ROBERT L. EHRLICH, JR., Governor                             Ch. 382

18-1904.

(a)     There is a [Maryland Higher Education Investment Program] COLLEGE
SAVINGS PLANS OF MARYLAND Board.

(b)     The Board shall [oversee the administration of] ADMINISTER:

(1)     The Maryland Prepaid College Trust established under this subtitle;
and

(2)     The Maryland College Investment Plan established under Subtitle
19A of this title[.]; AND

(3) ANY OTHER QUALIFIED STATE TUITION PROGRAM ESTABLISHED BY
THE BOARD PURSUANT TO § 18-1905.1 OF THIS SUBTITLE.

(c)      The Board consists of the following nine 10 members:

(1)     The Secretary of the Maryland Higher Education Commission;

(2)     The State Superintendent of Schools;

(3)     The State Treasurer;

(4)     The State Comptroller; [and]

(5)     THE CHANCELLOR OF THE UNIVERSITY SYSTEM OF MARYLAND; AND

(6)      Five members of the public who shall be appointed by the Governor
and shall have significant experience in finance, accounting, investment
management, or other areas that can be of assistance to the Board.

(d)     A MEMBER OF THE BOARD DESIGNATED UNDER SUBSECTION (C)(1)
THROUGH (4) (5) OF THIS SECTION MAY DESIGNATE AN EMPLOYEE FROM THE
MEMBER'S STAFF TO REPRESENT THE MEMBER OF THE BOARD, WITH THE FULL
VOTING RIGHTS, POWERS, AND DUTIES OF THE MEMBER

(E) Before taking office, each appointee to the Board shall take the oath
required by Article I, § 9 of the Maryland Constitution.

[(e)] (F) (1) Except for the terms of the initial members of the Board, the
term of a public member of the Board is 4 years.

(2)     The terms of the public members of the Board are staggered as
required by the terms of the members of the Board on October 1, 1998.

(3)     At the end of a term, a public member continues to serve until a
successor is appointed and qualifies.

(4)     A public member who is appointed after a term has begun serves only
for the remainder of the term and until a successor is appointed and qualifies.

(5)     A public member is eligible for reappointment.

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