N.Y. Comp. Codes R. & Regs. tit. 3 § 50.30

Current through Register Vol. 46, No. 53, December 31, 2024

Section 50.30 - Basis and time of investments and redemptions

(a) For the purpose of investment and redemption of shares of the mutual trust investment company, the principal of the fund shall be determined by adding to the value of the investments, as determined in accordance with the provisions of sections 50.20 -50.22 of this Part, the uninvested cash principal and other items of principal, and by deducting from the total thereof any liabilities, due or accrued, chargeable to principal. For the purpose of computing the value per share, the principal thus determined shall be divided by the number of existing shares and such share value, together with a sum equal to the proportionate share of any income held or accrued and remaining undistributed at the valuation date, shall be the basis for investment in and redemption of shares of the mutual trust investment company. In determining the value of a share, fractions less than one-hundredth percent of the original share value may be omitted. No investment in or redemption from the mutual trust investment company shall be permitted except on the basis of such valuation and as of such valuation date. A reasonable period, not to exceed seven calendar days, following each valuation date may be used to make the computations necessary to determine the value of the fund and of the shares therein. No investment in or redemption from the mutual trust investment company shall be permitted unless a written request for, or notice of intention of, taking such action as of a specified valuation date shall have been received by the transfer agent for the mutual trust investment company shares on or before the last business day prior to the specified valuation date.

(b) When redemptions of shares are made by the mutual trust investment company, distributions may be made in cash or rateably in kind, or partly in cash and partly rateably in kind, provided that all distributions as of any one valuation date shall be made on the same basis. Before any distribution in cash is made, the mutual trust investment company shall determine whether any investment remaining in the mutual trust investment company has ceased to be eligible as a new investment of such mutual trust investment company, and no distribution shall be made in cash until any such investment shall have been eliminated from the mutual trust investment company either through sale, distribution in kind, or segregation as provided in sections 50.50 -50.52 of this Part.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 50.30