N.J. Admin. Code § 17:16-69.10

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

Section 17:16-69.10 - Liquidation

(a) The Director, subject to the approval of the Council and the Treasurer, may, upon two months' notice, liquidate a Common Pension 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 common 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 common 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 common fund.

N.J. Admin. Code § 17:16-69.10

Recodified from N.J.A.C. 17:16-69.13 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 (a); and in (e), deleted "State Investment" preceding "Council". Former N.J.A.C. 17:16-69.10, Amendments, recodified to N.J.A.C. 17:16-69.7.
Amended by R.2012 d.020, effective 1/17/2012.
See: 43 N.J.R. 2286(a), 44 N.J.R. 176(a).
In (d), substituted "net asset" for "principal".
Amended by R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
In (a), inserted "a", and deleted "E" following "Fund".