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8F Consent 2009 0518
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8F Consent 2009 0518
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5/15/2009 10:48:02 AM
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5/15/2009 10:48:00 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
5/18/2009
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_CC Agenda 2009 0518
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2009\Packet 2009 0518
Reso 2009-067
(Reference)
Path:
\City Clerk\City Council\Resolutions\2009
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others authorized to act on behalf of the Employer whose names and specimen <br />signatures shall be kept accurate by the Employer acting through a duly <br />authorized officer or governing body of the Employer. The Trustee and the Trust <br />Administrator shall have no liability if they act upon the direction of a Plan <br />Administrator or Delegatee that has been duly authorized, as provided in Section <br />3.6, if that Plan Administrator or Delegatee is no longer authorized to act, unless <br />the Employer has informed the Trustee and the Trust Administrator of such <br />change. <br />3.$ Directions to Trustee <br />All directions to the Trustee from the Plan Administrator or Delegatee must be in <br />writing and must be signed by the Plan Administrator or Delegatee, as the case <br />may be. For all purposes of this Trust Agreement, direction shall include any <br />certification, notice, authorization, application or instruction of the Plan <br />Administrator, Delegatee or Trustee appropriately communicated. The above <br />notwithstanding direction may be implied if the Plan Administrator or Delegatee <br />has knowledge of the Trustee's intentions and fails to file written objection. <br />The Trustee shall have the power and duty to comply promptly with all proper <br />directions of the Plan Administrator or Delegatee, appointed in accordance with <br />the provisions of this Trust Agreement. In the case of any direction deemed by <br />the Trustee to be unclear or ambiguous the Trustee may seek written instructions <br />from the Plan Administrator, the Employer or the Delegatee on such matter and <br />await their written .instructions without incurring any liability. If at any time the <br />Plan Administrator or the Delegatee should fail to give directions to the Trustee, <br />the Trustee may act in the manner that in its discretion seems advisable under the <br />circumstances for carrying out the purposes of the Trust and/or the applicable <br />Agency Account which may include not taking any action. The Trustee may <br />request directions or clarification of directions received and may delay acting <br />until clarification is received. In the absence of timely direction or clarification, <br />or if the Trustee considers any direction to be a violation of the Trust Agreement <br />or any applicable law, the Trustee shall in its sole discretion take appropriate <br />action, yr refuse to act upon a direction. <br />3.9 Appointment of Trust Administrator <br />The Employers may, with the approval of two-thirds (2/3) or more of the <br />Employers then participating in the Trust, act to appoint a bank, trust company, <br />retirement board, insurer, committee or such other entity as permitted by law, to <br />serve as Trust Administrator of the Trust. Such action must be in writing. Upon <br />the written acceptance of such entity it shall become the Trust Administrator of <br />the Trust. If the Trust Administrator is removed or resigns pursuant to Section <br />3.13, the Employers shall appoint a successor Trust Administrator in accordance <br />with the voting requirements set forth in this Section 3.9. <br />8 <br />NB1:657192.8 <br />
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