(a) An account holder shall designate in writing a contingent beneficiary at the time the account is established.
(b) In the event of the death of an account holder, ownership of the account shall be transferred to the contingent beneficiary. If the contingent beneficiary is deceased, is not eligible to be an account holder, or otherwise cannot or will not accept ownership of the account, the matching funds shall be returned to the District of Columbia and administering organization in the same amounts as the matching funds were provided and the funds in the opportunity account shall be disbursed in accordance with District of Columbia law.
(c) The account holder may change, by a written instrument, his or her designation of the contingent beneficiary at any time.
(Apr. 3, 2001, D.C. Law 13-266, § 11, 48 DCR 1240.)
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