N.J. Admin. Code § 17:16-61.10

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

Section 17:16-61.10 - Liquidation

(a) The Director, subject to the approval of the Council and the Treasurer, may, upon two months' notice liquidate the State of New Jersey Cash Management Fund, including the reserve fund.

(b) In the event of such liquidation, the owners of the units shall share proportionately, according to units owned, in each investment held by the State of New Jersey Cash Management Fund, and the Other-than-State funds, shall share proportionately in the reserve fund.

(c) When such proportionate distribution is impracticable in the judgment of the Director, he or she may instead distribute on liquidation, cash or temporary investments held by the State of New Jersey Cash Management Fund.

(d) Distribution upon liquidation shall occur within five days after a valuation date and shall be based upon the unit value determined upon such valuation date.

(e) No liquidation will be effected without the approval by the Council of a plan of distribution of the assets of the State of New Jersey Cash Management Fund, including the assets of the reserve fund.

N.J. Admin. Code § 17:16-61.10

Amended by R.1985 d.554, effective 11/4/1985.
See: 17 N.J.R. 2095(a), 17 N.J.R. 2676(a).
Recodified from 31.14.
Amended by R.2001 d.119, effective 4/2/2001.
See: 33 N.J.R. 372(b), 33 N.J.R. 1115(a).
Recodified from N.J.A.C. 17:16-61.13 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. 17:16-61.10, Reinvestment of daily income per participating unit, combined with N.J.A.C. 17:16-61.5.
Amended by R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
In (d), substituted "unit" for "principal" and deleted "per unit" following "value".