Nonbank Custodian Provision. If the Custodian is a nonbank custodian, the Designated Beneficiary, Depositor or Responsible Individual shall substitute another trustee or custodian in place of the Custodian upon receipt of notice from the Commissioner of the Internal Revenue Service or his delegate that such substitution is required because the Custodian has failed to comply with the requirements of Income Tax Regulations Section 1.408-2(e), or is not keeping such records, making such returns, or rendering such statements as are required by applicable law, regulations, or other rulings. The successor trustee or custodian shall be a bank, insured credit union, or other person satisfactory to the Secretary of the Treasury pursuant to Section 408(a)(2) of the Code. Upon receipt by the Custodian of written acceptance by its successor of such successor's appointment, Custodian shall transfer and pay over to such successor the assets of the account (less amounts retained pursuant to Section 10.04 of the Custodial Agreement) and all records (or copies thereof) of the Custodian pertaining thereto, provided that the successor trustee or custodian agrees not to dispose of any such records without the Custodian's consent.
Nonbank Custodian Provision. If the Custodian is a nonbank Custodian, the Depositor shall substitute another trustee or custodian in place of the Custodian upon receipt of notice from the Commissioner of the Internal Revenue Service or his delegate that such substitution is required because the Custodian has failed to comply with the requirements of Income Tax Regulations Section 1.408 -2(e), or is not keeping such records, making such returns, or rendering such statements as are required by applicable law, regulations, o r other rulings. The successor trustee or custodian shall be a bank, insured credit union, or other person satisfactory to the Secretary of th e Treasury pursuant to Section 408(a)(2) of the Code. Upon receipt by the Custodian of written acceptance by its s uccessor of such successor's appointment, Custodian shall transfer and pay over to such successor the assets of the account (less amounts retained pursuan t to Section
Nonbank Custodian Provision. If the Custodian is a nonbank custodian, the Participant shall substitute another trustee or custodian in place of the Custodian upon receipt of notice from the Commissioner of the Internal Revenue Service or his delegate that such substitution is required because the Custodian has failed to comply with the requirements of Income Tax Regulations Section
Nonbank Custodian Provision. If the custodian is a nonbank custodian, the depositor shall substitute another trustee or custodian in place of the custodian upon receipt of notice from the Commissioner of the Internal Revenue Service or his delegate that such substitution is required because the custodian has failed to comply with the requirements of Income Tax Regulations Section 1.408-2 (e), or is not keeping such records, making such returns, or rendering such statements as are required by applicable law, regulations, or other rulings. The successor trustee or custodian shall be a bank, insured credit union, or other person satisfactory to the Secretary of the Treasury pursuant to Section 408(a)(2) of the Code. Upon receipt by custodian of written acceptance of such successor's appointment, custodian shall transfer and pay over to such successor the assets of the account (less amounts retained pursuant to Section 9.04 and Article IX, Section 10.08 of this custodial agreement) and all necessary records (or copies thereof), provided that the successor trustee or custodian agrees not to dispose of any such records without the written consent of the custodian.
