Section 12.5-02-01-03 - Implementation and administration of the plan1.Executive committee. The executive committee established by the Bank in accordance with its operating policies will oversee the administration of the plan and is authorized to act on behalf of the Bank in all matters pertaining to the plan. Any actions taken by the executive committee with respect to the plan shall be in accordance with the Bank's operating policies. Initially, for purposes of administering the plan, the executive committee shall operate as follows: a. Appointment. All members of the executive committee are appointed by the chief executive officer of the Bank. Members will serve until removed by the chief executive officer. b. Alternate members. In the absence of a member, the absent member or the presiding officer may designate an alternate. c. Secretary. The chairman shall appoint a secretary of the committee. d. Quorum. A majority of the whole executive committee shall constitute a quorum. e. Vote required for action. A majority of the whole executive committee must vote favorably to carry a motion. 2.Establishment of the College SAVE Trust. In order to hold the assets of the plan, the Bank is authorized to and shall establish the trust, execute a declaration of trust and other trust documents, and act as the trustee of the trust. Such trust shall be named the College SAVE Trust. 3.Declaration of trust. The declaration of trust shall set forth the rights, privileges, and obligations of the trustee, the participants, and their designated beneficiaries. 4.Participation agreement. The Bank shall approve for use a participation agreement that will require the participant to be bound by its terms and conditions, these rules, and the declaration of trust in connection with their participation in the plan. 5. Third-party contractors. The Bank is authorized to employ service providers, agents, counsel, or other third-party contractors to administer the plan, market the plan, provide investment advice for the plan, provide accounting and recordkeeping services for the plan, offer and sell accounts and participation agreements, solicit and accept contributions, process enrollment and other approved forms, and provide other services relating to the plan and the trust. Notwithstanding the foregoing, the Bank will retain the responsibility in all events for selecting, supervising, monitoring, and terminating any such contractor. The Bank will hold such contractors to the same standards and requirements that apply when private contractors handle funds that belong to the state or provide services to the state. 6.Execution of documents. The Bank is authorized to execute all necessary or desirable documents to implement the plan, including services agreements, participation agreements, selling agreements, and other similar agreements to authorize institutions to offer and sell accounts and participation agreements, solicit and accept contributions, and to process enrollment and other approved forms, and any amendments thereto. 7.Establishment of fees. The Bank is authorized to establish fees, expenses, and other payments relating to the plan, some or all of which may be paid from the assets of the trust and charged against the accounts as provided by the Bank. 8.Maintenance of records. The Bank shall maintain records for accounts in the plan or shall cause such records to be maintained. 9.Notice to participants. The manager shall give notice, or cause notice to be given, to all participants if there is any change in these rules, the declaration of trust, or any other documents that affect the rights and responsibilities of the participants with respect to the plan. 10.Compliance with applicable laws. If the Bank determines that any provision in these rules is contrary to any provision of the Code, any securities law or any other federal or state constitutional, statutory, or regulatory provision, the Bank is authorized to do all things necessary for the proper administration of the plan, including ensuring that the plan obtains and maintains its qualified status under section 529 of the Code. 11.No debt. No indebtedness, other than the obligation to make distributions, may be incurred by or on behalf of the plan. N.D. Admin Code 12.5-02-01-03
Effective September 15, 2000; amended effective August 23, 2001; June 1, 2002.General Authority: NDCC 6-09-38
Law Implemented: NDCC 6-09-38