Utah Admin. Code R628-2-5 - Disposition of Nonqualifying Investments

Current through Bulletin No. 2021-18, September 15, 2021

A. If at any time securities do not qualify for investment in accordance with this rule, investments shall be disposed of within a reasonable time. In determining what constitutes reasonable time for the disposition of assets, the following factors, among others, shall be given consideration:
1. the legality of sale under the rules and regulations of the Securities and Exchange Commission and the Utah State Securities Commission;
2. the size of the investment held in relation to the normal trading volume therein, and the effect upon the market price of the sale of the investment; and
3. the wishes of the donor respecting the sale of the investment.
B. If, in the opinion of the custodian or investment manager of the funds, an orderly liquidation of a nonqualifying investment cannot be accomplished within a period of two years, a request may be made to the Council for approval of a specific plan of disposition of nonqualifying investments. Nothing contained in this paragraph shall make an investment nonqualifying, if the retention of the investment is specifically authorized or directed under terms of the gift, devise, or bequest, or if the security is restricted from sale as provided in this rule.


Utah Admin. Code R628-2-5
Adopted by Utah State Bulletin Number 2017-19, effective 9/7/2017

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