353B.110 - General duties and powers of Board. - Nevada Statutes

353B.110  General duties and powers of Board.  The Board:

      1.  May modify the regulations for the implementation of the Program adopted pursuant to subsection 2 of NRS 353B.090.

      2.  May establish agreements to fulfill its obligations under the prepaid tuition contracts.

      3.  May contract for any necessary good or service, including, without limitation, the power to engage financial consultants, actuaries or legal counsel.

      4.  May procure insurance against any loss in connection with the property, assets or activities of the Trust Fund, the State Treasurer or the Board.

      5.  May solicit and accept a gift, including, without limitation, a bequeathment or other testamentary gift, grant, loan or aid from any source.

      6.  Shall solicit answers to requests for rulings from the Internal Revenue Service regarding the tax status of fees paid to or on behalf of a purchaser or a qualified beneficiary pursuant to a prepaid tuition contract.

      (Added to NRS by 1997, 3486; A 2001, 2166; 2003, 155)

      NRS 353B.130  Limitation on effect of action by Board.  An act or undertaking of the Board does not constitute a debt of the State of Nevada, or any political subdivision thereof, or a pledge of the full faith and credit of the State of Nevada, or of any political subdivision thereof, and is payable solely from the Trust Fund.

      (Added to NRS by 1997, 3489; A 2001, 2166)