20 NCAC 03 .0706. CERTIFICATION AND TERMINATION OF MANAGER

(a)  Certification is effective the day after the Commission approves the resolution certifying the fund.

(b)  A manager shall be certified for a period of five years.  Said period shall begin running on the estimated start‑up date of the fund as stated in the offeror's proposal and shall end at 12:01 a.m. on the day after the five years conclude.

(c)  The Commission may extend the period of certification for one or more months, not exceeding a total of two years, when, in its sole discretion, it deems it in the best interest of the participants or in the interest of equity.

(d)  In the event of termination of certification for any reason, the Commission may require the transfer of the securities, or their cash value at market, in the fund to a newly certified fund or to an investment pool established by the State Treasurer pursuant to G.S. 147‑69.3 or pro rata to the participants.

 

History Note:        Authority G.S. 159‑3(f); 159‑30(c)(6a);

Eff. February 1, 1982;

Amended Eff. April 1, 1985.