A mutual fund may reject a purchase order for the purchase of securities of the mutual fund if
(a) the rejection of the order is made no later than one business day after receipt by the mutual fund of the order;
(b) on rejection of the order, all cash received with the order is refunded immediately; and
(c) the prospectus of the mutual fund states that the right to reject a purchase order for securities of the mutual fund is reserved and reflects the requirements of paragraphs (a) and (b).
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