NRS353B.155. Duties and powers of Board; authority to limit qualified beneficiaries.

Latest version.

      1. The Board shall actively promote and market use of the Trust Fund.

      2. The Board shall, before it enters into a prepaid tuition contract with a purchaser, solicit the opinion of:

      (a) The Securities and Exchange Commission regarding the application of federal law regarding securities to the Trust Fund; or

      (b) An independent legal counsel to ensure that the method of structuring and offering the Trust Fund is in compliance with federal law regarding securities.

      3. The Board may:

      (a) Require a reasonable length of residence in the State to become a qualified beneficiary.

      (b) Restrict the number of qualified beneficiaries.

(Added to NRS by 1997, 3485; A 2001, 2166)

                    
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