Nevada Revised Statutes 353B.155 – Duty of Board to promote and market use of Trust Fund and solicit certain opinions; authority to limit qualified beneficiaries
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1. The Board shall actively promote and market use of the Trust Fund.
Terms Used In Nevada Revised Statutes 353B.155
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
2. The Board shall, before it enters into a prepaid tuition contract with a purchaser, solicit the opinion of:
(a) The Securities and Exchange Commission regarding the application of federal law regarding securities to the Trust Fund; or
(b) An independent legal counsel to ensure that the method of structuring and offering the Trust Fund is in compliance with federal law regarding securities.
3. The Board may:
(a) Require a reasonable length of residence in the State to become a qualified beneficiary.
(b) Restrict the number of qualified beneficiaries.