PARRIS N. GLENDENING, Governor

Ch. 110

3. IS NOT IN THE EXECUTIVE SERVICE

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

(4) THE BUDGET FOR THE BOARD AND ITS STAFF IS SUBJECT TO THE
APPROVAL OF THE GENERAL ASSEMBLY REVIEW BY THE GENERAL ASSEMBLY FOR
INFORMATION PURPOSES ONLY.

(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 OF
HIGHER EDUCATION 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) SUBJECT TO THE REVIEW OF THE GENERAL ASSEMBLY. IMPOSE AND
COLLECT REASONABLE ADMINISTRATIVE FEES FOR ANY TRANSACTIONS
INVOLVING PREPAID TUITION HIGHER EDUCATION INVESTMENT CONTRACTS OR
TRANSACTIONS AFFECTING THE PROGRAM;

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

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

(11) DESIGNATE TERMS UNDER WHICH MONEY MAY BE WITHDRAWN
FROM THE PROGRAM;

(12) ESTABLISH ADDITIONAL PROCEDURAL AND SUBSTANTIVE
REQUIREMENTS FOR PARTICIPATION IN AND THE ADMINISTRATION OR
MARKETING OF THE PROGRAM;

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