Fund Termination Sample Clauses
Fund Termination. If the Board determines (in its sole judgment) that the Program is not financially viable, or for any other reason determines that the Program shall be terminated, the Board will cease to accept any further Contracts and notify all current Contract Purchasers of the plan for final disbursements (as a Non-qualified Refund to the Purchaser or the Beneficiary) from the Trust Fund as outlined in Section 10.B.7.
Fund Termination. The Fund shall continue so long as assets are available in the Fund and the purposes of the Fund can, in the opinion of the Board of Directors of XXX, be served by its continuation. If the Fund is terminated for the above reasons, XXX shall devote any remaining assets in the Fund exclusively for charitable purposes that:
(a) are within the scope of the charitable purposes of ILA's Articles of Incorporation;
(b) most nearly approximate, in the good faith opinion of the Board of Directors of XXX, to the original purpose of the Fund; and
(c) benefit the Library.
Fund Termination. In the event of fund termination, available funds will be reimbursed to donors, most recent donation first, until the fund balance is exhausted.
Fund Termination. The Fund can be terminated by the City with a two thirds (2/3) approval by the City’s corporate authorities as defined in 65 ILCS 5/ 1-1-2(2) if one or more of the following conditions exists or arises: (i) if after two years following the date first appearing above the Fund fails to accumulate any donations; (ii) the City’s corporate authorities determine that the Urbana Public Art Program is sufficiently funded through alternative means; (iii), the City terminates the Public Art Program; or (iv) no donations are made to the Fund for a period of 650 days from the date of the last donation made to the Fund. If, for any reason, the Community Foundation dissolves, ceases to exist or ceases to hold or administer the Fund or otherwise ceases to function under this Agreement, then the net assets of the Fund shall be distributed to the City of Urbana, who will use the funds for the purpose for which they were donated.
Fund Termination. The Fund reserves the right to terminate or suspend this Agreement, or terminate or suspend the Services or a portion thereof, with or without cause, upon 30 days’ prior written notice, except that the Fund may immediately terminate or suspend the Agreement or the Services if the Fund deems the Consultant’s performance unsatisfactory at any time during the Term of this Agreement, in its sole discretion.
Fund Termination. If the Foundation is dissolved, or for any reason ceases to hold or administer the Fund or otherwise to carry out its obligations under this Agreement, the net assets of the Fund will be distributed to such charitable organization(s) as the Foundation’s Board of Directors may select, giving consideration to advice offered by the Fund Advisors, if any. Such distributions will be subject to the provisions of the Foundation’s Articles of Incorporation and Bylaws and applicable law.
Fund Termination. The right to terminate the Plan is reserved to the Board of Trustees and to the Contributing Employers and Union who are signatory to the Fund’s Trust Agreement. Circumstances under which the Fund may be terminated include, but are not limited to:
Fund Termination. (i) The Aliso Fund shall remain in place until December 31, 2036 (the “Fund Termination Date”).
(ii) The Aliso Fund may only be terminated upon receipt by the Fund Administrator of written authorization from the Aliso Fund Committee to terminate the Aliso Fund.
(iii) The Aliso Fund Committee may unanimously approve an extension of the Fund Termination Date.
(iv) The Aliso Fund Committee shall provide written authorization to the Fund Administrator to terminate the Aliso Fund on the Fund Termination Date or sooner if there are no funds remaining in the Aliso Fund and no reasonable expectation that funds shall be deposited or returned to the Aliso Fund.
Fund Termination. The Fund shall continue so long as assets are available in the Fund and the purposes of the Fund can, in the opinion of the Board of Directors of ILA, be served by its continuation. If the Fund is terminated for the above reasons, ILA shall devote any remaining assets in the Fund exclusively for charitable purposes that:
(a) are within the scope of the charitable purposes of ILA's Articles of Incorporation;
(b) most nearly approximate, in the good faith opinion of the Board of Directors of ILA, to the original purpose of the Fund; and
(c) benefit the Library.
Fund Termination. The CRF reserves the right to terminate or suspend this Agreement, or terminate or suspend the Services or a portion thereof, with or without cause, upon 30 days’ prior written notice.