§ 3-3-705. MISCELLANEOUS POWERS AND DUTIES.

(a)

Powers. The County Educational Foundation may:

(1)

Accept funds from governments of the United States, the state, and political subdivisions of the state;

(2)

Accept funds by gift, devise, or another form, whether absolute or conditional;

(3)

Act as trustee under a trust created solely for the educational benefit of an individual, and revocable on termination of the purposes of the trust, by the settlor;

(4)

Act as trustee and manage funds received by gift or devise as continuing endowments, when the sole beneficiary is a specific individual or class of individuals;

(5)

Act as trustee and administer funds received from individuals, associations, or corporations for specified educational purposes acceptable to the Foundation;

(6)

Establish one or more permanent endowment funds to be used for educational scholarships or fellowships and administer the funds;

(7)

Act in the capacity of advisor, counselor, or supervisor of education pursuits of beneficiaries under trusts or grants, in the event these powers are appended to funds received for administration by the Foundation;

(8)

Grant, lend, and borrow money and assist banks and lending institutions in developing and administering student loan plans;

(9)

Administer educational and research grants received from federal or state governments, from foundations, or from other persons; and

(10)

Operate in the same manner as a private corporation.

(b)

Duties. The Foundation shall:

(1)

Adopt:

(i)

Rules for governing its functions; and

(ii)

A seal; and

(2)

Issue an annual report to the County Council summarizing its activities for the preceding year.

(1988 Code, § 12-1) (Bill No. 31-99, § 3, 7-1-2004)