A. There is hereby authorized the establishment of a not-for-profit school readiness foundation to raise funds and to assist in the implementation of the Oklahoma Partnership for School Readiness Act and the achievement of the goals of the act.
B. Costs to underwrite implementation of the responsibilities of the Oklahoma Partnership for School Readiness Board may be borne from revenues of the foundation.
C. The foundation created pursuant to this section may receive funds from any public or private source to carry out the purposes of this act, including, but not limited to, gifts or grants from any department, agency, or instrumentality of the United States or of this state for any purpose consistent with the provisions of this act.
D. Upon proper incorporation, the foundation shall secure tax-exempt status under the appropriate provision of Section 501(c) of the Internal Revenue Code, 26 U.S.C., Section 501(c).
E. Any member of the foundation who may have a financial interest in an action under consideration by the foundation shall abstain from voting on such matter.
Added by Laws 2003, c. 121, § 5, emerg. eff. April 22, 2003.