Vermont Statutes Title 16 Sec. 2880b
Terms Used In Vermont Statutes Title 16 Sec. 2880b
- 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
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Parents: means a student's parent or parents as determined by the Corporation consistently with the requirements of the federal financial assistance programs established under Title IV of the Higher Education Act. See
- Program: means the Vermont Universal Children's Higher Education Savings Account Program. See
- Program Fund: means the Vermont Universal Children's Higher Education Savings Account Program Fund. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 2880b. Vermont Universal Children’s Higher Education Savings Account Program Fund
(a) The Vermont Universal Children’s Higher Education Savings Account Program Fund is established as a fund to be held, directed, and administered by the Corporation. The Corporation shall invest and reinvest, or cause to be invested and reinvested, funds in the Program Fund for the benefit of the Program.
(b) The following sources of funds shall be deposited into the Program Fund:
(1) any grants, gifts, and other funds intended for deposit into the Program Fund from any individual or private or public entity, provided that contributions may be limited in application to specified age cohorts of beneficiaries; and
(2) all interest, dividends, and other pecuniary gains from investment of funds in the Program Fund.
(c) Funds in the Program Fund shall be used solely to carry out the purposes and provisions of this subchapter, including payment by the Corporation of the administrative costs of the Program and the Program Fund and of the costs associated with providing financial education to benefit Program beneficiaries and their parents and legal guardians. Funds in the Program Fund may not be transferred or used by the Corporation or the State for any purposes other than the purposes of the Program. (Added 2015, No. 45, § 2.)