Agenda - Council - 02/25/1986 - Laserfiche WebLink

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~ct,On 23 D,~lribut,o~ from Ihe power ~chon 2 d Veluahon of lrusl FiJnd~ Al least once a ypBr as of Vlluahon Dates ~es~gneteO by the l~ustee, the 1 tuftee she11 dele~mme I~ value Of Ihe Trusl Funds Assels of the their markel values mi Ihe close of busmess on the Valuahon Date. I~ absence of readdy ascerta,nable market values as the T~ustee shall ~etermine. in accordance w~th methods consislenlly Iollowed end ~nilo~mly mppl~d ARTICLE III. For Protection of Trustee. ~ct,on3 1 Evidence oIAchonby Employer ~he~rusl~may u~n any ce~ihcale, notice or d,rechon purporhng Io have been signed on ~half of t~ Employe~ which Ihe Trustee behaves lo have ~en ligned by a duly designated ofhc iai Of Ihe Employer No commumcahon shall be b~nd~ng upon any of the ~usl Funds ct Trust~ unhl lhey are ~etved by the ~ruslee ~ction 3.2 Advice of Counsel T~e Trustee may consull with any ~gel counsel with respect to Ihe construction of Ibis Agr~ment. ils ~uhes hereunder, or any ecl, wh,ch II proposes to take or omit, and shatl not be liable for any achon laken Or omitled ~uch advice ~ction 33 M~scellaneous The Trustee shall use ordmery care and ~easonable ddigence, but shall nol be liable for any mislake of iuOgmenl Or other action leken in g~d failh The ~ruslee shall nol ~ liable for any ~ss sustained by lhe Trust Funds by reasons of any investmenl made g~d leith and in accordance with the provisions Of this Agreement. ~e Trusl~'s duties and obligations shall ~ limited to those expressly imposed upon it by tht~ Agr~ment. ARTICLE IV. Ta~e~, Ex~nses and C~n~alion ~c~on 4.1. 1exes. The T~usl~ shell ~uct Irom and charge against t~ Trust Funds any loxes on Ihe Trust Funds or lhe income thereof or which the Trusl~ is required to pay with res~cl Io the interest of any ~rson therein. ~ction 4.2. Expenses The Trustee shall deduct from and charge against the Trusl Funds all reasonable ex~nses incurr~ by the Trusl~ in the adminislration of the Trust Funds. including counsel, agency, investmenl advisor, end other n~essary tees. ARTICLE V. Setllemenl of A~ounll. The Trust~ shall keep accurate and detailed accounts of all investments, receipts, disbursements, and Ol~r transachons hereunder. Wdh~n ninety (g0) days after the close of each hscal year, the Trust~ ~11 render in duplicate 1o the Employer an account of its acts and Iransactions as Trustee hereu~er. If any ~v~ted through the medium of anycommon, colleclive or ~mmingled TeSt Funds, the last annual repo~ of such Trust Funds shall mubmitt~ with and incorporated in lhe account. If within ninely (~) days miter the mailing of the account o~ any amended account t~ Employer has not filed with the Trusl~ notice of ~y objeclion to any ecl or Itansaclion of the Trusl~, I~ eccounl or amerind eccount shall ~come an account slaled. If any objection has ~n filed, and il the Employe~ is salished that it should be wd~awn il t~ account is adjusted to t~ Employe~'s satislaction, the Employer shah in wrihng filed wilh the TruSt~ signify approvalof the account end il ~II ~come an accounl slated ARTICLE VI. ~llJj~llj~ I~d RtmovlJ of truilH. IhRll IRKP elfeCI I~xly (~01 dny~ from Ihe Oale of such hhng end Ippomlmenl Of I JuCCf~SOf pursuant lo ~Chon 6 3. whichever Ira first OCCUr ~clion ~ ? Remove' of ~rust~ The EmplOyer may remove Ir~ ~ustee at any t,me by ~ehverm~ to the ~rustee a w~dten nobce of removal and In appo,nlment of I ~uccessor pursuanl Io ~ct,on 6 Such remo~e~ shall not lake ellecl prior I0 l~zly [60} ~ays I~Om lu~, dehvery unless Ihe ~rustee ag~s Io an eaH~e~ ellecl~ve Oate ~clion63 AppmnlmenlofSuccessorTruslee Theappoinlmenl e successor lo Ihe T~uslee shall lake effecl upon I~ dehvery to Truslee of (a) an instrumenl in w~ihng ex~uteO by Ihe Employe- appmnllng Such successor, and exonerahng Such succe~sm habihty lot Ihe acts and omissions Of ils predecessor, and (b) acceplance in wrihng, executed by such Successor. All of lhe provisions sol Iorlh herein wilh ~espect Io the Trustee s~' relate to each successor with the same force and effecl as if successor had been originally named as 3~ustee If a successor is not appomted wdh sixly [~) days after Ihe gives nohce of its resignahon pursuant Io ~chon 6.1.. the Trustee apply to any cou~ of competent jurisdichon for appointmenl O1 Buccesso~ ~clion64 Transfer of Funds to Successor Uponlheresignahono- removal of the Trust~ and appointmenl of a Successor. and afte~ final account of I~ TrMst~ has ~en properly settled, the 3ruslee s~'~ transfer and deliver any of Ihe Trust Funds involved to such succes~- ARTICLE VII. Dural~n and Red.alton of Tell Agr~ment. S~lion 7.1. Duration and Revocation. This Trust shall cOnlinue such time as may be ne~ssa~ to accomplish the purpose for which was c~eat~ but may ~ lerminated or revoked at any time by Employer as il relates 1o any and/or all related parlicipating Employes Wrdten nobce of such lerminahon or rev~ation shall be given to Trustee by t~ Employer. Upon termination or revocation of the all of the assets thereof shall return to and revell to lhe Employe- Termination of this Trust shall not. however, relieve the Employer o1 Employer's ~nhnuing obligahon Io pay deferred compensation tc Employes in accordance wilh the terms Of the Plan. ~ction 7.2. Amendment The Employershall have the righl Io ame~ this Agr~ment in whole and in pall but only with the Trustee's wrltte~ consent. Any ~ch amendment shall ~come effective upon {a) deliver~ to the Trust~ of a wriUen instrument of amendment, and (b) t~ endorsement by Ihe Truslee on such instrumenl of ils consent thereto ARTICLE VIII. ~iscellaneous. S~tion 81. ~ws of the District of Columbia to Govern. Th~ Agr~ment and I~ T~st hereby created shall ~ construed r~ulat~ by the laws of the Districl of Columbia. ~ction 82. Successor Employers. The "Employer" shall include an~ ~son who succeeds lhe Employer and who thereby becomes subj~: 1o Ihe obligations of t~ Employer under the Plan. ~clion 8.3 Withdrawals. The Employer ~y. at any time. and time Io time, wilhdraw a potion or all of Trust Funds created by Ih=s Agr~menl Section 84 Gender and Numar. The masculine includes feminine end the singular includes the plural unless t~ context requir~ enDther meaning.