N.J. Admin. Code § 17:16-61.3 - Units of participation

(a) The State of New Jersey Cash Management Fund shall be composed of units of participation of unlimited quantity. Each unit of participation shall represent an equal beneficial interest in the fund and no unit shall have priority or preference over any other. Each unit of participation shall be valued at the net asset value per unit as is set forth in N.J.A.C. 17:16-61.5.

(b) All units of participation in the State of New Jersey Cash Management Fund held by State funds, representing net capital contributions to the fund together with any income thereon, shall be evidenced by proper entries setting forth ownership units in the records of the Bureau of Accounting, Division of Budget and Accounting within the Office of Management and Budget, Department of the Treasury. Aggregate participation of other entities shall also be evidenced by proper entries in the records of the Bureau of Accounting, Division of Budget and Accounting within the Office of Management and Budget, and their individual participation shall be evidenced by proper entries in the records of the Division and of the custodian bank.

(c) All units of participation shall be purchased by cash payments. All units shall be purchased by the participating fund for the unit valuation price determined by this subchapter.

Notes

N.J. Admin. Code § 17:16-61.3

Amended by R.2001 d.119, effective 4/2/2001.
See: 33 N.J.R. 372(b), 33 N.J.R. 1115(a).
Substituted "N.J.A.C. 17:16-61.7" for "section 7 of this subchapter".
Recodified from N.J.A.C. 17:16-61.6 and amended by R.2006 d.317, effective 9/5/2006.
See: 38 N.J.R. 2039(a), 38 N.J.R. 3632(a).
Rewrote the section. Former N.J.A.C. 17:16-61.3, Distribution of income, repealed.
Amended by R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
In (c), substituted "unit" for "principal".