Common use of Dividend Disbursing Services Clause in Contracts

Dividend Disbursing Services. 4.1 Upon receipt of a written notice from the President, any Vice President, Assistant Secretary, Treasurer or Assistant Treasurer of a Customer declaring the payment of a dividend, Transfer Agent shall disburse such dividend payments provided that on or before the mail date for such payment, Customers furnishes Transfer Agent with sufficient funds. The payment of such funds to Transfer Agent for the purpose of being available for the payment of dividend checks from time to time is not intended by Customers to confer any rights in such funds on Customer shareholders whether in trust or in contract or otherwise. 4.2 Customers hereby authorizes Transfer Agent to stop payment of checks issued in payment of dividends, but not presented for payment, when the payees thereof allege either that they have not received the checks or that such checks have been mislaid, lost, stolen, destroyed or, through no fault of theirs, are otherwise beyond their control and cannot be produced by them for presentation and collection, and Transfer Agent shall issue and deliver duplicate checks in replacement thereof, and Customers shall indemnify Transfer Agent against any loss or damage resulting from reissuance of the checks. 4.3 Transfer Agent is hereby authorized to deduct from all dividends declared by Customers and disbursed by Transfer Agent, as dividend disbursing agent, the tax required to be withheld pursuant to Sections 1441, 1442 and 3406 of the Internal Revenue Code of 1986, as amended, or by any Federal or State statutes subsequently enacted, and to make the necessary return and payment of such tax in connection therewith.

Dividend Disbursing Services. 4.1 Upon receipt of a written notice from the President, any Vice President, Assistant Secretary, Treasurer or Assistant Treasurer of a Customer declaring the payment of a dividend, Transfer Agent shall disburse such dividend payments provided that on or before the mail date for such payment, . Customers furnishes Transfer Agent with sufficient funds. The payment of such funds to Transfer Agent for the purpose of being available for the payment of dividend checks from time to time is not intended by Customers to confer any rights in such funds on Customer shareholders whether in trust or in contract or otherwise. 4.2 Customers hereby authorizes Transfer Agent to stop payment of checks issued in payment of dividends, but not presented for payment, when the payees thereof allege either that they have not received the checks or that such checks have been mislaid, lost, stolen, destroyed or, through no fault of theirs, are otherwise beyond their control and cannot be produced by them for presentation and collection, and Transfer Agent shall issue and deliver duplicate checks in replacement thereof, and Customers shall indemnify Transfer Agent against any loss or damage resulting from reissuance of the checks. 4.3 Transfer Agent is hereby authorized to deduct from all dividends declared by Customers and disbursed by Transfer Agent, as dividend disbursing agent, the tax required to be withheld pursuant to Sections 1441, 1442 1441,1442 and 3406 of the Internal Revenue Code of 1986, as amended, or by any Federal or State statutes subsequently enacted, and to make the necessary return and payment of such tax in connection therewith.