Board; powers and duties.

A. The board may: (1) adopt, amend or repeal and promulgate rules necessary to carry out the provisions of the Education Trust Act; (2) sue and be sued; (3) enter into contracts; (4) employ or contract for professional, technical and clerical staff and independent counsel; (5) contract with one or more financial institutions to manage the education trust fund and the separate trust accounts; (6) enter into education investment agreements with interested persons to participate in the education savings program; (7) charge, impose and collect administrative fees as provided in an education investment agreement or other contract relating to the education savings program in amounts not exceeding the reasonable costs of establishing, marketing and otherwise administering the program; and (8) do those things necessary or convenient in accordance with the Education Trust Act to carry out the provisions of that act. B. The board shall adopt and promulgate education trust fund investment guidelines and otherwise administer the education savings program in compliance with the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978].