Irrevocable Transfer Clause Samples

Irrevocable Transfer. A Sponsor or any other person or entity who contributes to the Trust shall not be permitted to revoke a Sponsor Agreement or withdraw any funds contributed to the Trust under such Agreement.

Irrevocable Transfer. The transfer of the Initial Contribution and all subsequent transfers to the Gift Fund are irrevocable. Upon transfer, the Gift Fund acquires all right, title and interest in the Initial Contribution and all subsequent contributions to the Sub-Funds. Any assets in the Sub-Funds, including any investment returns, are exclusively owned and controlled by the Gift Fund. As owner of the assets in the Sub-Funds, the Gift Fund is not and will not be under any obligation to redeem, sell, or otherwise transfer any assets in the Sub-Funds. The Donor has not and may not impose any restriction or condition that prevents the Gift Fund from freely and effectively using the Initial Contribution or any subsequent contributions to further charitable or other purposes set forth in section 501(c)(3) of the Code. 1 Contributions to the Gift Fund may include marketable securities (e.g., stocks and bonds), most mutual funds, checks, or fund transfers, or other special assets on a case-by-case basis. Initial contributions must be made in the minimum amount then set forth in the Policies and Guidelines.

Irrevocable Transfer. A Donor who contributes to the Trust shall not be permitted to revoke a Joinder Agreement or withdraw any funds contributed to the Trust under such Agreement.

Irrevocable Transfer. The transfer of the Initial Contribution and all subsequent transfers to the Foundation are irrevocable and such assets will not be refunded to the Donor and/or the Joint Adviser in any manner. Upon transfer, the Foundation shall acquire all right, title and interest in the Initial Contribution and all subsequent contributions to the Account. Any assets in the Account, including any investment returns, are exclusively owned and controlled by the Foundation. The underlying assets contributed and any future investment returns are exclusively owned by the Foundation. As owner of the assets in the Account, the Foundation is not and will not be under any obligation to redeem, sell, or otherwise transfer any assets in the Account. The Donor and/or the Joint Adviser has not and may not impose any restriction or condition that prevents the Foundation from freely and effectively using the Initial Contribution or any subsequent contributions to further charitable or other purposes set forth in section 501(c)(3) of the Code.

Irrevocable Transfer. A Sponsor or other contributor to the trust shall not be permitted to revoke a Sponsor Agreement or withdraw any funds contributed to the trust Estate under such Agreement. However, a Sponsor or his or her personal representative, during the lifetime of the Designated Beneficiary, may amend the Sponsor Agreement by filing a written amendment in writing with the Trustees to nullify or change any or all dispositive provisions in the Sponsor Agreement. Notwithstanding the foregoing, a Sponsor or his or her personal representative cannot amend the dispositive provisions in the Sponsor Agreement so that any remaining funds in a Beneficiary’s trust account are left to the sponsor’s estate or to the creditors of the sponsor’s estate; nor may the Sponsor, or his or her personal representative, amend any requirements set forth in a Sponsor Agreement, requiring reimbursement to the State of Maine (or any other state required by law). Before any amendment to a Sponsor Agreement may take effect, the State of Maine Medicaid Program (MaineCare) must be notified by Trustees 30 days before the effective date of the amendment.

Irrevocable Transfer. The transfer of the Initial Contribution and all subsequent transfers to the Gift Fund are irrevocable. Upon transfer, the Gift Fund acquires all right, title and interest in the Initial Contribution and all subsequent contributions to the Sub-Funds. Any assets in the Sub-Funds, including any investment returns, are exclusively owned and controlled by the Gift Fund. As owner of the assets in the Sub-Funds, the Gift Fund is not and will not be under any obligation to redeem, sell, or otherwise transfer any assets in the Sub-Funds. The Donor has not and may not impose any restriction or condition that prevents the Gift Fund from freely and effectively using the Initial Contribution or any subsequent contributions to further charitable or other purposes set forth in section 501(c)(3) of the Code.

Irrevocable Transfer. The transfer of the Initial Contribution and all subsequent transfers to the Gift Fund are irrevocable. Upon transfer, the Gift Fund acquires all rights, title and interest in the Initial Contribution and all subsequent contributions to the Gift Fund. The Gift Fund will direct assets to be divided into the Sub-Funds, in accordance with Donor’s percentage designation, and any assets in the Sub-Funds, including any investment returns, are exclusively owned, and controlled by the Gift Fund. As owner of the assets in the Sub-Funds, the Gift Fund is not and will not be under any obligation to redeem, sell, or otherwise transfer any assets in the Sub- Funds. The Donor has not and may not impose any restriction or condition that prevents the Gift Fund from freely and effectively using the Initial Contribution or any subsequent contributions to further charitable or other purposes set forth in section 501(c)(3) of the Code.

Irrevocable Transfer. The transfer of the Initial Contribution and all subsequent transfers to the Foundation are irrevocable. Upon transfer, the Foundation acquires all rights, title and interest in the Initial Contribution and all subsequent contributions to the Foundation. The Foundation will direct assets to be divided into the Sub-Funds, in accordance with Donor’s percentage designation, and any assets in the Sub-Funds, including any investment returns, are exclusively owned, and controlled by the Foundation. As owner of the assets in the Sub-Funds, the Foundation is not and will not be under any obligation to redeem, sell, or otherwise transfer any assets in the Sub-Funds. The Donor has not and may not impose any restriction or condition that prevents the Foundation from freely and effectively using the Initial Contribution or any subsequent contributions to further charitable or other purposes set forth in section 501(c)(3) of the Code.

Irrevocable Transfer. Transfer of sick leave is irrevocable. Transfer is defined as the actual use of one bargaining unit member’s sick leave by a bargaining unit member who has been declared eligible under the catastrophic leave program. If the catastrophically ill or injured bargaining unit member returns to work or otherwise does not actually use an intended donation, that "transfer" did not occur the days are returned to the bargaining unit member making the donation.