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Ch. 494 2000 LAWS OF MARYLAND
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(4) The budget for the Board and its staff is subject to 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 OR SUBTITLE 19A OF THIS TITLE.
(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 OR THE PLAN;
(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 AND
SUBTITLE 19A OF THIS TITLE;
(8) Subject to the review of the General Assembly, impose and collect
reasonable administrative fees for any transactions involving [higher education
investment] PREPAID contracts or transactions affecting the Program OR THE PLAN;
(9) Procure insurance against any loss of assets of the Program OR THE
PLAN;
(10) Endorse insurance coverage written exclusively for the purpose of
protecting a [higher education investment] PREPAID contract and the purchaser and
qualified beneficiary of the contract;
(11) Designate terms under which money may be withdrawn from the
Program OR THE PLAN;
(12) Establish additional procedural and substantive requirements for
participation in and the administration or marketing of the Program OR THE PLAN;
(13) Appear on the Board's own behalf before other boards, commissions,
or other governmental agencies; and
(14) Take any other action that the Board considers appropriate to
implement and administer the Program OR THE PLAN.
18-1906.
(a) The Board shall adopt a comprehensive investment plan for the
administration of the Program.
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