63M-1-1214 - Compensation from the Utah fund of funds to the corporation -- Redemption reserve. - Utah Statutes

63M-1-1214. Compensation from the Utah fund of funds to the corporation --Redemption reserve.
(1) The corporation shall be compensated for its involvement in the Utah fund of fundsthrough the payment of the management fee described in Section 63M-1-1211.
(2) (a) Any returns in excess of those payable to designated investors shall be depositedin the redemption reserve and held by the corporation as a first priority reserve for theredemption of certificates.
(b) Any returns received by the corporation from investment of amounts held in theredemption reserve shall be added to the redemption reserve until it has reached a total of$300,000,000.
(c) If at the end of a calendar year the redemption reserve exceeds the $300,000,000limitation referred to in Subsection (2)(b), the corporation shall reinvest the excess in the Utahfund of funds.
(3) Funds held by the corporation in the redemption reserve shall be invested inaccordance with Title 51, Chapter 7, State Money Management Act.

Amended by Chapter 18, 2008 General Session
Renumbered and Amended by Chapter 382, 2008 General Session