353B.155 - Duties and powers of Board; authority to limit qualified beneficiaries.
353B.155 Duties and powers of Board; authority to limit qualified beneficiaries.
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)—(Substituted in revision for NRS 353B.120)