Sec. 14.07.03.04. Conduct of Hearings

A. Hearings under Regulation .03A of this chapter shall be conducted by the Director of Fiscal Operations, Director of Underwriting or the Director's designee.

B. Hearings under Regulation .03B(4) of this chapter shall be heard by a member of the board of trustees of the Fund designated by the chairman of the board. The Director of Fiscal Operations, Director of Underwriting or designee shall appear on behalf of the Fund at the hearing.

C. Testimony and Evidence in a Hearing. In a hearing held pursuant to Regulation .03B(4) of this chapter:

(1) Any party may call witnesses and present evidence.

(2) Any party may request that witnesses testify under oath.

(3) Any party may cross-examine witnesses, and may submit rebuttal evidence.

(4) Any party may present summation and argument.

(5) The presiding board member may admit evidence which possesses probative value commonly accepted by reasonable and prudent people, and may exclude incompetent, privileged, irrelevant, immaterial, or unduly repetitious evidence. In determining the case, the presiding board member may not consider factual information and evidence that is not part of the record of the case.

(6) The presiding board member may accept documentary evidence in the form of copies or excerpts, or by incorporation by reference.

(7) The presiding board member may take notice of judicially cognizable facts and general, technical, or scientific facts within the member's knowledge. The presiding board member shall assure that both parties are advised of any facts noticed before or during the hearing, and that both parties have an opportunity to contest those noticed facts.