Common use of Maximum Permissible Contributions Clause in Contracts

Maximum Permissible Contributions. The Board will, from time to time, establish the maximum account balance value (Maximum Balance), whichwilllimittheamountofcontributionsthatmaybemadeto Accounts for any one designated beneficiary, as required by the Code, the Act, and the Plan Regulations. To the extent that contributions would result in an aggregate balance in all the Accounts in excess of the Maximum Balance, the excess will not be accepted and will be returned to the contributor. The initial Maximum Balance is set forth in the Plan Description and is subject to change at any time by the Board. The balance in any accounts held for a designated beneficiary in any other account in the Nevada college savings program (Nevada College Savings Program) will also be aggregated with the balances in Accounts in applying the Maximum Balance.