Action by Employer. Any action required of the Employer under the Plan shall be executed by the sole proprietor (if the Employer is a sole proprietorship), by a general partner or member of the Employer (if the Employer is a partnership or limited liability company), or by the board of directors or a duly authorized officer of the Employer (if the Employer is a corporation or other similarly organized business entity). If the Employer is no longer in existence, and the Plan does not specify the person to take an action, or otherwise serve in the place of the Employer in connection with the operation of the Plan, the Plan Administrator shall so act or serve, but if there is no person serving as Plan Administrator, such action shall be taken by a person selected following the approach referred to in paragraph 12.
Appears in 6 contracts
Samples: Defined Contribution Plan (1st Constitution Bancorp), Defined Contribution Plan (Wellesley Bancorp, Inc.), Defined Contribution Plan (Fraternity Community Bancorp Inc)
Action by Employer. Any action required of Action by the Employer under the Plan shall be executed carried out by the sole proprietor (proprietor, if the Employer is a sole proprietorship), by a general partner or member of the Employer (Employer, if the Employer is a partnership or limited liability company)partnership, or by the board of directors or a duly authorized officer of the Employer (Employer, if the Employer is a corporation or other similarly organized business entity)corporation. If the Employer is no longer in existence, and the Plan does not specify the person to take an action, or otherwise serve in the place of the Employer Employer, in connection with the operation of the Plan, the Plan Administrator shall so act or serve, but if there is no person serving as Plan Administrator, such action shall be taken by a person selected following the approach referred to in paragraph 1212.2. The Trustee/Custodian shall have, and assume, no responsibility for inquiring into the authority of any person purporting to act on behalf of an Employer.
Appears in 5 contracts
Samples: Defined Contribution Plan (FNB United Corp.), Nonstandardized Adoption Agreement (Banctrust Financial Group Inc), Defined Contribution Plan (United Community Bancorp)
Action by Employer. Any action required of Action by the Employer under the Plan shall be executed carried out by the sole proprietor (proprietor, if the Employer is a sole proprietorship), by a general partner or member of the Employer (Employer, if the Employer is a partnership or limited liability company)partnership, or by the board of directors or a duly authorized officer of the Employer (Employer, if the Employer is a corporation or other similarly organized business entity)corporation. If the Employer is no longer in existence, and the Plan does not specify the person to take an action, or otherwise serve in the place of the Employer Employer, in connection with the operation of the Plan, the Plan Administrator shall so act or serve, but if there is no person serving as Plan Administrator, such action shall be taken by a person selected following the approach referred to in paragraph 12the last two sentences of Section 9.3. The Trustee shall have, and assume, no responsibility for inquiring into the authority of any person purporting to act on behalf of an Employer.
Appears in 1 contract
Samples: 401(k) Plan Adoption Agreement (Biomune Systems Inc)