CODE OF VIRGINIA

(REPEALED EFFECTIVE OCTOBER 1, 2016) VIRGINIA COLLEGE SAVINGS PLAN ESTABLISHED;
GOVERNING BOARD; TERMS (§ 23-38.76)

A. To enhance the accessibility and affordability of higher education for all
citizens of the Commonwealth, there is hereby established as a body politic and
corporate and an independent agency of the Commonwealth, the Virginia College
Savings Plan (the Plan). Certain moneys of the Plan that are contributions to
savings trust accounts made pursuant to this chapter, except as otherwise
authorized or provided in this chapter, shall be deposited as soon as
practicable in a separate account or accounts in banks or trust companies
organized under the laws of the Commonwealth, national banking associations,
federal home loan banks, or to the extent then permitted by law, savings
institutions organized under the laws of the Commonwealth or the United States.
The savings program moneys in such accounts shall be paid out on checks, drafts
payable on demand, electronic wire transfers, or other means authorized by
officers or employees of the Plan.All other moneys of the Plan, including
payments received pursuant to prepaid tuition contracts, bequests, endowments,
grants from the United States government or its agencies or instrumentalities,
and any other available sources of funds, public or private, shall be first
deposited in the state treasury in a special nonreverting fund (the Fund). Such
moneys then shall be deposited as soon as practicable in a separate account or
accounts in banks or trust companies organized under the laws of the
Commonwealth, national banking associations, federal home loan banks, or to the
extent then permitted by law, savings institutions organized under the laws of
the Commonwealth or the United States. Benefits related to prepaid tuition
contracts and Plan operating expenses shall be paid from the Fund. Any moneys
remaining in the Fund at the end of a biennium shall not revert to the general
fund but shall remain in the Fund. Interest and income earned from the
investment of such funds shall remain in the Fund and be credited to it.

B. The Plan shall be administered by an 11-member Board, as follows: the
Director of the State Council of Higher Education for Virginia or his designee;
the Chancellor of the Virginia Community College System or his designee; the
State Treasurer or his designee; the State Comptroller or his designee; and
seven nonlegislative citizen members, four to be appointed by the Governor, one
to be appointed by the Senate Committee on Rules and two to be appointed by the
Speaker of the House of Delegates, with significant experience in finance,
accounting, law, or investment management.Appointments shall be for terms of
four years, except that appointments to fill vacancies shall be for the
unexpired terms. No person shall be appointed to serve for or during more than
two successive four-year terms, but after the expiration of a term of three
years or less, or after the expiration of the remainder of a term to which
appointed to fill a vacancy, two additional terms may be served by such member
if appointed thereto. Ex officio members of the Board shall serve terms
coincident with their terms of office.

C. Members of the Board shall receive no compensation but shall be reimbursed
for actual expenses incurred in the performance of their duties. The Board shall
elect from its membership a chairman and a vice-chairman annually. A majority of
the members of the Board shall constitute a quorum.

HISTORY: 1994, c. 661; 1997, cc. 785, 861; 1999, cc. 485, 518; 2000, cc. 382,
400; 2009, cc. 827, 845; 2013, cc. 586, 649; 2014, cc. 23, 687; 2015, cc. 227,
311.