13-55E-9. Expenditures from fund--Administration costs and fees.
61 words·~1 min read·
/sd/title-13/chapter-13-55/13-55e-9·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Expenditures from the fund established under § 13-55E-8 shall be for payments to institutions of higher education on behalf of beneficiaries, payments of refunds and direct payment of benefits in accordance with § 13-55E-10 and for costs of administering this chapter. Administration fees shall be specified by contract and may not exceed two percent of investment earnings accruing to the fund.