Utah Administrative Code
Topic - Money Management Council
Title R628 - Administration
Rule R628-2 - Investment of Funds of Public Education Foundations Established Under Section 53E-3-403 or Funds Acquired by Gift, Devise, or Bequest
Section R628-2-5 - Disposition of Nonqualifying Investments
Current through Bulletin 2024-06, March 15, 2024
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:
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.