                                 CODE OF VIRGINIA

POWERS AND DUTIES OF THE BOARD (§ 23.1-704)

The board shall:

1. Administer the Plan established by this chapter;

2. Develop and implement programs for (i) the prepayment of undergraduate
tuition, as defined in &#xA7; 23.1-700, at a fixed, guaranteed level for
application at a public institution of higher education; (ii) contributions to
college savings trust accounts established pursuant to this chapter on behalf of
a qualified beneficiary in order to apply distributions from the account toward
qualified higher education expenses, as that term is defined in &#xA7; 529 of
the Internal Revenue Code of 1986, as amended, or other applicable federal law;
and (iii) contributions to ABLE savings trust accounts established pursuant to
this chapter on behalf of a qualified beneficiary in order to apply
distributions from the account toward qualified disability expenses for an
eligible individual, as both such terms are defined in &#xA7; 529A of the
Internal Revenue Code of 1986, as amended, or other applicable federal law;

3. Invest moneys in the Plan in any instruments, obligations, securities, or
property deemed appropriate by the board;

4. Develop requirements, procedures, and guidelines regarding prepaid tuition
contracts and savings trust accounts, including residency and other eligibility
requirements; the number of participants in the Plan; the termination,
withdrawal, or transfer of payments under a prepaid tuition contract or savings
trust account; time limitations for the use of tuition benefits or savings trust
account distributions; and payment schedules;

5. Enter into contractual agreements, including contracts for legal, actuarial,
financial, and consulting services and contracts with other states to provide
savings trust accounts for residents of contracting states;

6. Procure insurance as determined appropriate by the board (i) against any loss
in connection with the Plan&#8217;s property, assets, or activities and (ii)
indemnifying board members from personal loss or accountability from liability
arising from any action or inaction as a board member;

7. Make arrangements with public institutions of higher education to fulfill
obligations under prepaid tuition contracts and apply college savings trust
account distributions, including (i) payment from the Plan of the appropriate
amount of tuition on behalf of a qualified beneficiary of a prepaid tuition
contract to the institution to which the beneficiary is admitted and at which
the beneficiary is enrolled and (ii) application of such benefits toward
graduate-level tuition and toward qualified higher education expenses, as that
term is defined in 26 U.S.C. &#xA7; 529 or any other applicable section of the
Internal Revenue Code of 1986, as amended, as determined by the board in its
sole discretion;

8. Develop and implement scholarship or matching grant programs, or both, as the
board may deem appropriate, to further its goal of making higher education more
affordable and accessible to all citizens of the Commonwealth;

9. Apply for, accept, and expend gifts, grants, or donations from public or
private sources to enable it to carry out its objectives;

10. Adopt regulations and procedures and perform any act or function consistent
with the purposes of this chapter; and

11. Reimburse, at its option, all or part of the cost of employing legal counsel
and such other costs as are demonstrated to have been reasonably necessary for
the defense of any board member, officer, or employee of the Plan upon the
acquittal, dismissal of charges, nolle prosequi, or any other final disposition
concluding the innocence of such member, officer, or employee who is brought
before any regulatory body, summoned before any grand jury, investigated by any
law-enforcement agency, arrested, indicted, or otherwise prosecuted on any
criminal charge arising out of any act committed in the discharge of his
official duties that alleges a violation of state or federal securities laws.
The board shall provide for the payment of such legal fees and expenses out of
funds appropriated or otherwise available to the board.

HISTORY: 1994, c. 661, § 23-38.77; 1997, cc. 785, 861; 1998, cc. 61, 85; 1999,
cc. 485, 518; 2000, cc. 382, 400; 2009, cc. 827, 845; 2015, cc. 227, 311; 2016,
c. 588; 2019, cc. 803, 804.