ARTICLE 19. Golden State Scholarshare Trust Act

Article 19 added by Stats. 1997, Ch. 851, Sec. 2.

§§ 69980–69994 · 15 sections

• § 69980 As used in this article, the following terms have the following meanings, unless the context requires otherwise: (a) “Administrative fund” means the funds used…
• § 69981 (a) There is hereby created an instrumentality of the State of California to be known as the Golden State Scholarshare College Savings Trust. (b) The purposes,…
• § 69982 In addition to the powers and authority granted pursuant to Section 69981, the board shall have the powers and authority to do all of the following: (a) Carry…
• § 69983 The Scholarshare trust may enter into participation agreements with participants on behalf of beneficiaries pursuant to the following terms and agreements: (a)…
• § 69984 (a) (1) The board shall segregate moneys received by the Scholarshare trust into two funds, which shall be identified as the program fund and the…
• § 69985 (a) Any participant may cancel a participation agreement at will. A participant shall be entitled to a refund upon cancellation thereof of an amount equal to…
• § 69986 For all purposes of California law, all of the following apply: (a) The participant shall retain ownership of all contributions made under any participation…
• § 69989 (a) The board shall submit an annual audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the…
• § 69990 (a) The board shall provide an annual listing of distributions to individuals with respect to an interest in a participation agreement to the Franchise Tax…
• § 69991 The assets of the trust, including the program fund, shall at all times be preserved, invested, and expended solely and only for the purposes of the trust and…
• § 69992 The board shall aggressively market this program to the citizens of the State of California. The board shall include in its marketing efforts information…
• § 69993 Funding for startup and first-year administrative costs shall be appropriated from the General Fund in the annual Budget Act. The board shall repay, within…
• § 69993.5 The board may adopt regulations for the purposes of this chapter as emergency regulations in accordance with the rulemaking provisions of the Administrative…
• § 69993.7 No public funds nor any funds available pursuant to this article may be expended to pay for, nor shall the board enter into any agreement that provides for,…
• § 69994 This act shall be construed liberally in order to effectuate its legislative intent. The purposes of this act and all of its provisions with respect to powers…