Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-536 - Administration of trust companies - Investments, etc › Section 208-536-060 - Collective investment funds - Valuation of assets, admissions and withdrawals

Current through Register Vol. 24-14, July 15, 2024
(1) Not
					less frequently than once during each period of 3 months a trust company
					administering a collective investment fund shall determine the value of the
					assets in the fund as of the date set for the valuation of assets. No
					participation shall be admitted to or withdrawn from the fund except: (a) On
					the basis of such valuation, and (b) as of such valuation date, (c) no
					participation shall be admitted to or withdrawn from the fund unless a written
					request for or notice of intention of taking such action shall have been
					entered on or before the valuation date in the fiduciary records of the trust
					company and approved in such manner as the board of directors shall prescribe,
					and (d) no requests or notice may be canceled or countermanded after the
					valuation date. However, in the case of a fund that is invested primarily in
					real estate or other assets that are not readily marketable, the value of the
					fund's assets shall be determined at least once each year.
(2) When participations are withdrawn from a
					collective investment fund, distributions may be made in cash or ratably in
					kind, or partly in cash and partly in kind, provided that all distributions as
					of any one valuation date shall be made on the same basis.
(3) If for any reason an investment is
					withdrawn in kind from a collective investment fund for the benefit of all
					participants in the fund at the time of such withdrawal and such investment is
					not distributed ratably in kind, it shall be segregated and administered or
					realized upon for the benefit ratably of all participants in the collective
					investment fund at the time of withdrawal.
(4) Any trust company administering a
					collective investment fund shall have the responsibility of maintaining in cash
					and readily marketable investments such part of the assets of the fund as shall
					be deemed to be necessary to provide adequately for the needs of participants
					and to prevent inequities between such participants, and if prior to any
					admissions to or withdrawals from a fund the trust company shall determine that
					after effecting the admissions and withdrawals which are to be made less than
					40 percent of the value of the remaining assets of the collective investment
					fund would be composed of cash and readily marketable investments, no
					admissions to or withdrawals from the fund shall be permitted as of the
					valuation date upon which such determination is made: Provided, That ratable
					distribution upon all participations shall not be so prohibited in any
					case.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, recodified
							as §
										208-536-060, filed 8/22/00,
							effective 9/22/00. Statutory Authority:
							RCW
							   43.320.010, 43.329.040 and 30.04.030.
							99-01-119, § 50-36-060, filed 12/18/98, effective 1/18/99; Order 22,
							§ 50-36-060, filed 8/14/73.