POWERS AND DUTIES OF CUSTODIAN. If there is a discretionary Trustee, the Employer may appoint a custodian. A custodian has the same powers, rights and duties as a nondiscretionary Trustee. Any reference in the Plan to a Trustee also is a reference to a custodian unless the context of the Plan indicates otherwise. A limitation of the Trustee’s liability by Plan provision also acts as a limitation of the custodian’s liability. Any action taken by the custodian at the discretionary Trustee’s direction satisfied any provision in the Plan referring to the Trustee taking that action. The resignation or removal of the custodian shall be made in accordance with Section 9.6 as though the custodian were a Trustee.
Appears in 4 contracts
Samples: Adoption Agreement (Newport Bancorp Inc), Adoption Agreement (Northeast Community Bancorp Inc), Adoption Agreement (Sugar Creek Financial Corp)
POWERS AND DUTIES OF CUSTODIAN. If there is a discretionary Trustee, the Employer may appoint a custodian. A custodian has the same powers, rights and duties as a nondiscretionary Trustee. Any reference in the Plan to a Trustee also is a reference to a custodian unless the context of the Plan indicates otherwise. A limitation of the Trustee’s 's liability by Plan provision also acts as a limitation of the custodian’s 's liability. Any action taken by the custodian at the discretionary Trustee’s 's direction satisfied satisfies any provision in the Plan referring to the Trustee taking that action. The resignation or removal of the custodian shall be made in accordance with Section 9.6 7.11 as though the custodian were a Trustee.
Appears in 2 contracts
Samples: Non Standardized 401(k) Profit Sharing Plan (Aceto Corp), 401(k) Profit Sharing Plan Adoption Agreement (Wayne Savings Bancshares Inc /De/)
POWERS AND DUTIES OF CUSTODIAN. If there is a discretionary Trustee, the Employer may appoint a custodian. A custodian has the same powers, rights and duties as a nondiscretionary Trustee. Any reference in the Plan to a Trustee also is a reference to a custodian unless the context of the Plan indicates otherwise. A limitation of the Trustee’s =s liability by Plan provision also acts as a limitation of the custodian’s =s liability. Any action taken by the custodian at the discretionary Trustee’s =s direction satisfied any provision in the Plan referring to the Trustee taking that action. The resignation or removal of the custodian shall be made in accordance with Section 9.6 as though the custodian were a Trustee.
Appears in 2 contracts
Samples: Adoption Agreement (Sugar Creek Financial Corp./Md/), Adoption Agreement (Cape Bancorp, Inc.)
