(a) This section applies only to the following governing boards: (1) the Board of Regents of Morgan State University; (2) the Board of Regents of the University System of Maryland; and (3) the Board of Trustees of St. Mary’s College of Maryland. (b) A governing board to which this section applies may transfer money among objects and, subject to the limitation in subsection (c) of this section, among programs under the jurisdiction of the governing board without submitting a proposed amended appropriation for a program under § 7-209 of this subtitle. (c) During a fiscal year, a governing board may not transfer from a program more than 5% of the appropriation in the State budget for that program. (d) At the end of each fiscal year, each governing board to which this section applies shall give to the Comptroller, the Department of Budget and Management, and, subject to § 2-1257 of the State Government Article, the Department of Legislative Services, for information only, a summary of the transfers among programs made during the fiscal year. (e) Section 7-209 of this subtitle does not apply to a transfer under this section.