Common use of Authority of Sponsor Clause in Contracts

Authority of Sponsor. As sponsor, Folio has the authority to remove and appoint a new custodian of your Xxxx XXX upon 30 days advance notice to you. As sponsor, Folio also has the authority to amend your Xxxx XXX in any respect and at any time consistent with the existing terms of this Xxxx XXX Custodial Account Agreement. IRS FORM 5305-RA INSTRUCTIONS (Rev. 3-2002) General Instructions Purpose of Form Do not file Form 5305-RA with the IRS. Instead, keep it with your records. Definitions XXX Conversion Contributions. XXX Conversion Contributions are amounts rolled over, transferred, or considered transferred from a nonRoth XXX to a Xxxx XXX. A nonRoth XXX is an individual retirement account or annuity described in section 408(a) or 408(b), other than a Xxxx XXX. Custodian. The custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as custodian.

Authority of Sponsor. As sponsor, Folio has the authority to remove and appoint a new custodian of your Xxxx XXX upon 30 days advance notice to you. As sponsor, Folio also has the authority to amend your Xxxx XXX in any respect and at any time consistent with the existing terms of this Xxxx XXX Custodial Account Agreement. IRS FORM 5305-RA INSTRUCTIONS (Rev. 3-2002) General Instructions Purpose of Form Do not file Form 5305-RA with the IRS. Instead, keep it with your records. Definitions XXX IRA Conversion Contributions. XXX IRA Conversion Contributions are amounts rolled over, transferred, or considered transferred from a nonRoth XXX IRA to a Xxxx XXX. A nonRoth XXX IRA is an individual retirement account or annuity described in section 408(a) or 408(b), other than a Xxxx XXX. Custodian. The custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as custodian.