<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 13-55A-15 - South Dakota freedom scholarship board  Establishment.</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s5c7e6a5210b6446aab39cde38eb99287Normal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s5c7e6a5210b6446aab39cde38eb99287SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s5c7e6a5210b6446aab39cde38eb99287CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s5c7e6a5210b6446aab39cde38eb99287Statute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s5c7e6a5210b6446aab39cde38eb99287DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s5c7e6a5210b6446aab39cde38eb99287000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s5c7e6a5210b6446aab39cde38eb99287NoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s5c7e6a5210b6446aab39cde38eb99287DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s5c7e6a5210b6446aab39cde38eb99287SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 13-55A-15 - South Dakota freedom scholarship board  Establishment."><meta property="og:description" content="SDLRC Codified Law 13-55A-15 - South Dakota freedom scholarship board  Establishment."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=13-55A-15"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s5c7e6a5210b6446aab39cde38eb99287Normal"><a href="https://sdlegislature.gov/Statutes?Statute=13-55A-15" rel="noopener"><span class="s5c7e6a5210b6446aab39cde38eb99287SENU">13-55A-15</span></a><span xml:space="preserve" class="s5c7e6a5210b6446aab39cde38eb99287SENU">. </span><span class="s5c7e6a5210b6446aab39cde38eb99287CL">South Dakota freedom scholarship board  Establishment.</span></p><p dir="ltr" class="s5c7e6a5210b6446aab39cde38eb99287Statute"><span class="s5c7e6a5210b6446aab39cde38eb99287DefaultParagraphFont">The agreement required in section 9 of SL 2021, ch 83, must provide for a governing board. The board must consist of five members appointed by the Governor, for a term of five years, except that the initial appointments are for periods of one, two, three, four, and five years. The Governor shall appoint one member as the temporary chair of the board. The board shall elect a chair at its first meeting. A majority of the board must be present personally or electronically to constitute a quorum.</span></p><p dir="ltr" class="s5c7e6a5210b6446aab39cde38eb99287Statute"><span xml:space="preserve" class="s5c7e6a5210b6446aab39cde38eb99287DefaultParagraphFont">The board shall provide eligible South Dakota students, as described in § </span><a href="https://sdlegislature.gov/Statutes?Statute=13-55A-16" rel="noopener"><span class="s5c7e6a5210b6446aab39cde38eb99287DefaultParagraphFont">13-55A-16</span></a><span xml:space="preserve" class="s5c7e6a5210b6446aab39cde38eb99287DefaultParagraphFont">, with a needs-based scholarship to attend an eligible postsecondary institution, as described in § </span><a href="https://sdlegislature.gov/Statutes?Statute=13-55A-17" rel="noopener"><span class="s5c7e6a5210b6446aab39cde38eb99287DefaultParagraphFont">13-55A-17</span></a><span xml:space="preserve" class="s5c7e6a5210b6446aab39cde38eb99287DefaultParagraphFont">. The distributable income of the South Dakota Freedom Scholarship endowment must be expended annually to benefit eligible South Dakota students. Any excess earnings or other income to the endowment must be added to the endowment principal. The board shall determine the manner and method of disbursement of the needs-based scholarships, based upon the undergraduate full-time, degree-seeking, South Dakota resident enrollments of each participating, eligible institution, as described in § </span><a href="https://sdlegislature.gov/Statutes?Statute=13-55A-17" rel="noopener"><span class="s5c7e6a5210b6446aab39cde38eb99287DefaultParagraphFont">13-55A-17</span></a><span class="s5c7e6a5210b6446aab39cde38eb99287DefaultParagraphFont">.</span></p><p dir="ltr" class="s5c7e6a5210b6446aab39cde38eb99287Normal"><span xml:space="preserve" class="s5c7e6a5210b6446aab39cde38eb99287000000"> </span></p><p dir="ltr" class="s5c7e6a5210b6446aab39cde38eb99287NoIndent"><span xml:space="preserve" class="s5c7e6a5210b6446aab39cde38eb99287DefaultParagraphFont-000001">Source: </span><span class="s5c7e6a5210b6446aab39cde38eb99287SCL">SL 2021, ch 83, § 6, eff. Mar. 18, 2021; SL 2022, ch 48, § 1.</span></p></div></body></html>