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164A.310 Kentucky Educational Savings Plan Trust -- Powers of board.

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164A.310 Kentucky Educational Savings Plan Trust -- Powers of board. There is hereby created an instrumentality of the Commonwealth to be known as the <br>Kentucky Educational Savings Plan Trust. The board, in the capacity of trustee, shall <br>have the power and authority to: <br>(1) Sue and be sued; <br>(2) Make and enter into contracts necessary for the administration of the savings plan trust pursuant to KRS 164A.300 to 164A.380; (3) Adopt a corporate seal and to change and amend it from time to time; <br>(4) Invest moneys within the program fund in any investments determined by the board to be appropriate, notwithstanding any other statutory limitations contained in the <br>Kentucky Revised Statutes, which are specifically determined to be inapplicable to <br>the savings plan trust; (5) Enter into agreements with any institution of higher education, the Commonwealth of Kentucky, or any federal or other state agency or other entity as required for the <br>effectuation of its rights and duties pursuant to KRS 164A.300 to 164A.380; (6) Accept any grants, gifts, legislative appropriations, and other moneys from the Commonwealth, any unit of federal, state, or local government or any other person, <br>firm, partnership, or corporation for deposit to the administrative fund or the <br>program fund, which, in the case of any contributions from other than general funds <br>of the Commonwealth, may be limited in application to definite classes of <br>beneficiaries; (7) Enter into participation agreements with participants; <br>(8) Make payments to institutions of higher education pursuant to participation agreements on behalf of beneficiaries; (9) Make refunds to participants upon the termination of participation agreements pursuant to the provisions, limitations, and restrictions set forth in KRS 164A.300 <br>to 164A.380; (10) Appoint a program administrator and to determine the duties of the program administrator and other staff as necessary and fix their compensation within the <br>provisions of KRS Chapter 18A; (11) Delegate to the program administrator general supervision and direction over the administrative function of the trust and its employees in carrying out the policies, <br>programs, administrative regulations, and directives of the board; (12) Make provision for the payment of costs of administration and operation of the savings plan trust; (13) Carry out the duties and obligations of the savings plan trust pursuant to KRS 164A.300 to 164A.380 and to have any and all other powers as may be reasonably <br>necessary for the effectuation of the purposes of the savings plan trust and KRS <br>164A.300 to 164A.380; and (14) Promulgate administrative regulations to implement the provisions of KRS 164A.300 to 164A.380 consistent with the federal Internal Revenue Code and <br>administrative regulations issued pursuant to that code. Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 382, sec. 3, effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 132, sec. 2, effective March 26, 1998. -- Amended 1992 Ky. Acts <br>ch. 190, sec. 4, effective July 14, 1992. -- Amended 1990 Ky. Acts ch. 321, sec. 9, <br>effective July 13, 1990. -- Created 1988 Ky. Acts ch. 88, sec. 3, effective July 15, <br>1988.