(a) All participating accounts in a fund shall have a proportionate undivided interest in all the fund’s assets, which shall be reported in units of beneficial interest. No participating account shall have individual ownership of any asset in the fund.

(b) A hard copy or electronic statement of participation shall be issued to each participating account and contributors to the participating accounts at least quarterly. The statement of participation shall indicate that the statement valuation is not guaranteed by the financial institution; that the units of beneficial interest held by the participating account are not negotiable or assignable; and that the statement is a representation of the participating account’s undivided interest in the fund, and does not represent individual ownership of any asset in the fund.

SOURCE: Added by P.L. 32-038:1 (June 7, 2013).