Section 12.5-02-01-08 - Rules applicable to distributionsThe following rules apply to distributions:
1.Distribution process. Distributions may be requested in writing on the distribution request form or any other method approved by the Bank when made to an eligible educational institution. The participant shall designate the person or entity to whom the distribution should be paid. The manager shall review all distribution request forms to determine that all information needed to process the request has been received. 2.Methods of distribution. Distributions will be made by check or, at the request of the participant, or designated beneficiary if applicable, by wire transfer. Requests for distributions will be satisfied as soon as practicable following the receipt of a properly completed distribution request form or upon request by the participant for the distributions to be made to an eligible educational institution. 3.Processing of distributions. A distribution request form will be deemed accepted by the manager as of the business day on which the manager determines that the distribution request form has been properly completed or the distribution request to an eligible educational institution has been property verified. Generally on the business day of such acceptance, the manager, on behalf of the trust, shall take appropriate action with respect to the portfolio to which the account is invested to cause funds to be available for the distribution including reducing the number of units reflected in the account to reflect such action. 4.Calculation of portfolio unit value for distributions. The portfolio unit value of the portfolio from which distributions from an account are taken shall be generally the business day on which the distribution request is deemed accepted by the manager. N.D. Admin Code 12.5-02-01-08
Effective September 15, 2000; amended effective August 23, 2001; June 1, 2002; July 16, 2008.General Authority: NDCC 6-09-38
Law Implemented: NDCC 6-09-38