166.205. Powers of board--rulemaking procedure.
Powers of board--rulemaking procedure.
166.205. 1. In addition to the powers granted by other provisions ofsections 166.200 to 166.242, sections 173.053 and 173.262, RSMo, the boardshall have the powers necessary to carry out and effectuate the purposes,objectives, and provisions of sections 166.200 to 166.242, sections 173.053and 173.262, RSMo, the purposes and objectives of the trust, including, butnot limited to the power to:
(1) Pay money to state institutions of higher education from thetrust;
(2) Impose reasonable limits on the number of participants in thetrust;
(3) Contract for goods and services and engage personnel as isnecessary 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 anyperson, firm or corporation or the federal, state, or local government orany agency of the federal, state, or a local government, or to participatein any other way in any federal, state, or local government program;
(5) Charge, impose, and collect administrative fees and charges inconnection 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'sproperty, 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 otherinstruments 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 theboard from personal loss or accountability from liability resulting from amember's action or inaction as a member of the board, including but notlimited to, liability asserted on any bonds or notes of the authority;
(12) Impose reasonable time limits on use of the tuition benefitsprovided by the trust, if the limits are made a part of the contract;
(13) Provide for receiving contributions in lump sums or periodicsums;
(14) Promulgate reasonable rules and regulations and establishpolicies, procedures, and eligibility criteria to implement sections166.200 to 166.242, sections 173.053 and 173.262, RSMo.
2. No rule or portion of a rule promulgated under the authority ofsections 166.200 to 166.242 and sections 173.053 and 173.262, RSMo, shallbecome effective unless it has been promulgated pursuant to the provisionsof section 536.024, RSMo.
(L. 1988 H.B. 1456 § 4, A.L. 1993 S.B. 52, A.L. 1995 S.B. 3)