(a) An advance college tuition savings contract must set out or include by reference to the plan
(1) the name and date of birth of the purchaser and the beneficiary under the contract;
(2) the number of advance college tuition credits purchased under the contract;
(3) the terms and conditions under which the contract may be terminated and refunds made;
(4) the assumption of a contractual obligation by the board to provide funding for specified education benefits for the beneficiary in accordance with the terms of the plan;
(5) the period of time during which the beneficiary may receive the benefits of the contract; and
(6) other terms and conditions the board determines to be appropriate or that are required under 26 U.S.C. (Internal Revenue Code).
(b) An advance college tuition savings contract may be terminated
(1) if the board determines that the number of purchasers is insufficient to maintain the fund on an actuarially sound basis; or
(2) under other circumstances determined by the board and set out in the advance tuition savings contract or in the plan.