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FULL PACKET_2010-12-20
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FULL PACKET_2010-12-20
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1/3/2012 3:56:09 PM
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12/17/2010 11:58:46 AM
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City Clerk
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Agenda Packet
Date
12/20/2010
Destruction Year
2015
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<br /> <br /> <br /> <br /> <br /> 6.3 Court Appointment of Successor. If neither the Agency nor the Plan Administrator <br /> designates a Successor Trustee within thirty days after the Trustee gives notice of resignation or receives <br /> notice of removal, the Trustee may, at the expense of the Trust, apply to a court of competent <br /> jurisdiction to appoint a Successor Trustee. Until a Successor Trustee is appointed, and all Trust assets <br /> are delivered to the Successor Trustee, the Trustee shall be entitled to be compensated for its services <br /> according to its published fee schedule then in effect for acting as Trustee in accordance with the Plan <br /> and Trust. <br /> <br /> 6.4 Successor's Powers. A Successor Trustee shall have the same powers and duties as those <br /> conferred upon the original Trustee hereunder. A resigning Trustee shall transfer the Trust Assets and <br /> shall deliver the books, accounts and records of the Trust to the Successor Trustee as soon as <br /> practicable. The resigning Trustee is authorized, however, to reserve such amount from the Assets of <br /> the Trust as may be necessary for the payment of its fees and expenses incurred prior to its resignation, <br /> and the Trust Assets shall remain liable to reimburse the resigning Trustee for any costs, expenses or <br /> attorneys' fees or losses incurred, whether before or after resignation, due solely to Trustee's holding title <br /> to and administration of the Trust Assets. <br /> 6.5 Successor's Duties. A Successor Trustee shall have no duty to audit or otherwise inquire into <br /> the acts and transactions of its predecessor. <br /> <br /> <br /> ARTICLE VII <br /> <br /> AMENDMENT <br /> <br /> 7.1 Power to Amend. The Agency shall have the right at any time, and from time to time, to <br /> modify or amend this Trust Agreement in whole or in part, effective upon thirty days' prior written <br /> notice to the Trustee, provided, however, that the Trustee's duties and responsibilities shall not be <br /> amended without the Trustee's express written consent. <br /> 7.2 Limitation on Amendment. No amendment shall be made, at any time, under which any part <br /> of the Trust may be diverted to purposes other than for the exclusive benefit of Participants and their <br /> Beneficiaries. <br /> <br /> 7.3 Conformity with Law. Notwithstanding anything herein to the contrary, this Trust Agreement <br /> may be amended prospectively or retroactively at any time by the Agency if deemed necessary to <br /> conform to the provisions and requirements of the Internal Revenue Code or regulations promulgated <br /> pursuant thereto in order to maintain the tax-exempt status hereof thereunder, or to conform to the <br /> provisions and requirements of any law, regulation, order or ruling affecting the character or purpose of <br /> the Plan or Trust. No such Amendment shall be effective to add or change the Trustee's powers or <br /> duties absent Trustee's written consent. <br /> <br /> ARTICLE VIII <br /> <br /> LIABILITIES <br /> 8.1 Declaration of Intent. Nothing in this Article purports to relieve a fiduciary from liability for <br /> any responsibility, obligation or duty under any applicable Statutes. However, to the full extent <br /> <br /> <br /> 14 <br /> <br /> 55A-32 <br />
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