Scholarship Fund; Donations

Scholarship Fund; Donations. There is established a “Tinian Municipal Scholarship Fund,” into which all monies accruing to the benefit of the Municipal Scholarship Board shall be deposited. The Tinian Municipal Treasurer is authorized and directed to establish a separate account into which all funds appropriated, donated, or accruing to the benefit of the scholarship fund shall be deposited, and for the payments made therefrom as is directed by the board. The Secretary of Finance shall transfer all scholarship funds pursuant to local appropriation to the Tinian Municipal Scholarship Fund with the Office of the Tinian Municipal Treasurer within fourteen days after the effective date of the appropriation act. The board is authorized to accept donations and contributions from any source, which shall be deposited into the said scholarship fund. Source: TLL 5-2, § 5; repealed and reenacted by TLL 17-12 § 2(2205) (December 4, 2012), modified. Commission Comment: The Commission removed numerical figures that repeated words pursuant to 1 CMC § 3806.