North Carolina Administrative Code
Title 20 - STATE TREASURER
Chapter 03 - LOCAL GOVERNMENT COMMISSION
Section .0700 - MUTUAL FUND FOR LOCAL GOVERNMENT INVESTMENT
Section 03 .0715 - TERMINATION OF CERTIFICATION
Universal Citation: 20 NC Admin Code 03 .0715
Current through Register Vol. 39, No. 6, September 16, 2024
(a) The Commission may adopt a resolution terminating the certification of a Fund due to one or more of the following:
(1) A
Manager or a Fund violates any of the rules in this Section and the Commission
finds that there has been a material adverse effect on the Fund or the
interests of the Active Participants.
(2) A Fund fails to meet a federal or state
legal requirement and the Commission finds that there has been a material
adverse effect on the Fund or the interests of the Active
Participants.
(3) A Fund fails to
submit an attestation pursuant to Rule .0714 of this Section within 30 calendar
days of the due date.
(4) The
Manager of a Fund requests termination of certification.
(5) A Fund is dissolved or
terminated.
(6) A Reporting Event
has occurred, and the Commission finds that there has been a material adverse
effect on the Fund or the interests of the Active Participants.
(b) A Decertification Period shall commence upon the Commission's adoption of a resolution terminating certification of a Fund, during which time the Manager of the Fund shall notify the Active Participants of the termination of certification and provide instructions on withdrawing assets from the Fund.
(c) Termination of certification shall be effective upon the conclusion of the Decertification Period.
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