A. The board may:
(1) adopt, amend or repeal and promulgate rules necessary to carry out the provisions of the Education Trust Act;
(2) sue and be sued;
(3) enter into contracts;
(4) employ or contract for professional, technical and clerical staff and independent counsel;
(5) contract with one or more financial institutions to manage the education trust fund and the separate trust accounts;
(6) enter into college investment agreements with interested persons to participate in the college savings program;
(7) charge, impose and collect administrative fees as provided in a college investment agreement or other contract relating to the college savings program in amounts not exceeding the reasonable costs of establishing, marketing and otherwise administering the program; and
(8) do those things necessary or convenient in accordance with the Education Trust Act to carry out the provisions of that act.
B. The board shall adopt and promulgate education trust fund investment guidelines and otherwise administer the college savings program in compliance with the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978].
History: Laws 2014, ch. 76, § 5.
ANNOTATIONSEffective dates. — Laws 2014, ch. 76 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 21, 2014, 90 days after the adjournment of the legislature.