EXECUTIVE AND ADMINISTRATIVE OFFICERS OF THE COMMONWEALTH
Fees for approval of articles or certificates; revenue
Section 41. The board of higher education may establish fees to be charged to independent institutions of higher education which seek approval of articles of organization, articles of amendment, or foreign corporation certificates pursuant to sections 30, 30A, 31, and 31A of chapter 69 and which transfer records to the board of higher education pursuant to section 31B of said chapter 69. The revenue received from the collection of the fees shall be retained by the board of higher education in a revolving trust fund and shall be expended solely for carrying out said sections. Fees shall not be greater than the costs incurred by the board of higher education in implementing said sections. The board of higher education shall report annually to the house and senate committee on ways and means the amount of funds collected and any expenditures made from the funds.