§ 21-9-4-7 — Powers of board

Indiana § 21-9-4-7

• Jurisdiction: Indiana
• Title 21: HIGHER EDUCATION
• Art. 9: EDUCATION SAVINGS PROGRAMS
• Ch. 4: Authority Board of Directors and Officers

Text

In addition to any power granted by this article,
the board has all powers necessary or convenient to carry out and
effectuate the purposes and objectives of this article, the purposes and
objectives of the education savings programs, and the powers delegated
by law or executive order, including the following powers:
(1) To develop and implement the education savings programs
and, notwithstanding any provision in this article to the contrary,
other services consistent with the purposes and objectives of this
article, through:
(A) rules adopted under IC 4-22-2; or
(B) rules, guidelines, procedures, or policies established by the
board and approved by the commission for higher education.
(2) To conform the education savings programs and,
notwithstanding any provision in this article to the contrary,
services consistent with the purposes and objectives of this
article, to the requirements of a qualified state tuition program set
forth in Section 529 of the Internal Revenue Code and all
applicable federal regulations, through:
(A) rules adopted under IC 4-22-2; or
(B) guidelines, procedures, or policies established by the board.
(3) To retain professional services, including the following:
(A) Financial advisers and managers.
(B) Custodians and other fiduciaries.
(C) Investment advisers and managers.
(D) Accountants and auditors.
(E) Consultants or other experts.
(F) Actuarial services providers.
(G) Attorneys.
(4) To establish minimum account deposit amounts (both initial
and periodic).
(5) To employ persons, if the board chooses, and as may be
necessary, and to fix the terms of their employment.
(6) To recommend legislation to the governor and general
assembly.
(7) To apply for designation as a tax exempt entity under the
Internal Revenue Code.
(8) To adopt such rules, bylaws, procedures, guidelines, and
policies as are necessary to carry out the education savings
programs and services and the authority's management and
operations.
(9) To sue and be sued.
(10) To provide or facilitate provision of benefits and incentives
for the benefit of qualified beneficiaries, account owners,
contributors, or account beneficiaries as the board's resources
allow or as are directed or provided for by the general assembly.
(11) To conform the education savings programs to federal tax
advantages or incentives, as in existence periodically, to the
extent consistent with the purposes and objectives of this article.
(12) To interpret, in rules, policies, guidelines, and procedures,
the provisions of this article broadly in light of the purposes and
objectives of this article.
(13) To charge, impose, and collect administrative fees and
service charges in connection with any agreement, contract, or
transaction under an education savings program or services.
(14) To have perpetual succession.

Legislative History

As added by P.L.165-1996, SEC.1. Amended by P.L.25-1999, SEC.8; P.L.135-2002, SEC.18; P.L.2-2007, SEC.248; P.L.93-2024, SEC.152.