Section 18A:71-31 - "New Jersey Educational Opportunity Fund."(a) There is hereby created and established under the Commission on Higher Education, which is in but not of the Department of State, an educational opportunity fund which shall be known as the "New Jersey Educational Opportunity Fund." Notwithstanding this allocation, the fund shall be independent of any supervision or control by the department or by any officer thereof. The fund shall identify, recruit and provide financial assistance to needy students who are residents of this State in order that they may be able to attend institutions of higher education.(b) The business and operations of the fund shall be administered by the board of directors created pursuant to section 5 of P.L. 1968, c.142 (C.18A:71-32) subject to the general supervision of the Commission on Higher Education.(c) The commission in consultation with the board shall designate an individual to serve as the chief executive officer of the fund, who shall organize the work of the fund in such manner as he deems necessary to carry out the provisions of this act. The commission may employ such persons, contract for such services, make such expenditures and adopt such rules and regulations as may be necessary or appropriate to carry out the provisions of this act.L.1968, c.142, s.4; amended 1994, c.48, s.213; c. 46, s. 45.