Section 12.5-02-01-01 - Establishment of the plan1.Statutory authority and plan establishment. North Dakota Century Code section 6-09-38 requires the Bank to adopt rules to administer, manage, promote, and market a higher education savings program in compliance with section 529 of the Code. Pursuant thereto, the Bank has adopted the rules of this chapter to implement the program and to provide for its administration, management, promotion, and marketing. 2.Plan description and purpose. This program shall be known as College SAVE and is also referred to in these rules as the "plan". The plan is established and maintained so that participants may make contributions to accounts established for the purpose of meeting the qualified higher education expenses of the designated beneficiaries of such accounts. The plan will be operated and maintained in accordance with the rules of this chapter. 3.Construction of rules, declaration of trust, and other plan documents. The plan is intended to qualify as a qualified tuition program under section 529 of the Code. The participation agreements for the plan and the accounts in the trust are intended to qualify as municipal securities and municipal fund securities under applicable securities laws. The provisions of these rules, the declaration of trust, and any other plan documents shall be construed by the Bank and the participants consistent with these objectives. N.D. Admin Code 12.5-02-01-01
Effective September 15, 2000; amended effective August 23, 2001; June 1, 2002.General Authority: NDCC 6-09-38
Law Implemented: NDCC 6-09-38