Administration of the Program; Powers of the Authority.
The Higher Education Student Assistance Authority shall administer the NJBEST Program. The authority shall have the power to:
a. serve as trustee of the trust;
b. adopt rules and regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to carry out the provisions of this article;
c. prescribe and provide appropriate forms for participation in the program;
d. select an investment manager and any other contractors needed to manage and market the program;
e. monitor the investment manager and any other contractors by audits and other reports;
f. collect reasonable administrative fees in connection with any contract or transaction relating to the program;
g. impose penalties for nonqualified withdrawals;
h. take all actions required so that the program is treated as a qualified State tuition program under section 529 of the federal Internal Revenue Code of 1986, 26 U.S.C.s.529; and
i. perform any other acts which may be deemed necessary or appropriate to carry out the objects and purposes of this article.