§ 116-209.16. Other powers; criteria.
§ 116‑209.16. Other powers; criteria.
The Authority, in addition to all the powers more specifically vestedhereunder, shall have all other powers necessary or convenient to carry out andeffectuate the purposes and provisions of this Article, including the power toreceive, administer and comply with the conditions and requirements respectingany gift, grant or donation of any property or money, any insurance orguarantee of any student loan or student obligations, any loans, advances,contributions, interest subsidies or any other assistance from any federal orState agency or other entity; to pledge or assign any money, charges, fees orother revenues and any proceeds derived by the Authority from any studentloans, obligations, sales of property, insurance or other sources; to borrowmoney and to issue in evidence thereof revenue bonds of the Authority for thepurposes of this Article and to issue revenue refunding bonds; to conductstudies and surveys respecting the needs for financial assistance of residentsof the State respecting education beyond the high school level.
In carrying out the powers vested and the responsibilities imposed under this Article, the Authority shall be guided by and shall observe thefollowing criteria and requirements, the determination of the Authority as tocompliance with such criteria and requirements being final and conclusive:
(1) Any student loan, grant or other assistance provided by theAuthority to any student shall be necessary to enable the student to pursue hiseducation above the high school level; and
(2) No student loan, grant or other financial assistance shallbe provided to any student by the Authority except in conformity with theprovisions of this Article and to carry out the purposes hereof.
The Authority shall by rules and regulations prescribe otherconditions, criteria and requirements that it shall deem necessary or desirable for providing financial assistance to students under this Articleupon a fair and equitable basis, giving due regard to the needs andqualifications of the students and to the purposes of this Article. (1971, c. 392, s. 11.)