(1) Charges for investment and custodial or other services which by nature benefit all fund participants shall be allocated by general rules over all fund participants enjoying those services:
(a) Charges for investment services shall be allocated among the participants in direct proportion to their degree of ownership of the assets invested;
(b) Charges for custodial services may include both an asset charge directly proportional to the degree of ownership of the assets held, and a fixed charge associated with participation of any magnitude.
(2) Charges for services which clearly benefit individual participants, such as accounting services or preparation of reports for individual participants, shall be paid for by the individual participant.
(3) The board shall approve all charges prior to payment. In no event shall charges pursuant to subsection (1)(a) of this section exceed one percent (1%) of the principal amount of the fund.