HomeMy WebLinkAbout1430 L.-.
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all the estate, rights, powers, discretions, and duties of his ~
predecessor with like respect as if he were originally named as
a Trustee herein. Until such a successor is appointed, the
remaining Trustee or Trustees shall have full authority to act
under the terms of this Agreement.
(d) The Board of Directors may designate one or more
successors prior to the death, resignation, incapacity or removal
of a Trustee. In the event a successor is so designated by the
Board of Directors of the Employer and accepts such designation,
the successor shall, without further act, become vested with all
the estate, rights, powers, discretions, and duties of his pre-
decessor with the like effect as if he were originally named as
Trustee herein immediately upon the death, resignation, incapacity,
or removal of his predecessor.
(e) Whenever any Trustee hereunder ceases to serve as such,
he shall furnish to the Employer and Administrator a written state-
ment of account with respect to the portion of the Fiscal Year
during which he served as Trustee. The statement shall be either
(i) included as part of the annual statement of account for the
Fiscal Year required under Section 7.6 or (ii) set forth in a
special statement. Any such special statement of account should
be rendered to the Employer no later than the due date of the
annual statement of_account for the Fiscal Year. The procedures
set forth in section 7.6 for the approval by the Employer of annual
statements of account shall apply to any special statement of
account rendered hereunder and approval by the_ Employer of any
such special statement in the manner provided in Section 7.6 shall
have the same effect upon the statement as the Employer's approval
of an annual statement of account. No successor to the Trustee
shall have any duty or responsibility to investigate the acts or
transactions of any predecessor who has rendered all statements
of account required by Section 7.6 and this subsection.
7.9 TRANSFER OF INTEREST. Notwithstanding any other provision
contained in this Plan, the Trustee at the direction of the Adminis-
trator shall transfer, upon a 1-Year Break in Service of a Partici-
pant, the Vested interest, if any, of such Participant in his -
Accrued Benefit to another trust forming part of a pension, profit-
sharing or stock bonus plan maintained by such Participant's new
employer and meeting the requirements of Section 401(a) of the
Code provided that the trust to which such transfers are made
permits the transfer to be made, or to the Participant upon the
~ condition that he transfer or "rollover" such distribution, excluding
employee contributions, within 60 days into an Individual Retirement
Account or annuity as defined in Section 408 of the Code. With
the consent of the Administrator, the Trustee may accept funds
transferred from other Plans qualified under Section 401(a) of
i the Code or a "conduit" Individual Retirement Account for the
benefit of a Participant under this Plan, provided that the trust
from which such funds are transferred permits the transfer to
be made, and in the opinion of counsel for the Employer, the trans-
fer will not jeopardize the exempt status of the Plan or create
adverse tax consequences to the Employer. In the event a transfer
~ is permitted, the amount transferred shall be credited to the
~ Participant's Rollover Account in accordance with Section 4.3
of this Agreement. The Trustee may act upon the direction of
the Administrator without determining facts concerning a transfer.
I
END OF ARTICLE VII
ao~x 315 PaGE 1428
-30-
is~~o'r 230 gar: 088