N.J. Admin. Code § 17:16-68.10

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

Section 17:16-68.10 - Liquidation

(a) The Director, upon direction of the New Jersey Higher Education Assistance Authority Board and with the approval of the Council, shall liquidate the NJBEST 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 NJBEST 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 NJBEST Fund.

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

(e) No liquidation will be effectuated without the approval by the Council of a plan of distribution of the assets of the NJBEST fund.

N.J. Admin. Code § 17:16-68.10

Recodified from N.J.A.C. 17:16-68.13 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. 17:16-68.10, Admission and withdrawal of units of participation, recodified to N.J.A.C. 17:16-68.6.
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 "net asset" for "principal".