Vermont Statutes Title 16 Sec. 2879a
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Vermont Statutes Title 16 Sec. 2879a
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means Vermont Student Assistance Corporation. See
- Internal Revenue Code: means the federal Internal Revenue Code of 1986, as amended, together with the regulations promulgated pursuant to that Code. See
- Participant: means a person who has entered into a participation agreement pursuant to this subchapter intended for the payment of qualified postsecondary education costs on behalf of a beneficiary. See
- Participation agreement: means an agreement between a participant and the Corporation, pursuant to and conforming with the requirements of this subchapter. See
§ 2879a. Cancellation of participation agreements
(a) Any participant may cancel a participation agreement at will, and any return of funds from the participant’s account shall be subject to terms and conditions established by the Corporation, provided that any penalties levied as a result comply with the provisions of the Internal Revenue Code or Title 32 relating to Investment Plans.
(b) The Corporation may provide by rule that no termination penalty shall apply in certain circumstances. (Added 1997, No. 79 (Adj. Sess.), § 1, eff. July 1, 1997; amended 2001, No. 58, § 4, eff. June 16, 2001; 2019, No. 51, § 17, eff. Jan. 1, 2019.)