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S.B. 140
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VETOES
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(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
(6) In accordance with the documents and instruments governing the
Program to the extent that the documents and instruments are consistent with this
subtitle.
(c) In exercising authority, control, or discretion with respect to the Program,
a fiduciary may not:
(1) Use the assets of the Program for the fiduciary's own interest or
account;
(2) Act in a transaction involving the Program on behalf of a person, or
represent a person, if the interests of the person are adverse to the interests of the
Program or the interests of participants;
(3) Receive any consideration for the fiduciary's own account from a
person dealing with the Program in connection with a transaction involving the
assets of the Program; or
(4) Become an endorser or surety or, in any manner, an obligor, for
money lent to or borrowed from the Board.
18-1909.
(a) The Board shall establish a program of [higher education investment]
PREPAID contracts to provide for the advance payment of tuition and mandatory fees
at:
(1) A community college;
(2) A 4-year college;
(3) A university; or
(4) Any combination of a community college, college, or university.
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- 3622 -
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