Ch. 381

2003 LAWS OF MARYLAND

(14) Take any other action that the Board considers appropriate to
implement and administer the Program, THE TRUST, or the Plan:

18-1905.1.

(A) THE BOARD MAY CREATE ADDITIONAL QUALIFIED STATE TUITION
PROGRAMS FOR THE PURPOSE OF;

(1) PARTNERING WITH A PRIVATE COLLEGE TO ADMINISTER A PREPAID
TUITION PROGRAM;

(2) CREATING BROKER OR DEALER AGREEMENTS; AND

(3) PARTNERING WITH A RETAIL BUSINESS TO OFFER TUITION
PROGRAMS TO THE EMPLOYEES AND CUSTOMERS OF THE RETAIL BUSINESS.

(B) THE' BOARD SHALL ADMINISTER ANY ADDITIONAL QUALIFIED STATE
TUITION PROGRAMS IN COMPLIANCE WITH INTERNAL REVENUE SERVICE
STANDARDS FOR QUALIFIED STATE TUITION PROGRAMS.

(C) THE BOARD SHALL ADOPT PROCEDURES FOR ANY ADDITIONAL
QUALIFIED STATE TUITION PROGRAMS DESCRIBED UNDER SUBSECTION (A) OF THIS
SECTION THAT THE BOARD CONSIDERS NECESSARY TO CARRY OUT THE PROVISIONS
OF THIS SUBTITLE OR SUBTITLE 19A OF THIS TITLE.

18-1906.

(a)     The Board shall adopt a comprehensive investment plan for the
administration of the [Program] TRUST.

(b)     The plan shall specify the investment policies used by the Board in the
administration of the [Program] TRUST.

(c) Assets of the [Program] TRUST shall be invested in accordance with the
comprehensive investment plan.

(d)     The comprehensive investment plan must indicate the percentage of assets
that shall be held in each class of investment, the amount of funds held in any cash
pool, the amount of funds held in fixed assets investments, the amount of funds held
in equity investments, and the percentage and dollar value of assets placed with
outside managers.

(e)     (1) Notwithstanding any law restricting the deposit or investment of
State money, the Board may place assets of the [Program] TRUST in savings accounts
or may use the assets to purchase fixed or variable life insurance or annuity
contracts, securities, evidence of indebtedness, or other investment products pursuant
to the comprehensive investment plan.

(2) Any insurance, annuity contracts, savings, or other investment
products procured by the Board shall be underwritten and offered in compliance with
applicable federal and State laws.

(f)      The Board shall make every effort to invest the assets of the [Program]
TRUST in a manner that earns, at a minimum, sufficient earnings to generate the

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