(1) Administer the tuition account programs and the funds.

(2) Enter into Tuition Account Program Contracts with account owners.

(3) Contract and make any agreements or arrangements necessary with eligible educational institutions.

(4) Pay directly to an eligible educational institution, an account owner, a beneficiary or a third party authorized by the account owner, upon the receipt of appropriate documentation, the funds due pursuant to a Tuition Account Program Contract.

(5) Contract for goods and services, and engage and employ personnel, including, but not limited to, the services of private consultants, actuaries, managers, legal counsel and auditors for rendering professional, managerial and technical assistance and advice.

(6) Solicit and accept gifts, grants, loans and other aid from any person, corporation or other entity or from Federal, State or local government and participate in any Federal, State or local government program, if necessary for prudent management or the establishment and administration of the scholarship program under section 318.

(7) Charge and collect administrative fees and charges in connection with any transaction, including continued participation in tuition account programs.

(8) Terminate tuition accounts and make refunds.

(9) Contract for insurance, letters of credit and collateral agreements.

(10) Restrict the number of participants in the programs.

(11) Adjust the terms of Tuition Account Program Contracts.

(12) Solicit answers from the appropriate Federal agencies regarding the application of security or other Federal laws to the program.

(13) Limit the times and dates during which Tuition Payment Program Contracts may be entered into.

(14) Consider means whereby an account owner may have contributions deducted from salary.

(15) Promulgate regulations.

(16) Notwithstanding any other provision of this act, administer the tuition account programs in such manner as to ensure and maintain their status as “qualified State tuition programs” as defined in section 529 of the Internal Revenue Code of 1986 (Public Law, 26 U.S.C. § 529).