Ch. 89

1996 LAWS OF MARYLAND

(2)     IS ENTITLED TO REIMBURSEMENT FOR EXPENSES UNDER THE
STANDARD STATE TRAVEL REGULATIONS; AND

(3)     SHALL FILE A PUBLIC DISCLOSURE OF FINANCIAL INTERESTS AS
REQUIRED UNDER THE MARYLAND PUBLIC ETHICS LAW.

(D) (1) THE BOARD:

(I) SHALL APPOINT AN EXECUTIVE DIRECTOR WHO IS IN THE
UNCLASSIFIED SERVICE OF THE STATE PERSONNEL MANAGEMENT SYSTEM; AND

(II) MAY EMPLOY ADDITIONAL STAFF IN ACCORDANCE WITH THE
BUDGET.

(2) THE BOARD MAY RETAIN THE SERVICES OF CONSULTANTS,
ADMINISTRATORS, AND OTHER PERSONNEL, AS NECESSARY, TO ADMINISTER THE
PROGRAM.

(E) THE BOARD MAY ADOPT ANY REGULATIONS THAT THE BOARD
CONSIDERS NECESSARY TO CARRY OUT THE PROVISIONS OF THIS SUBTITLE.

(F) IN ADDITION, THE BOARD MAY:

(1) ADOPT AN OFFICIAL SEAL;

(2)     SUE AND BE SUED;

(3)     EXECUTE CONTRACTS AND OTHER NECESSARY INSTRUMENTS;

(4)     HOLD, BUY, AND SELL INSTRUMENTS, OBLIGATIONS, SECURITIES,
AND OTHER INVESTMENTS CONSISTENT WITH ITS COMPREHENSIVE INVESTMENT
PLAN;

(5) ENTER INTO AGREEMENTS WITH ELIGIBLE INSTITUTIONS AND
OTHER PUBLIC OR PRIVATE ENTITIES FOR THE PROMOTION, ADMINISTRATION, OR
MARKETING OF THE PROGRAM;

(6) INVEST FUNDS NOT REQUIRED FOR IMMEDIATE DISBURSEMENT;

(7) SOLICIT AND ACCEPT GIFTS, GRANTS, LOANS, OR OTHER AID FROM
ANY SOURCE OR PARTICIPATE IN ANY GOVERNMENT PROGRAM FOR PURPOSES
CONSISTENT WITH THIS SUBTITLE;

(8)     IMPOSE AND COLLECT REASONABLE ADMINISTRATIVE FEES FOR
ANY TRANSACTIONS INVOLVING PREPAID TUITION CONTRACTS OR TRANSACTIONS
AFFECTING THE FUND;

(9)     PROCURE INSURANCE AGAINST ANY LOSS OF ASSETS OF THE FUND;

(10) ENDORSE INSURANCE COVERAGE WRITTEN EXCLUSIVELY FOR THE
PURPOSE OF PROTECTING A PREPAID TUITION CONTRACT AND THE PURCHASER
AND QUALIFIED BENEFICIARY OF THE CONTRACT;

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