POTENTIAL MATERIAL CONFLICTS. 7.1. The Trust agrees that its Board, constituted with a majority of disinterested trustees, will monitor each Portfolio of the Trust for the existence of any material irreconcilable conflict between the interests of the variable annuity contract owners and the variable life insurance policy owners of the Company and/or affiliated companies ("contract owners") investing in the Trust. The Board shall have the sole authority to determine if a material irreconcilable conflict exists, and such determination shall be binding on the Company only if approved in the form of a resolution by a majority of the Board, or a majority of the disinterested trustees of the Board. The Board will give prompt notice of any such determination to the Company.
Appears in 8 contracts
Samples: Participation Agreement (Citicorp Life Variable Annuity Separate Account), Participation Agreement (Ge Capital Life Separate Account Ii), Participation Agreement (Citicorp Life Variable Annuity Separate Account)
