The Board shall administer the Plan established by this chapter and shalldevelop and implement programs for (i) the prepayment of undergraduatetuition, as defined in § 23-38.75, at a fixed, guaranteed level forapplication at a two-year or four-year public institution of higher educationin the Commonwealth and (ii) contributions to savings trust accountsestablished pursuant to this chapter on behalf of a qualified beneficiary inorder to apply distributions from the account toward qualified highereducation expenses at eligible educational institutions, both as defined in §529 of the Internal Revenue Code of 1986, as amended, or other applicablefederal law. In addition, the Board shall have the power and duty to:
1. Invest moneys in the Plan in any instruments, obligations, securities, orproperty deemed appropriate by the Board;
2. Develop requirements, procedures, and guidelines regarding prepaid tuitioncontracts and savings trust accounts, including, but not limited to,residency requirements; the number of participants in the Plan; thetermination, withdrawal, or transfer of payments under a prepaid tuitioncontract or savings trust account; time limitations for the use of tuitionbenefits or savings trust account distributions; and payment schedules;
3. Enter into contractual agreements, including contracts for legal,actuarial, financial, and consulting services;
4. Procure insurance against any loss in connection with the Plan's property,assets, or activities and indemnifying Board members from personal loss oraccountability from liability arising from any action or inaction as a Boardmember;
5. Make arrangements with two-year and four-year public institutions in theCommonwealth to fulfill obligations under prepaid tuition contracts and toapply savings trust account distributions, including, but not limited to,payment from the Plan of the then actual in-state undergraduate tuition coston behalf of a qualified beneficiary of a prepaid tuition contract to theinstitution in which the beneficiary is admitted and enrolled and applicationof such benefits towards graduate-level tuition and towards tuition costs atsuch eligible educational institutions, as that term is defined in 26 U.S.C.§ 529 or any other applicable section of the Internal Revenue Code of 1986,as amended, as determined by the Board in its sole discretion;
6. Develop and implement scholarship and/or matching grant programs, as theBoard may deem appropriate, to further its goal of making higher educationmore affordable and accessible to all citizens of the Commonwealth;
7. Apply for, accept, and expend gifts, grants, or donations from public orprivate sources to enable it to carry out its objectives;
8. Promulgate regulations and procedures and to perform any act or functionconsistent with the purposes of this chapter; and
9. Reimburse, at its option, all or part of the cost of employing legalcounsel and such other costs as are demonstrated to have been reasonablynecessary for the defense of any Board member, officer, or employee of thePlan upon the acquittal, dismissal of charges, nolle prosequi, or any otherfinal disposition concluding the innocence of such member, officer oremployee who is brought before any regulatory body, summoned before any grandjury, investigated by any law-enforcement agency, arrested, indicted, orotherwise prosecuted on any criminal charge arising out of any act committedin the discharge of his official duties which alleges a violation of state orfederal securities laws. The Board shall provide for the payment of suchlegal fees and expenses out of funds appropriated or otherwise available tothe Board.
(1994, c. 661; 1997, cc. 785, 861; 1998, cc. 61, 85; 1999, cc. 485, 518;2000, cc. 382, 400; 2009, cc. 827, 845.)
The Board shall administer the Plan established by this chapter and shalldevelop and implement programs for (i) the prepayment of undergraduatetuition, as defined in § 23-38.75, at a fixed, guaranteed level forapplication at a two-year or four-year public institution of higher educationin the Commonwealth and (ii) contributions to savings trust accountsestablished pursuant to this chapter on behalf of a qualified beneficiary inorder to apply distributions from the account toward qualified highereducation expenses at eligible educational institutions, both as defined in §529 of the Internal Revenue Code of 1986, as amended, or other applicablefederal law. In addition, the Board shall have the power and duty to:
1. Invest moneys in the Plan in any instruments, obligations, securities, orproperty deemed appropriate by the Board;
2. Develop requirements, procedures, and guidelines regarding prepaid tuitioncontracts and savings trust accounts, including, but not limited to,residency requirements; the number of participants in the Plan; thetermination, withdrawal, or transfer of payments under a prepaid tuitioncontract or savings trust account; time limitations for the use of tuitionbenefits or savings trust account distributions; and payment schedules;
3. Enter into contractual agreements, including contracts for legal,actuarial, financial, and consulting services;
4. Procure insurance against any loss in connection with the Plan's property,assets, or activities and indemnifying Board members from personal loss oraccountability from liability arising from any action or inaction as a Boardmember;
5. Make arrangements with two-year and four-year public institutions in theCommonwealth to fulfill obligations under prepaid tuition contracts and toapply savings trust account distributions, including, but not limited to,payment from the Plan of the then actual in-state undergraduate tuition coston behalf of a qualified beneficiary of a prepaid tuition contract to theinstitution in which the beneficiary is admitted and enrolled and applicationof such benefits towards graduate-level tuition and towards tuition costs atsuch eligible educational institutions, as that term is defined in 26 U.S.C.§ 529 or any other applicable section of the Internal Revenue Code of 1986,as amended, as determined by the Board in its sole discretion;
6. Develop and implement scholarship and/or matching grant programs, as theBoard may deem appropriate, to further its goal of making higher educationmore affordable and accessible to all citizens of the Commonwealth;
7. Apply for, accept, and expend gifts, grants, or donations from public orprivate sources to enable it to carry out its objectives;
8. Promulgate regulations and procedures and to perform any act or functionconsistent with the purposes of this chapter; and
9. Reimburse, at its option, all or part of the cost of employing legalcounsel and such other costs as are demonstrated to have been reasonablynecessary for the defense of any Board member, officer, or employee of thePlan upon the acquittal, dismissal of charges, nolle prosequi, or any otherfinal disposition concluding the innocence of such member, officer oremployee who is brought before any regulatory body, summoned before any grandjury, investigated by any law-enforcement agency, arrested, indicted, orotherwise prosecuted on any criminal charge arising out of any act committedin the discharge of his official duties which alleges a violation of state orfederal securities laws. The Board shall provide for the payment of suchlegal fees and expenses out of funds appropriated or otherwise available tothe Board.
(1994, c. 661; 1997, cc. 785, 861; 1998, cc. 61, 85; 1999, cc. 485, 518;2000, cc. 382, 400; 2009, cc. 827, 845.)
The Board shall administer the Plan established by this chapter and shalldevelop and implement programs for (i) the prepayment of undergraduatetuition, as defined in § 23-38.75, at a fixed, guaranteed level forapplication at a two-year or four-year public institution of higher educationin the Commonwealth and (ii) contributions to savings trust accountsestablished pursuant to this chapter on behalf of a qualified beneficiary inorder to apply distributions from the account toward qualified highereducation expenses at eligible educational institutions, both as defined in §529 of the Internal Revenue Code of 1986, as amended, or other applicablefederal law. In addition, the Board shall have the power and duty to:
1. Invest moneys in the Plan in any instruments, obligations, securities, orproperty deemed appropriate by the Board;
2. Develop requirements, procedures, and guidelines regarding prepaid tuitioncontracts and savings trust accounts, including, but not limited to,residency requirements; the number of participants in the Plan; thetermination, withdrawal, or transfer of payments under a prepaid tuitioncontract or savings trust account; time limitations for the use of tuitionbenefits or savings trust account distributions; and payment schedules;
3. Enter into contractual agreements, including contracts for legal,actuarial, financial, and consulting services;
4. Procure insurance against any loss in connection with the Plan's property,assets, or activities and indemnifying Board members from personal loss oraccountability from liability arising from any action or inaction as a Boardmember;
5. Make arrangements with two-year and four-year public institutions in theCommonwealth to fulfill obligations under prepaid tuition contracts and toapply savings trust account distributions, including, but not limited to,payment from the Plan of the then actual in-state undergraduate tuition coston behalf of a qualified beneficiary of a prepaid tuition contract to theinstitution in which the beneficiary is admitted and enrolled and applicationof such benefits towards graduate-level tuition and towards tuition costs atsuch eligible educational institutions, as that term is defined in 26 U.S.C.§ 529 or any other applicable section of the Internal Revenue Code of 1986,as amended, as determined by the Board in its sole discretion;
6. Develop and implement scholarship and/or matching grant programs, as theBoard may deem appropriate, to further its goal of making higher educationmore affordable and accessible to all citizens of the Commonwealth;
7. Apply for, accept, and expend gifts, grants, or donations from public orprivate sources to enable it to carry out its objectives;
8. Promulgate regulations and procedures and to perform any act or functionconsistent with the purposes of this chapter; and
9. Reimburse, at its option, all or part of the cost of employing legalcounsel and such other costs as are demonstrated to have been reasonablynecessary for the defense of any Board member, officer, or employee of thePlan upon the acquittal, dismissal of charges, nolle prosequi, or any otherfinal disposition concluding the innocence of such member, officer oremployee who is brought before any regulatory body, summoned before any grandjury, investigated by any law-enforcement agency, arrested, indicted, orotherwise prosecuted on any criminal charge arising out of any act committedin the discharge of his official duties which alleges a violation of state orfederal securities laws. The Board shall provide for the payment of suchlegal fees and expenses out of funds appropriated or otherwise available tothe Board.
(1994, c. 661; 1997, cc. 785, 861; 1998, cc. 61, 85; 1999, cc. 485, 518;2000, cc. 382, 400; 2009, cc. 827, 845.)
