2014 Missouri Revised Statutes
TITLE XI EDUCATION AND LIBRARIES (160-186)
Chapter 166 Permanent Funds and Trusts
Section 166.205 (Repealed L. 2011 H.B. 464 § A)

166.205. 1. In addition to the powers granted by other provisions of sections 166.200 to 166.242, sections 173.053 and 173.262, the board shall have the powers necessary to carry out and effectuate the purposes, objectives, and provisions of sections 166.200 to 166.242, sections 173.053 and 173.262, the purposes and objectives of the trust, including, but not limited to the power to:

(1) Pay money to state institutions of higher education from the trust;

(2) Impose reasonable limits on the number of participants in the trust;

(3) Contract for goods and services and engage personnel as is necessary and engage the services of private consultants, actuaries, managers, legal counsel, and auditors for rendering professional, management, and technical assistance and advice;

(4) Solicit and accept gifts, grants, loans, and other aid from any person, firm or corporation or the federal, state, or local government or any agency of the federal, state, or a local government, or to participate in any other way in any federal, state, or local government program;

(5) Charge, impose, and collect administrative fees and charges in connection with any transaction and provide for reasonable penalties, including default, for delinquent payment of fees or charges or for fraud;

(6) Procure insurance against any loss in connection with the trust's property, assets, or activities;

(7) Sue and be sued, to have a seal and alter the same at pleasure, to have perpetual succession, and to make and amend bylaws;

(8) To make, execute, and deliver contracts, conveyances, and other instruments necessary or convenient to the exercise of its powers;

(9) Enter into contracts on behalf of the state;

(10) Administer the funds of the trust;

(11) Indemnify or procure insurance indemnifying any member of the board from personal loss or accountability from liability resulting from a member's action or inaction as a member of the board, including but not limited to, liability asserted on any bonds or notes of the authority;

(12) Impose reasonable time limits on use of the tuition benefits provided by the trust, if the limits are made a part of the contract;

(13) Provide for receiving contributions in lump sums or periodic sums;

(14) Promulgate reasonable rules and regulations and establish policies, procedures, and eligibility criteria to implement sections 166.200 to 166.242, sections 173.053 and 173.262.

2. No rule or portion of a rule promulgated under the authority of sections 166.200 to 166.242 and sections 173.053 and 173.262 shall become effective unless it has been promulgated pursuant to the provisions of section 536.024.