Nevada Revised Statutes 353B.110 – General duties and powers of Board
The Board:
Terms Used In Nevada Revised Statutes 353B.110
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
1. May modify the regulations for the implementation of the Program adopted pursuant to subsection 3 of NRS 353B.090.
2. May establish agreements to fulfill its obligations under the prepaid tuition contracts.
3. May contract for any necessary good or service, including, without limitation, the power to engage financial consultants, actuaries or legal counsel.
4. May procure insurance against any loss in connection with the property, assets or activities of the Trust Fund, the State Treasurer or the Board.
5. May solicit and accept a gift, including, without limitation, a bequeathment or other testamentary gift, grant, loan or aid from any source.
6. Shall solicit answers to requests for rulings from the Internal Revenue Service regarding the tax status of fees paid to or on behalf of a purchaser or a qualified beneficiary pursuant to a prepaid tuition contract.