(a) Powers.--The board shall exercise the powers conferred upon not-for-profit corporations under Title 15 of the Pennsylvania Consolidated Statutes (relating to corporations and unincorporated associations).

(b) Management of funds.--The board shall have the power to receive, hold and manage any moneys and property received under this act. It shall enter into contracts or make grants with qualified recipients on a regular and periodic basis.

(c) Executive director.--The board may appoint an executive director to carry out the purposes of this act and to be paid compensation as the board shall fix which shall be reasonable in relation to other expenses incurred consistent with the administration expense limitation established by section 10(c).¹ The director may employ persons or contract for services as the board approves. Employees will serve at the pleasure of the board. All expenses of the operation of the board shall be paid from moneys the board receives from the IOLTA fund.

(d) Adoption of bylaws.--The board shall adopt bylaws for the administration of the IOLTA fund to carry out the purposes and provisions of this act.

(e) Confidentiality of records.--Notwithstanding any statute or rule to the contrary, the board shall maintain all papers, records, documents or other information identifying an attorney, client or beneficial owner of an IOLTA account on a private and confidential basis and shall not disclose such information except with the consent of the attorney maintaining the account or as permitted by law or Supreme Court rule.

(f) Government interest.--Moneys received in the IOLTA fund are not State or Federal funds and are not subject to Article VI of the act of April 9, 1929 (P.L. 177, No. 175),² known as The Administrative Code of 1929, or the act of June 29, 1976 (P.L. 469, No. 117),³ entitled “An act relating to the fiscal affairs of the Commonwealth concerning duties of the Governor, the Secretary of Revenue and the Budget Secretary, with respect to the submission of and signing the budget for any fiscal year; and, after a budget is enacted, regulating the issuance of warrants by the State Treasurer for certain requisitioned funds and imposing duties on persons authorized by law to issue requisitions for the payment of moneys from the State Treasury; and prescribing that Federal funds received by the Commonwealth shall be deposited in the General Fund account with certain exceptions.”

(g) Investigations, audits and hearings.--The board shall conduct, or cause to be conducted, such investigations, audits and hearings as are necessary to assure that the funds allocated from the IOLTA fund are expended in accordance with section 7.⁴