N.J. Admin. Code § 17:16-42.2

Current through Register Vol. 56, No. 24, December 18, 2024

Section 17:16-42.2 - Permissible investments

(a) Subject to the limitations contained in this subchapter, the Director may invest and reinvest the moneys of any eligible fund in equity investments denominated in United States dollars that are traded on a securities exchange in the United States or the over-the-counter market.

(b) Notwithstanding the restrictions contained in this subchapter, the Council may approve the purchase of equity investments on a case-by-case basis.

(c) In addition to (a) above, the Director may:

1. Exercise the rights or conversion privileges of the equity investments of any security acquired under this subchapter;

2. Purchase the convertible preferred stock or rights of an entity, the common stock of which qualifies for investment under this subchapter;

3. Purchase stock in new public offerings of entities; and

4. Retain any distribution received as a result of a corporate action, even if the security does not meet the requirements of this subchapter.

N.J. Admin. Code § 17:16-42.2

Recodified from N.J.A.C. 17:16-42.2 and amended by R.2000 d.250, effective 6/19/2000.
See: 32 N.J.R. 1324(b), 32 N.J.R. 2257(c).
Rewrote the section. Former N.J.A.C. 17:16-42.1, Definition, repealed.
Amended by R.2004 d.255, effective 7/6/2004.
See: 36 N.J.R. 1744(a), 36 N.J.R. 3271(b).
Rewrote the section.
Recodified from N.J.A.C. 17:16-42.1 and amended by R.2006 d.317, effective 9/5/2006.
See: 38 N.J.R. 2039(a), 38 N.J.R. 3632(a).
Rewrote the section. Former N.J.A.C. 17:16-42.2, Applicable funds in the trust group, recodified to N.J.A.C. 17:16-42.3.
Amended by R.2013 d.029, effective 2/19/2013.
See: 44 N.J.R. 2285(a), 45 N.J.R. 350(a).
Rewrote (a).
Amended by R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
Rewrote the section.