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<br />1 <br /> <br />the fund selected pursuant to subsection (4) of this section <br /> <br />2 all stabilization reserve fund charges which it collects from <br /> <br />3 its policyholders and any retrospective premium refunds <br /> <br />4 payable under the group retrospective rating plan authorized <br /> <br />5 by this part 11. <br /> <br />6 <br /> <br />(4) All moneys received by the fund shall be held in <br /> <br />7 trust by a corporate trustee selected by the board. The <br /> <br />8 <br /> <br />corporate trustee may invest the moneys held in trust, subject <br /> <br />9 <br /> <br />to the approval of the board. <br /> <br />All investment income shall <br /> <br />10 <br />11 <br /> <br />credited to the fund. <br /> <br />All the expenses of administration of <br /> <br />the fund shall <br /> <br />be charged against the fund. <br /> <br />Except <br /> <br />12 <br /> <br />provided in this subsection (4), the moneys held in trust <br />shall be used solely for the purpose of discharging, when due, <br />any retrospective premium charges owed by the policyholders of <br />the association under the group retrospective rating plan <br />authorized by this part 11. Payment of retrospective premium <br /> <br />13 <br />14 <br /> <br />15 <br />16 <br />17 <br /> <br />charges from the fund shall be made by the board upon <br /> <br />certification by the association of the amount due. If all <br /> <br />18 <br /> <br />19 moneys accruing to the fund are finally exhausted in payment <br />, <br /> <br />20 of retrospective premium charges, all the liabilities and <br />21 obligations of the association's policyholders with respect to <br />22 the payment of retrospective premium charges shall thereupon <br />23 terminate and shall be conclusively 'presumed to have been <br />24 discharged. Any moneys remaining in the fund after all such <br /> <br />25 retrospective premium charges have been paid shall be returned <br /> <br />26 <br /> <br />to the policyholders under procedures authorized by the board. <br /> <br />-22- <br /> <br />lS <br /> <br />o <br /> <br />be ,\ < ~~~ <br />V'7\';";~ , <br />\7"'. <br />as I' .'..,,,,,,.., <br />!'~'-" <br /> <br />~"",."..~"-,,, <br /> <br />~., - <br />~ <br />~,.. <br />";',-, <br /> <br />. ..-::: <br /> <br /> <br />e'" <br />". - ."' <br />." - -" ,,/ <br />. -~., <br /> <br />~~ <br />