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PARRIS N. GLENDENING, Governor
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Ch. 494
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(2) SHALL BE VERIFIED BY THE REPORT OF THE INDEPENDENT
OUTSIDE AUDITOR REQUIRED UNDER § 18-1916 OF THIS SUBTITLE.
(D) (1) THE AMOUNT APPROPRIATED UNDER THIS SECTION SHALL BE
DEPOSITED INTO THE PROGRAM.
(2) ALL AMOUNTS PAID INTO THE PROGRAM UNDER THIS SECTION
SHALL CONSTITUTE AND BE ACCOUNTED FOR AS ADVANCES TO THE PROGRAM.
(3) SUBJECT TO THE RIGHTS OF THE PROGRAM'S CONTRACT HOLDERS,
AMOUNTS APPROPRIATED UNDER THIS SECTION SHALL BE REPAID TO THE STATE
WITHOUT INTEREST IN EQUAL AMOUNTS IN EACH OF THE NEXT 2 FISCAL YEARS
SUCCEEDING THE ONE FOR WHICH THE APPROPRIATION WAS MADE.
(4) IF THE APPROPRIATION IN THE STATE BUDGET AS ENACTED BY THE
GENERAL ASSEMBLY IS LESS THAN THE AMOUNT SPECIFIED UNDER SUBSECTION (B)
OF THIS SECTION, THE BOARD MAY ADJUST THE TERMS OF SUBSEQUENT OR
CURRENT HIGHER EDUCATION INVESTMENT PREPAID CONTRACTS TO ENSURE
CONTINUED ACTUARIAL SOUNDNESS OF THE PROGRAM.
18-1907.
(a) In this section, "fiduciary" means:
(1) A member of the Maryland Higher Education Investment [Program]
Board; or
(2) An employee of the Maryland [Higher Education Investment
Program] PREPAID COLLEGE TRUST who exercises any discretionary authority or
control over:
(i) The management or administration of the Program; or
(ii) The management or disposition of the assets of the Program.
(b) A fiduciary shall discharge the fiduciary's duties with respect to the
Program:
(1) Solely in the interest of the participants;
(2) For the exclusive purposes of providing benefits to the participants
and providing reasonable expenses of administering the Program;
(3) With the care, skill, prudence, and diligence under the circumstances
then prevailing, that a prudent person acting in a like capacity and familiar with such
matters would use in the conduct of an enterprise of a like character with like aims;
(4) By diversifying the investments of the Program so as to minimize the
risk of large losses, unless under the circumstances it is clearly prudent not to do so;
(5) In accordance with the laws governing the Program; and
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- 2635 -
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