Common use of Cancelling Participation Clause in Contracts

Cancelling Participation. An employee's participation in the program shall be cancelled under the following conditions: (a) The employee is assigned to a job which does not require them to work Statutory Holidays. In this case the employee will be able to draw out all banked monies and cancel the banked time, or the employee may schedule the banked time to be taken off at a time acceptable to their new department. (b) The employee may elect to discontinue their participation. In this case the employee must so notify their Supervisor in writing of their intent. On receipt of such a notice the Company will pay to the employee all banked monies on the next appropriate pay day and all banked time will be cancelled. An employee who discontinues their participation in the program may, if they are still eligible under the terms of Paragraph 1, begin participation in the program in the following year subject to the requirements of Paragraph 2. 17-LU-#6 (continued)