20 NCAC 01G .0507. REDEMPTION OF OWNERSHIP UNITS

(a)  Participants shall redeem ownership units in the investment fund on the last day of a calendar quarter in which the State Treasurer determines that the size of the Real Estate Investment Fund shall be decreased.

(b)  Participants shall make such redemptions in the nearest multiple of one thousand dollars ($1,000) which will result in approximately the same ratio of book value of the ownership units of the real estate investment fund to the total book value of its investment portfolio for all participants as of the end of the next preceding month.

(c)  Redemptions shall be effective at the close of business on the last day of the calendar quarter.  If the last day falls on a Saturday or a Sunday, the transaction will be effective on that date.  All transactions shall be affected by a transfer of cash to the Short‑Term Investment Fund as balances to be deposited therein to the credit of the participant.

 

History Note:        Authority G.S. 147‑69.3(j);

Eff. June 1, 1984;

Amended Eff. December 1, 1987.