5 CCR s 30951

Cal. Admin. Code tit. 5, s 30951

CALIFORNIA CODE OF REGULATIONS
TITLE 5. EDUCATION
DIVISION 4.5. SCHOLARSHARE INVESTMENT BOARD
CHAPTER 1. GOLDEN STATE SCHOLARSHARE TRUST PROGRAM
This database is current through 02/02/07, Register 2007, No. 5
s 30951. Opening Accounts.

(a) Individual Account Owner. Any individual who has either reached the
age of majority or who is an emancipated minor and who has provided the
program administrator's designee with a certified court decree of
emancipation and who meets other federal and state legal requirements
governing the program, shall be eligible to establish an account.

(b) Other Account Owners. A trust, estate, partnership, association,
company or corporation, a custodian under the California Uniform Transfers
to Minors Act, or a state or local government agency which meets the
federal and state legal requirements governing the program shall be
eligible to establish an account.

(c) Participation Agreement. An eligible account owner must submit a
completed and signed participation agreement with either an initial
contribution or a selection of electronic funds transfer, automatic
contribution plan, payroll deduction (if available), or rollover
distribution (if available) as the method of initial contribution to the
program administrator's designee.

(d) Participation Agreement Submitted By Entity Account Owner. In
satisfying the requirements of paragraph (c) of this Section, an entity
account owner must attach to the completed application portion of the
participation agreement substantiation as to: (1) the legal status of the
entity; (2) authorization by the entity to open the account; and (3) the
authority of the signer to open the account and conduct transactions in
the account.

(e) Number of Account Owners and Beneficiaries Per Account. Only one
account owner and one designated beneficiary is permitted per account,
except that state and local government agencies and entities described in
Section 501(c)(3) of the Internal Revenue Code that are opening the
account as part of a scholarship program can open a qualified scholarship
account for the benefit of designated beneficiaries to be named when the
scholarships are awarded. An account owner may be an account owner for
more than one account provided the designated beneficiary of each account
is different. An individual may be the designated beneficiary on more than
one account provided the account owner of each account is different.

(f) Cancelling Participation Agreements. Any account owner may cancel a
participation agreement at will by submitting written notification to the
program administrator's designee. A participation agreement is deemed
cancelled when the account owner requests a non-qualified distribution to
remove all funds from the account so that the balance in the account is
reduced to zero.

Note: Authority cited: Sections 69981(c)(7) and (d) and
69982(h), Education Code. Reference: Sections 69985, 69986 and
69990(a), Education Code; and Sections 501(c)(3) and 529(b)(4),
Internal Revenue Code.

HISTORY

1. New section filed 6-3-99 as an emergency pursuant to
Education Code69993.5; operative 6-28-99 (Register 99, No. 23). A
Certificate of
Compliance must be transmitted to OAL by 2-23-2000 or emergency language
will
be repealed by operation of law on the following day.

2. New section refiled 12-30-99 as an emergency pursuant to
Education Codesection 69993.5, including amendment of subsection (b);
operative 12-26-99
(Register 99, No. 53). A Certificate of Compliance must be transmitted to
OAL by 4-24-2000 or emergency language will be repealed by operation of
law on
the following day.

3. Certificate of Compliance as to 12-30-99 order transmitted to OAL
4-21-2000
and filed 6-1-2000 (Register 2000, No. 22).

4. Amendment of section heading, section and Note filed 12-26-2000 as an
emergency; operative 1-1-2001 (Register 2000, No. 52). A Certificate of
Compliance must be transmitted to OAL by 7-2-2001 pursuant to Education
Code
section 6993.5 or emergency language will be repealed by operation of law
on
the following day.

5. Certificate of Compliance as to 12-26-2000 order transmitted to OAL
5-22-
2001 and filed 7-5-2001 (Register 2001, No. 27).

6. Amendment of section and Note filed 12-18-2001 as an emergency;
operative 1-
1-2002 (Register 2001, No. 51). Pursuant to
Education Code section69993.5, a Certificate of Compliance must be
transmitted to OAL by 7-1-2002 or
emergency language will be repealed by operation of law on the following
day.

7. Editorial correction ofHistory6 (Register 2002, No. 21).

8. Editorial correction ofHistory6 (Register 2002, No. 31).

9. Reinstatement of section as it existed prior to 12-18-2001 emergency
amendment by operation of Government Code section 11346.1(f) (Register
2002, No. 31).

10. Amendment of section and Note filed 7-31-2002 as an emergency;
operative 7-
31-2002 (Register 2002, No. 31). A Certificate of Compliance must be
transmitted to OAL by 12-2-2002 or emergency language will be repealed by
operation of law on the following day.

11. Certificate of Compliance as to 7-31-2002 order transmitted to OAL
11-13-
2002 andfiled 12-5-2002 (Register 2002, No. 49).

5 CCR s 30951, 5 CA ADC s 30951
1CAC

5 CA ADC s 30951

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