Title 16, Educational Institutions

(a) The Board shall have the following powers and duties: (1) serve as Trustees of the Foundation; (2) enter into and be responsible for the performance of local, territorial, federal and international contracts and grants; (3) sell, lease, rent, hold, maintain, use and operate a…

(a) The Board shall appoint an Executive Director of the Foundation. The Executive Director shall be in charge of the administration of the detailed affairs of the Foundation. He shall keep all books, records, files, and accounts of the Foundation. He shall prepare periodic repor…

(a) The Board has full power and authority to direct the investment and reinvestment of the fund of the Foundation without distinction between principal and income, in property (defined in (b) below) it considers advisable. The Board may invest and reinvest the fund in property i…

A member or an employee of the Board may not have any direct or indirect interest in the income, gains or profits on any investment made by the Board, or receive any pay or emolument for services in connection with any investment made by the Board. A member or an employee of the …

The Foundation exists and operates solely for the benefit of public education and is exempt from any taxes or assessments on any of its property, operations, or activities. The Foundation is liable for its debts and obligations. The government is not responsible for any such debt…

The Foundation shall have full responsibility for the accounting and financial management of the Foundation, and shall administer or contract with the government for the administration of all accounting systems, including general ledger, fixed assets, accounts receivable, account…

(a) The Foundation shall employ a firm of independent certified public accounts, subject to the approval of the Chairperson, to examine and report upon the status of financial records and accounts. This examination shall culminate in an annual audit of all grants, investments, op…

Any director who, under color of his office, violates any law or knowingly or negligently permits any officer, agent, or employee of the Foundation to violate any law, or any provision of the Foundation’s charter or bylaws, shall be subject to removal from the Board by petition t…

Any director, officer, employee, or agent of the Foundation who, with the intent to injure or defraud the Foundation or any other person, embezzles, steals, or misapplies any moneys, funds, credits, or securities; makes any false entry in a book, report, or record; or performs an…