166.415. 1. There is hereby created the "Missouri Higher EducationSavings Program". The program shall be administered by the Missouri highereducation savings program board which shall consist of the Missouri statetreasurer who shall serve as chairman, the commissioner of the departmentof higher education, the commissioner of the office of administration, thedirector of the department of economic development, two persons havingdemonstrable experience and knowledge in the areas of finance or theinvestment and management of public funds, one of whom is selected by thepresident pro tem of the senate and one of whom is selected by the speakerof the house of representatives, and one person having demonstrableexperience and knowledge in the area of banking or deposit ratedetermination and placement of depository certificates of deposit or otherdeposit investments. Such member shall be appointed by the governor withthe advice and consent of the senate. The three appointed members shall beappointed to serve for terms of four years from the date of appointment, oruntil their successors shall have been appointed and shall have qualified.The members of the board shall be subject to the conflict of interestprovisions of section 105.452, RSMo. Any member who violates the conflictof interest provisions shall be removed from the board. In order toestablish and administer the savings program, the board, in addition to itsother powers and authority, shall have the power and authority to:
(1) Develop and implement the Missouri higher education savingsprogram and, notwithstanding any provision of sections 166.400 to 166.455to the contrary, the savings programs and services consistent with thepurposes and objectives of sections 166.400 to 166.455;
(2) Promulgate reasonable rules and regulations and establishpolicies and procedures to implement sections 166.400 to 166.455, to permitthe savings program to qualify as a "qualified state tuition program"pursuant to Section 529 of the Internal Revenue Code and to ensure thesavings program's compliance with all applicable laws;
(3) Develop and implement educational programs and relatedinformational materials for participants, either directly or through acontractual arrangement with a financial institution for investmentservices, and their families, including special programs and materials toinform families with young children regarding methods for financingeducation and training beyond high school;
(4) Enter into agreements with any financial institution, the stateor any federal or other agency or entity as required for the operation ofthe savings program pursuant to sections 166.400 to 166.455;
(5) Enter into participation agreements with participants;
(6) Accept any grants, gifts, legislative appropriations, and othermoneys from the state, any unit of federal, state, or local government orany other person, firm, partnership, or corporation for deposit to theaccount of the savings program;
(7) Invest the funds received from participants in appropriateinvestment instruments to achieve long-term total return through acombination of capital appreciation and current income;
(8) Make appropriate payments and distributions on behalf ofbeneficiaries pursuant to participation agreements;
(9) Make refunds to participants upon the termination ofparticipation agreements pursuant to the provisions, limitations, andrestrictions set forth in sections 166.400 to 166.455 and the rules adoptedby the board;
(10) Make provision for the payment of costs of administration andoperation of the savings program;
(11) Effectuate and carry out all the powers granted by sections166.400 to 166.455, and have all other powers necessary to carry out andeffectuate the purposes, objectives and provisions of sections 166.400 to166.455 pertaining to the savings program; and
(12) Procure insurance, guarantees or other protections against anyloss in connection with the assets or activities of the savings program.
2. Any member of the board may designate a proxy for that member whowill enjoy the full voting privileges of that member for the one meeting sospecified by that member. No more than three proxies shall be consideredmembers of the board for the purpose of establishing a quorum.
3. Four members of the board shall constitute a quorum. No vacancyin the membership of the board shall impair the right of a quorum toexercise all the rights and perform all the duties of the board. No actionshall be taken by the board except upon the affirmative vote of a majorityof the members present.
4. The board shall meet within the state of Missouri at the time setat a previously scheduled meeting or by the request of any four members ofthe board. Notice of the meeting shall be delivered to all other trusteesin person or by depositing notice in a United States post office in aproperly stamped and addressed envelope not less than six days prior to thedate fixed for the meeting. The board may meet at any time by unanimousmutual consent. There shall be at least one meeting in each quarter.
5. The funds shall be invested only in those investments which aprudent person acting in a like capacity and familiar with these matterswould use in the conduct of an enterprise of a like character and with likeaims, as provided in section 105.688, RSMo. The board may delegate to dulyappointed investment counselors authority to act in place of the board inthe investment and reinvestment of all or part of the moneys and may alsodelegate to such counselors the authority to act in place of the board inthe holding, purchasing, selling, assigning, transferring or disposing ofany or all of the securities and investments in which such moneys shallhave been invested, as well as the proceeds of such investments and suchmoneys. Such investment counselors shall be registered as investmentadvisors with the United States Securities and Exchange Commission. Inexercising or delegating its investment powers and authority, members ofthe board shall exercise ordinary business care and prudence under thefacts and circumstances prevailing at the time of the action or decision.No member of the board shall be liable for any action taken or omitted withrespect to the exercise of, or delegation of, these powers and authority ifsuch member shall have discharged the duties of his or her position in goodfaith and with that degree of diligence, care and skill which a prudentperson acting in a like capacity and familiar with these matters would usein the conduct of an enterprise of a like character and with like aims.
6. No investment transaction authorized by the board shall be handledby any company or firm in which a member of the board has a substantialinterest, nor shall any member of the board profit directly or indirectlyfrom any such investment.
7. No trustee or employee of the savings program shall receive anygain or profit from any funds or transaction of the savings program. Anytrustee, employee or agent of the savings program accepting any gratuity orcompensation for the purpose of influencing such trustee's, employee's oragent's action with respect to the investment or management of the funds ofthe savings program shall thereby forfeit the office and in additionthereto be subject to the penalties prescribed for bribery.
166.415. 1. There is hereby created the "Missouri Higher EducationSavings Program". The program shall be administered by the Missouri highereducation savings program board which shall consist of the Missouri statetreasurer who shall serve as chairman, the commissioner of the departmentof higher education, the commissioner of the office of administration, thedirector of the department of economic development, two persons havingdemonstrable experience and knowledge in the areas of finance or theinvestment and management of public funds, one of whom is selected by thepresident pro tem of the senate and one of whom is selected by the speakerof the house of representatives, and one person having demonstrableexperience and knowledge in the area of banking or deposit ratedetermination and placement of depository certificates of deposit or otherdeposit investments. Such member shall be appointed by the governor withthe advice and consent of the senate. The three appointed members shall beappointed to serve for terms of four years from the date of appointment, oruntil their successors shall have been appointed and shall have qualified.The members of the board shall be subject to the conflict of interestprovisions of section 105.452, RSMo. Any member who violates the conflictof interest provisions shall be removed from the board. In order toestablish and administer the savings program, the board, in addition to itsother powers and authority, shall have the power and authority to:
(1) Develop and implement the Missouri higher education savingsprogram and, notwithstanding any provision of sections 166.400 to 166.455to the contrary, the savings programs and services consistent with thepurposes and objectives of sections 166.400 to 166.455;
(2) Promulgate reasonable rules and regulations and establishpolicies and procedures to implement sections 166.400 to 166.455, to permitthe savings program to qualify as a "qualified state tuition program"pursuant to Section 529 of the Internal Revenue Code and to ensure thesavings program's compliance with all applicable laws;
(3) Develop and implement educational programs and relatedinformational materials for participants, either directly or through acontractual arrangement with a financial institution for investmentservices, and their families, including special programs and materials toinform families with young children regarding methods for financingeducation and training beyond high school;
(4) Enter into agreements with any financial institution, the stateor any federal or other agency or entity as required for the operation ofthe savings program pursuant to sections 166.400 to 166.455;
(5) Enter into participation agreements with participants;
(6) Accept any grants, gifts, legislative appropriations, and othermoneys from the state, any unit of federal, state, or local government orany other person, firm, partnership, or corporation for deposit to theaccount of the savings program;
(7) Invest the funds received from participants in appropriateinvestment instruments to achieve long-term total return through acombination of capital appreciation and current income;
(8) Make appropriate payments and distributions on behalf ofbeneficiaries pursuant to participation agreements;
(9) Make refunds to participants upon the termination ofparticipation agreements pursuant to the provisions, limitations, andrestrictions set forth in sections 166.400 to 166.455 and the rules adoptedby the board;
(10) Make provision for the payment of costs of administration andoperation of the savings program;
(11) Effectuate and carry out all the powers granted by sections166.400 to 166.455, and have all other powers necessary to carry out andeffectuate the purposes, objectives and provisions of sections 166.400 to166.455 pertaining to the savings program; and
(12) Procure insurance, guarantees or other protections against anyloss in connection with the assets or activities of the savings program.
2. Any member of the board may designate a proxy for that member whowill enjoy the full voting privileges of that member for the one meeting sospecified by that member. No more than three proxies shall be consideredmembers of the board for the purpose of establishing a quorum.
3. Four members of the board shall constitute a quorum. No vacancyin the membership of the board shall impair the right of a quorum toexercise all the rights and perform all the duties of the board. No actionshall be taken by the board except upon the affirmative vote of a majorityof the members present.
4. The board shall meet within the state of Missouri at the time setat a previously scheduled meeting or by the request of any four members ofthe board. Notice of the meeting shall be delivered to all other trusteesin person or by depositing notice in a United States post office in aproperly stamped and addressed envelope not less than six days prior to thedate fixed for the meeting. The board may meet at any time by unanimousmutual consent. There shall be at least one meeting in each quarter.
5. The funds shall be invested only in those investments which aprudent person acting in a like capacity and familiar with these matterswould use in the conduct of an enterprise of a like character and with likeaims, as provided in section 105.688, RSMo. The board may delegate to dulyappointed investment counselors authority to act in place of the board inthe investment and reinvestment of all or part of the moneys and may alsodelegate to such counselors the authority to act in place of the board inthe holding, purchasing, selling, assigning, transferring or disposing ofany or all of the securities and investments in which such moneys shallhave been invested, as well as the proceeds of such investments and suchmoneys. Such investment counselors shall be registered as investmentadvisors with the United States Securities and Exchange Commission. Inexercising or delegating its investment powers and authority, members ofthe board shall exercise ordinary business care and prudence under thefacts and circumstances prevailing at the time of the action or decision.No member of the board shall be liable for any action taken or omitted withrespect to the exercise of, or delegation of, these powers and authority ifsuch member shall have discharged the duties of his or her position in goodfaith and with that degree of diligence, care and skill which a prudentperson acting in a like capacity and familiar with these matters would usein the conduct of an enterprise of a like character and with like aims.
6. No investment transaction authorized by the board shall be handledby any company or firm in which a member of the board has a substantialinterest, nor shall any member of the board profit directly or indirectlyfrom any such investment.
7. No trustee or employee of the savings program shall receive anygain or profit from any funds or transaction of the savings program. Anytrustee, employee or agent of the savings program accepting any gratuity orcompensation for the purpose of influencing such trustee's, employee's oragent's action with respect to the investment or management of the funds ofthe savings program shall thereby forfeit the office and in additionthereto be subject to the penalties prescribed for bribery.
166.415. 1. There is hereby created the "Missouri Higher EducationSavings Program". The program shall be administered by the Missouri highereducation savings program board which shall consist of the Missouri statetreasurer who shall serve as chairman, the commissioner of the departmentof higher education, the commissioner of the office of administration, thedirector of the department of economic development, two persons havingdemonstrable experience and knowledge in the areas of finance or theinvestment and management of public funds, one of whom is selected by thepresident pro tem of the senate and one of whom is selected by the speakerof the house of representatives, and one person having demonstrableexperience and knowledge in the area of banking or deposit ratedetermination and placement of depository certificates of deposit or otherdeposit investments. Such member shall be appointed by the governor withthe advice and consent of the senate. The three appointed members shall beappointed to serve for terms of four years from the date of appointment, oruntil their successors shall have been appointed and shall have qualified.The members of the board shall be subject to the conflict of interestprovisions of section 105.452, RSMo. Any member who violates the conflictof interest provisions shall be removed from the board. In order toestablish and administer the savings program, the board, in addition to itsother powers and authority, shall have the power and authority to:
(1) Develop and implement the Missouri higher education savingsprogram and, notwithstanding any provision of sections 166.400 to 166.455to the contrary, the savings programs and services consistent with thepurposes and objectives of sections 166.400 to 166.455;
(2) Promulgate reasonable rules and regulations and establishpolicies and procedures to implement sections 166.400 to 166.455, to permitthe savings program to qualify as a "qualified state tuition program"pursuant to Section 529 of the Internal Revenue Code and to ensure thesavings program's compliance with all applicable laws;
(3) Develop and implement educational programs and relatedinformational materials for participants, either directly or through acontractual arrangement with a financial institution for investmentservices, and their families, including special programs and materials toinform families with young children regarding methods for financingeducation and training beyond high school;
(4) Enter into agreements with any financial institution, the stateor any federal or other agency or entity as required for the operation ofthe savings program pursuant to sections 166.400 to 166.455;
(5) Enter into participation agreements with participants;
(6) Accept any grants, gifts, legislative appropriations, and othermoneys from the state, any unit of federal, state, or local government orany other person, firm, partnership, or corporation for deposit to theaccount of the savings program;
(7) Invest the funds received from participants in appropriateinvestment instruments to achieve long-term total return through acombination of capital appreciation and current income;
(8) Make appropriate payments and distributions on behalf ofbeneficiaries pursuant to participation agreements;
(9) Make refunds to participants upon the termination ofparticipation agreements pursuant to the provisions, limitations, andrestrictions set forth in sections 166.400 to 166.455 and the rules adoptedby the board;
(10) Make provision for the payment of costs of administration andoperation of the savings program;
(11) Effectuate and carry out all the powers granted by sections166.400 to 166.455, and have all other powers necessary to carry out andeffectuate the purposes, objectives and provisions of sections 166.400 to166.455 pertaining to the savings program; and
(12) Procure insurance, guarantees or other protections against anyloss in connection with the assets or activities of the savings program.
2. Any member of the board may designate a proxy for that member whowill enjoy the full voting privileges of that member for the one meeting sospecified by that member. No more than three proxies shall be consideredmembers of the board for the purpose of establishing a quorum.
3. Four members of the board shall constitute a quorum. No vacancyin the membership of the board shall impair the right of a quorum toexercise all the rights and perform all the duties of the board. No actionshall be taken by the board except upon the affirmative vote of a majorityof the members present.
4. The board shall meet within the state of Missouri at the time setat a previously scheduled meeting or by the request of any four members ofthe board. Notice of the meeting shall be delivered to all other trusteesin person or by depositing notice in a United States post office in aproperly stamped and addressed envelope not less than six days prior to thedate fixed for the meeting. The board may meet at any time by unanimousmutual consent. There shall be at least one meeting in each quarter.
5. The funds shall be invested only in those investments which aprudent person acting in a like capacity and familiar with these matterswould use in the conduct of an enterprise of a like character and with likeaims, as provided in section 105.688, RSMo. The board may delegate to dulyappointed investment counselors authority to act in place of the board inthe investment and reinvestment of all or part of the moneys and may alsodelegate to such counselors the authority to act in place of the board inthe holding, purchasing, selling, assigning, transferring or disposing ofany or all of the securities and investments in which such moneys shallhave been invested, as well as the proceeds of such investments and suchmoneys. Such investment counselors shall be registered as investmentadvisors with the United States Securities and Exchange Commission. Inexercising or delegating its investment powers and authority, members ofthe board shall exercise ordinary business care and prudence under thefacts and circumstances prevailing at the time of the action or decision.No member of the board shall be liable for any action taken or omitted withrespect to the exercise of, or delegation of, these powers and authority ifsuch member shall have discharged the duties of his or her position in goodfaith and with that degree of diligence, care and skill which a prudentperson acting in a like capacity and familiar with these matters would usein the conduct of an enterprise of a like character and with like aims.
6. No investment transaction authorized by the board shall be handledby any company or firm in which a member of the board has a substantialinterest, nor shall any member of the board profit directly or indirectlyfrom any such investment.
7. No trustee or employee of the savings program shall receive anygain or profit from any funds or transaction of the savings program. Anytrustee, employee or agent of the savings program accepting any gratuity orcompensation for the purpose of influencing such trustee's, employee's oragent's action with respect to the investment or management of the funds ofthe savings program shall thereby forfeit the office and in additionthereto be subject to the penalties prescribed for bribery.
