N.J. Admin. Code § 17:16-68.3

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

Section 17:16-68.3 - Units of participation

(a) The NJBEST Fund shall be composed of units of participation of unlimited quantity. Each unit of participation shall represent an equal beneficial interest in the Fund and no unit shall have priority or preference over any other. Each unit of participation shall be valued at the net asset value per unit as provided in N.J.A.C. 17:16-68.5.

(b) All units of participation in the NJBEST Fund, representing net capital contributions to the Fund together with any income thereon, shall be evidenced by proper entries setting forth ownership units in the records of the Office of Student Assistance, New Jersey Higher Education Assistance Authority, or an agent thereof.

(c) All units of participation shall be purchased by cash payments. All units shall be purchased by the participants for the unit valuation price determined by this subchapter.

N.J. Admin. Code § 17:16-68.3

Recodified from N.J.A.C. 17:16-68.5 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 Former N.J.A.C. 17:16-68.3, Distribution of income, repealed.
Amended by R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
In (c), substituted "participants" for "participating fund" and "unit" for "principal".