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12d-4
12D.4 PROGRAM AND ADMINISTRATIVE FUNDS -- INVESTMENT
AND PAYMENTS.
1. a. The treasurer of state shall segregate moneys received
by the trust into two funds: the program fund and the administrative
fund.
b. All moneys paid by participants in connection with
participation agreements shall be deposited as received into separate
accounts within the program fund.
c. Contributions to the trust made by participants may only
be made in the form of cash.
d. A participant or beneficiary shall not provide investment
direction regarding program contributions or earnings held by the
trust.
2. Moneys accrued by participants in the program fund of the
trust may be used for payments to any institution of higher
education. Payments can be made to the institution, the participant,
or the beneficiary. Section History: Recent Form
98 Acts, ch 1172, §4; 2004 Acts, ch 1079, §9, 17
Referred to in §12D.1, 12D.9
