HomeMy WebLinkAbout2474 Charging the 11.10 In orde= to protect the Trust against depletion
cost of as a result of ill-advised litigation, in-the
litigation event any Participant, former employee or bene-
ficiary brings legal action against the Trust,
the result of which is adverse to the party
bringing suit, the cost to the Trustees of de-
fending such suit shall be charged, to the ex-
tent possible, against any funds held by the Trust
for the benefit of any such Participant, former
employee or beneficiary.
~ ARTICLE XII
INSURANCE, ENDOWMENT AND ANNUITY POLICIES
Znsurance 12.01 The Trustees may provide each Active Participant
is optional with the option of having life, endowment or
annuity contracts purchased on his behalf from
a legal reserve life insurance company.
~
12.02 Should the Trustees elect to provide this option,
i the following rules shall be applicable to the
~ acquisition, handling and disposition of all
~ Policies:
s
~ Uniform (a) The basic options, cash surrender values and
R insurance other material features of all Policies shall
$ availability be as nearly uniform as possible, and no op-
~ tion shall be used that will in any way be in
~ violation of ARTICLE IX hereof.
~
~ Trustees (b) The Trustees shall be designated the sole
~ own policies owners of all Policies purchased hereunder;
~ but all benefits, rights, privileges and
~ options under such Policies and all dividends
~ payable or refunds made by the insurance
~ company on such Policies shall be exercised
~ and dealt with for the sole benefit of such
~ Participants (or their Beneficiaries) on whose
a behalf the Policies were purchased.
~ Premiums taken (c)~,Payments made to any insurance company with
from individual respect to any Policy purchased on behalf of
- account an Active Participant shall constitute an
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