13-55A-15. South Dakota Freedom Scholarship Board established.

The agreement required in section 9 of SL 2021, ch 83, shall provide for a governing board. The board shall consist of five members appointed by the Governor for a term of five years, except that the initial appointments shall be 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 shall be present either personally or by teleconference to constitute a quorum.

The board shall provide eligible South Dakota students, as described in § 13-55A-16, with a needs-based scholarship to attend an eligible postsecondary institution, as described in § 13-55A-17. The distributable income of the South Dakota Freedom Scholarship endowment shall be expended annually to benefit eligible South Dakota students. Any excess earnings or other income to the endowment shall 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 enrollments of each participating, eligible institution, as described in § 13-55A-17.

Source: SL 2021, ch 83, § 6, eff. Mar. 18, 2021.