N.J. Admin. Code § 3:35-1.4

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:35-1.4 - Registration to act as a qualified educational institution

(a) The educational institution shall register with the Department prior to exercising the powers specified in 17:9A-28(6) and 28(9) as trustee of funds in which the educational institution has a qualified interest. The application for registration to act as a qualified educational institution shall be on a form approved by the Commissioner and shall contain the following:

1. The name of the educational institution and the address of the principal office of the educational institution located in this State;

2. The names of the officers or employees of the educational institution, responsible for administering and investing the assets of the trusts together with a summary of each person's education and experience in the field of trust management;

3. The address of the office(s) or location(s) at which the institution will manage the trusts;

4. The names and home addresses of the directors and officers of the educational institution;

5. An audited financial statement with an unqualified opinion prepared by a certified public accountant or public accountant disclosing the institution's assets and liabilities and its unrestricted net assets;

6. Proof of liability insurance for directors and officers in an amount set forth in 3:35-1.3(c);

7. Evidence that the applicant has adequate vault or other safekeeping facilities for safeguarding stocks and other securities held for their trust accounts at its own offices or has made adequate arrangements for the safekeeping of all the securities;

8. The name and address of its legal counsel for trust matters;

9. Proof of compliance with all standards set forth in 3:35-1.3(c); and

10. An application fee of $ 250.00.

(b) The president or vice president of the institution shall certify that the information contained on the application was reviewed by the Board of Directors and is true to the best of his or her knowledge and belief.

N.J. Admin. Code § 3:35-1.4