2013 Maryland Code
EDUCATION
§ 18-1904 - College Savings Plans of Maryland Board

§18-1904.

(a) There is a College Savings Plans of Maryland Board.

(b) The Board shall administer:

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

(2) The Maryland College Investment Plan established under Subtitle 19A of this title; and

(3) The Maryland Broker-Dealer College Investment Plan established under Subtitle 19B of this title.

(c) The Board consists of the following 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;

(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 (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.

(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.

(g) The Governor may remove a public member for incompetence or misconduct.