S.C. Code Regs. § § 19-1225

Current through Register Vol. 48, No. 10, October 25, 2024

Section 19-1225 - The Fund

A. Scope and Purpose: This regulation sets forth the policies and procedures governing the administration of the Fund.

B. Fund Composition:

1. The Fund is created as a nonpublic special, revolving fund and established and maintained by the State of South Carolina.

2. The Fund shall consist of monies received from contributors, state appropriations, other monies acquired from governmental and private sources, and earnings from the investments of the Fund.

C. Rules for Usage of the Fund:

1. The Fund shall be expended only for the purposes of Title 59, Chapter 4 of the South Carolina Code of Laws, 1976.

2. Interest in the Fund or any portion of the Fund shall not be used as security for a loan. An attempt to use the Fund, a tuition prepayment contract, or a portion of either as security for a loan is void.

3. The earnings from Fund investments become a part of the Fund and shall be expended only for the purposes of Title 59, Chapter 4 of the South Carolina Code of Laws, 1976.

D. Management of the Fund:

1. The Fund shall be invested as directed by the Board.

2. The Board is responsible for the investment policies of the Fund which may be invested in any manner authorized by law.

3. The custody and management of the Fund shall be directed by the Board, which may develop any mechanism it sees fit to seek advisement relative to the investment of the assets of the Fund.

4. Separate accountings shall be maintained for each designated beneficiary.

5. A contributor or designated beneficiary may not direct the investment of contributions to the Program or earnings on the Program.

S.C. Code Regs. § 19-1225

Added by State Register Volume 22, Issue No. 6, Part 1, eff June 26, 1998.