Common use of FIDUCIARIES AND BONDING Clause in Contracts

FIDUCIARIES AND BONDING. The Fiduciaries of this Plan will have only those duties which are specifically given to the Fiduciaries under the terms of this Plan. In addition, every Fiduciary other than a bank, an insurance company, or a Fiduciary of an Employer which has no common-law employees, will be bonded in an amount not less than 10% of the amount of funds under such Fiduciary's supervision, but such bond will not be less than $1,000 or more than $500,000. The bond will provide protection to the Plan against any loss for acts of fraud or dishonesty by a Fiduciary acting alone or in concert with others. The cost of such bond will be an expense of either the Employer or the Trust, at the election of the Employer.

FIDUCIARIES AND BONDING. The Fiduciaries (including Named Fiduciaries) of this the Plan will have only those powers and duties which are specifically given to the Fiduciaries them under the terms of this Plan. In addition, every Fiduciary Every fiduciary other than a bank, an insurance company, or a Fiduciary fiduciary of an Employer which has no common-law employees, will be bonded in an amount not less than 10% of the amount of funds under such Fiduciary's the fiduciary’s supervision, but such the bond will not be less than $1,000 or more than $500,000500,000 or such other amount that may be required by law. The bond will provide protection to the Plan against any loss for acts of fraud or dishonesty by a Fiduciary fiduciary acting alone or in concert with others. The cost of such bond will be an expense of either the Employer or the Trust, at the election of the Sponsoring Employer.