Application of the Fund. For the purpose set forth in paragraph 3.02, the Trustees have power to use and apply the Fund as follows:
(a) to pay the Employee Life and Health Benefits required to be paid in accordance with this Agreement;
(b) to pay or provide for the payment of all reasonable and necessary expenses, costs and fees incurred by the Board in connection with the maintenance, operation and administration of the Fund and Plan, including the leasing or purchasing of such premises, materials, supplies and equipment and the employment of such officers, actuarial, legal, accounting, administrative and other assistants and staff as the Trustees in their discretion deem necessary or appropriate for the proper performance of their duties as well as to compensate the Trustees as provided in paragraph 2.21 and to pay or provide for the payment of expenses incurred by officers and staff of the Trust in the performance of their duties in connection with the Trust in accordance with policies established from time to time by the Chief Executive Officer;
(c) to acquire, to keep in good standing, and to replace, from time to time, such fiduciary liability, crime, third party liability, property, travel accident and other insurance, in such amounts as the Trustees deem advisable;
(d) to pay all necessary expenses incurred by HEABC in connection with the establishment of the Fund and Plan, including consultation fees and charges of employee benefit consultants, actuarial, legal, accounting and other professional fees, charges and disbursements, the premiums and other costs for obtaining and maintaining fiduciary liability and such other insurance as the Trustees deem appropriate;
(e) to pay or provide for the payment of all real and personal property taxes, income and other taxes, or assessments of any and all kinds levied or assessed under existing or future laws upon or with respect to the Fund, or any money or property forming a part thereof;
(f) to establish and accumulate such reserve funds as, based on actuarial advice, may be necessary to provide for payment of Employee Life and Health Benefits, administrative expenses and other obligations of the Fund, including the proper maintenance and operation of the Trust; and
(g) subject to subparagraph 4.01(m), to invest and re-invest the principal and income of the Fund, without distinction between principal and income, in investments which conform to the investment requirements of the Pension Benefits Standards Act (British Columbia) a...
Application of the Fund. The Fund shall be held by or on behalf of the Trustee upon irrevocable trust, subject to the provisions of the Trust Deed and Rules, to pay the expenses properly incurred by the Trustee and the benefits provided for by the Trust Deed and the Rules. Any such expenses may be paid in full as and when they become payable without regard to the sufficiency of the Fund to meet any other expenses or benefits whether payable presently, prospectively or contingently.
Application of the Fund. For the purposes set forth in this Agreement, the Board has power to use and apply the Fund as follows:
(a) to pay the Health and Welfare Benefits required tobe paid in accordance with the Plan Text and this Agreement, to theextent the Fund permits provided substantially all of the cost of benefits is applicable to Designated Employee Benefits;
(b) to pay to the BCCA the sponsorship fee contemplated by the Conveyance and Sponsorship Agreement, as that Agreement may be amended from time to time;
(c) to pay or provide for the payment of all reasonable and necessary expenses, costs and fees incurred in connection with the maintenance, operation and administration of the Fund and the Plan, including the leasing or purchasing of such premises, materials, supplies and equipment and the employment of such officers, actuarial, legal, accounting, administrative and other assistants and staff as the Trustees in their discretion deem necessary or appropriate for the proper performance of their duties as well as to reimburse the Trustees as provided in Section 3.14 and to pay or provide for the payment of expenses incurred by officers and staff of the Board in the performance of their duties in connection with the Plan in accordance with policies established from time to time by the BCCA;
(d) to acquire, to keep in good standing, and to replace, from time to time, such insurance, including fiduciary liability insurance and fidelity bonds, in such amounts as the Trustees deem advisable;
(e) to pay all necessary expenses incurred by the BCCA in connection with the establishment of the Fund and the Plan, including any fees, charges and disbursements of any employee benefit consultants or any actuarial, legal, accounting or other professional advisors retained by the BCCA in connection with the establishment of the Fund and the Plan;
(f) to pay or provide for the payment of all real and personal property taxes, income and other taxes, or assessments of any and all kinds levied or assessed under existing or future laws upon or with respect to the Fund, or any money or property forming apart thereof;
(g) to establish and accumulate such reserve funds within the Fund, based on actuarial advice, as may be necessary to provide for payment of Health and Welfare Benefits, administrative expenses and other obligations of the Fund;
(h) to register any investments held in the Fund in:
(i) the name of the Board;
(ii) the name of a financial institution acting as custodian of the F...
Application of the Fund. The Trustees shall have the power to use and apply the Trust Fund for the following purposes:
(a) To pay or provide for the payment of salaries, wages, fringe benefits, and other reasonable and necessary expenses, costs, and fees incurred by the Trustees in connection with the employment of the Executive Director and staff.
(b) To pay or provide for the payment of the amounts determined by the Trustees as reasonable fees for the services of anyone retained to collect Employer Contributions and to administer the affairs of the Trust Fund and the Plan.
(c) To pay or provide for the payment of all reasonable and necessary expenses, costs, and fees incurred by the Trustees in connection with the operation and administration of the Trust Fund and the Plan, including the retention of advisers and providers of services as provided for herein.
(d) To pay or provide for the payment of all real and personal property taxes, income taxes and other taxes or assessments of any and all kinds levied or assessed under existing or future laws upon or in respect to the Trust Fund or any money or property forming a part thereof.
(e) To maintain a reserve for expected administration expenses reasonably anticipated to be incurred during a period not exceeding three months.
(f) To pay or provide for the payment of the retirement, death, and termination benefits contemplated herein. All funds received by the Trustees hereunder as a part of the Trust Fund shall be deposited in accounts at one or more Qualified Financial Institutions designated by the Trustees for that purpose. The Trustees may allocate to two Trustees, one of whom shall be a Union Trustee and one an Employer Trustee, the sole power and responsibility to make all transfers of such funds from such accounts. No such transfer shall be made except to an insurance company pursuant to an Insurance Company Contract, to an investment Manager or a Custodian, to a Qualified Investment Vehicle, or to an administrative account or accounts in Qualified Financial Institutions designated by the Trustees from which the Administrative Manager as well as such Trustees shall have the authority to draw checks in payment of the ordinary expenses of the Trust Fund and to make refunds of contributions received by the Trust Fund pursuant to such procedures as may be adopted by the Trustees from time to time.
