CODE OF VIRGINIA

(EFFECTIVE OCTOBER 1, 2016) POWERS AND DUTIES OF THE BOARD (§ 23.1-704)

The board shall:

   1.  Administer the Plan established by this chapter;

   2.  Develop and implement programs for (i) the prepayment of undergraduate
   tuition, as defined in § 23.1-700, at a fixed, guaranteed level for
   application at a public institution of higher education; (ii) contributions to
   college savings trust accounts established pursuant to this chapter on behalf
   of a qualified beneficiary in order to apply distributions from the account
   toward qualified higher education expenses at eligible educational
   institutions, as both such terms are defined in § 529 of the Internal Revenue
   Code of 1986, as amended, or other applicable federal law; and (iii)
   contributions to ABLE savings trust accounts established pursuant to this
   chapter on behalf of a qualified beneficiary in order to apply distributions
   from the account toward qualified disability expenses for an eligible
   individual, as both such terms are defined in § 529A of the Internal Revenue
   Code of 1986, as amended, or other applicable federal law;

   3.  Invest moneys in the Plan in any instruments, obligations, securities, or
   property deemed appropriate by the board;

   4.  Develop requirements, procedures, and guidelines regarding prepaid tuition
   contracts and savings trust accounts, including residency and other
   eligibility requirements; the number of participants in the Plan; the
   termination, withdrawal, or transfer of payments under a prepaid tuition
   contract or savings trust account; time limitations for the use of tuition
   benefits or savings trust account distributions; and payment schedules;

   5.  Enter into contractual agreements, including contracts for legal,
   actuarial, financial, and consulting services and contracts with other states
   to provide savings trust accounts for residents of contracting states;

   6.  Procure insurance as determined appropriate by the board (i) against any
   loss in connection with the Plan’s property, assets, or activities and
   (ii) indemnifying board members from personal loss or accountability from
   liability arising from any action or inaction as a board member;

   7.  Make arrangements with public institutions of higher education to fulfill
   obligations under prepaid tuition contracts and apply college savings trust
   account distributions, including (i) payment from the Plan of the then actual
   in-state undergraduate tuition cost on behalf of a qualified beneficiary of a
   prepaid tuition contract to the institution to which the beneficiary is
   admitted and at which the beneficiary is enrolled and (ii) application of such
   benefits towards graduate-level tuition and toward tuition costs at such
   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;

   8.  Develop and implement scholarship or matching grant programs, or both, as
   the board may deem appropriate, to further its goal of making higher education
   more affordable and accessible to all citizens of the Commonwealth;

   9.  Apply for, accept, and expend gifts, grants, or donations from public or
   private sources to enable it to carry out its objectives;

   10.  Adopt regulations and procedures and perform any act or function
   consistent with the purposes of this chapter; and

   11.  Reimburse, at its option, all or part of the cost of employing legal
   counsel and such other costs as are demonstrated to have been reasonably
   necessary for the defense of any board member, officer, or employee of the
   Plan upon the acquittal, dismissal of charges, nolle prosequi, or any other
   final disposition concluding the innocence of such member, officer, or
   employee who is brought before any regulatory body, summoned before any grand
   jury, investigated by any law-enforcement agency, arrested, indicted, or
   otherwise prosecuted on any criminal charge arising out of any act committed
   in the discharge of his official duties that alleges a violation of state or
   federal securities laws. The board shall provide for the payment of such legal
   fees and expenses out of funds appropriated or otherwise available to the
   board.

HISTORY: 1994, c. 661, § 23-38.77; 1997, cc. 785, 861; 1998, cc. 61, 85; 1999,
cc. 485, 518; 2000, cc. 382, 400; 2009, cc. 827, 845; 2015, cc. 227, 311; 2016,
c. 588.