| (a) Enrollment period. The savings plan will have an open,
continuous enrollment period.
(b) Date on which applications for enrollment are considered
to have been received. For purposes of this section:
(1) if an application for enrollment has an official postmark
date that is affixed by the United States Postal Service, a plan manager is
considered to have received the application on the earlier of:
(A) the official postmark date; or
(B) the date that is reflected on the date stamp to the application
or equivalent documentation that evidences actual receipt of the application
by the plan manager; or
(2) if an application for enrollment does not have an official
postmark date that is affixed by the United States Postal Service, a plan
manager is considered to have received the application on the date that is
reflected on the date stamp to the application or equivalent documentation
that evidences actual receipt of the application by the plan manager.
(c) Limitations on enrollment. The board may limit enrollment
in the savings plan as the board considers necessary.
(d) Opening of savings trust account. A prospective owner may
open a savings trust account if:
(1) the prospective owner enters into a savings trust agreement
with the board;
(2) the prospective owner makes the minimum contribution that
the plan manager that has custody of the account requires; and
(3) the maintenance and funding of the account would not cause
excess contributions in violation of §7.103(c) of this title (relating
to Excess Contributions Prohibited).
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