Internal Revenue Service Compliance Sample Clauses

Internal Revenue Service Compliance a. Monitoring each Fund's status as a regulated investment company under Subchapter M, including without limitation, review of the following: 1) Asset diversification requirements; 2) Qualifying income requirements; 3) Distribution requirements; b. Calculating each Fund's required distributions (including excise tax distributions);
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Internal Revenue Service Compliance. The Internal Revenue Service has accepted the DROP concept because the Employee/DROP Participant does not have either actual or constructive receipt of the DROP payments (while still employed), and the Employee ceases to accumulate additional credit toward retirement benefits once DROP Participation commences. The DROP is intended to operate in accordance with Section 415 of the Internal Revenue Code, as amended, as well as with any other applicable laws and regulations, state of Michigan or federal. In the event the Board of Trustees finds any DROP provision to be in violation of any applicable law, that provision shall be null and void and the remaining DROP provisions shall constitute the terms of the DROP. The City of Dearborn Heights Police and Fire Retirement System consists of a defined benefit plan. The DROP Account shall be established as part of the defined benefit plan of the Retirement System or such other plan as the Retirement Board and the union’s shall agree upon (i.e., I.R.C. section 415(m) benefit plan) after consultation with appropriate legal counsel.
Internal Revenue Service Compliance. In compliance with Revenue Procedure 74-17, a creditor who makes a non-recourse loan to the Company will not have or acquire, at any time as a result of making the loan, any direct or indirect interest in the profits, capital or property of the Company other than as a secured creditor.
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