HomeMy WebLinkAbout2237 text thereof in which event the resolution shell be ~ccompanied
by a certifie~ copy of such separate instrument.
2. Terqination of Plan; Permanent Discontinuance of
Contributions. Althouqh the plan is intended to be permacient tne
employer shall iievertheless have the riqht at any time t~ terminate
it. Termination shall be effected by delivering to the trustee a
certified copy of a eesolution adopteu :~y t:~e employer's ~oard of
Directors authorizing and di~recting such termination. In the
event of such termination, or in the event of the permanent dis-
continuance of contributions, the interest of each participa»t in
the trust fund, including, without limitation thereto, his interest
in any contract held by the trustee for his benefit and in the snare
of the auxiliarv fund attributable to any such contract, determined
as provided for in Section 8 of Article IV (with any aajustn~ent re-
quirea in orcier that the total vested interests will coincide ~aith
the amount actually availa~le, to be made in the same ratio tha~
the several actuarial reserves determined under Section 8 of ~rticle
IV bear to the.totla of such actuarial reserves so determined) shall
be re_qarded as fully vested without reqard to age or years of
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j participatior,, and, aftor payinq or providing for all charges and
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~ expenses properly payable out of the trust fund, if any, thc
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~ trustee shall distribut~ the sa~,a as follows: There shall be dis-
~ tributeu to each participant (a) each contract helc by the trustet
for the benefit of such participant and (b) the snare of t:~e
auxiliary fund uttributable to any such contract, cet~rmined as
afaresai~. In :^akinq distribution to participants under t:ie cir-
cumstances provided for in thi.s section the alternatives ancl
elections provided for in Article IV, witii respect to 8istriAUtion
to participants retiring because of disability;~shall prevail;
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~ provid~u, how~var, that in the case of any participant with respect
~ to wno:n ti:e total aneount distributable shall be i.~suf ficient to purch-
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