MEMBERS OF THE BOARD ARE STAGGERED AS
REQUIRED BY THE TERMS OF THE MEMBERS OF THE BOARD ON OCTOBER 1, 1997.

(3) AT THE END OF A TERM, A MEMBER CONTINUES TO SERVE UNTIL A
SUCCESSOR IS APPOINTED AND QUALIFIES.

(4) A MEMBER WHO IS APPOINTED AFTER A TERM HAS BEGUN SERVES
ONLY FOR THE REST OF THE TERM AND UNTIL A SUCCESSOR IS APPOINTED AND
QUALIFIES.

(5) A MEMBER IS ELIGIBLE FOR REAPPOINTMENT.

(E) THE GOVERNOR MAY REMOVE A MEMBER FOR INCOMPETENCE OR
MISCONDUCT.

18-2105.

(A)    THE BOARD, FROM AMONG THE MEMBERS OF THE BOARD, SHALL ELECT
A CHAIRMAN AND MAY ELECT ADDITIONAL OFFICERS THAT THE BOARD
CONSIDERS NECESSARY.

(B)    THE BOARD SHALL DETERMINE THE TIMES AND PLACES OF MEETINGS.
(C) A MEMBER OF THE BOARD:

(1) MAY NOT RECEIVE COMPENSATION;

- 1215 -