(a) The fund is valued regularly. For a fund that holds investments with daily valuations, such as mutual funds and publicly traded stocks, bonds, and exchange-traded funds, values shall be updated each business day. For a fund that holds assets that are not readily marketable, such as real estate, values shall be determined no less often than annually. The Net Asset Value of the fund shall be determined based on such valuations, and all investor redemptions shall be for an amount no less than the most recent net asset value of record.

(b) Contributions and withdrawals are executed on a timely basis, as specified by the terms of the plan.

(c) Each participating account is eligible and authorized to participate in the fund.

(d) An annual audit and fund report are completed in a timely manner.

(e) Assets are invested in accordance with the plan and the fund’s written investment policy.

11 Guam Code Ann. FINANCE & TAXATION
CH. 162 COLLECTIVE INVESTMENT FUNDS ACT
(f) Fund documents are maintained in a central repository.

(g) A formal process is in place for the board of directors of the bank, or a committee appointed by the board, to approve and oversee major fund decisions and the operation of the fund.

SOURCE: Added by P.L. 32-038:1 (June 7, 2013).