N.J. Admin. Code § 17:16-69.3

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

Section 17:16-69.3 - Units of participation

(a) Each Common Pension 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. 17:16-69.5.

(b) All units of participation in each Common Pension Fund, representing net capital contributions to the fund together with any income thereon, shall be evidenced by records maintained by the Division.

(c) All units of participation shall be purchased by cash payments or in kind. All units shall be purchased by the participating fund for the unit valuation price determined by this subchapter.

N.J. Admin. Code § 17:16-69.3

Repeal and New Rule, R.2006 d.317, effective 9/5/2006.
See: 38 N.J.R. 2039(a), 38 N.J.R. 3632(a).
Section was "Certificates of ownership".
Amended by R.2012 d.020, effective 1/17/2012.
See: 43 N.J.R. 2286(a), 44 N.J.R. 176(a).
In (b), substituted "records maintained by the Division" for "a certificate prepared by and issued by the Director", and deleted the last sentence; deleted (b)1 through (b)6; and in (c), substituted "unit" for "principal", and deleted the last sentence.
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 "Each"; in (a) and (b), deleted "E" following "Fund"; and in (b), inserted "each".