Procedure on Termination. In the event of the termination of this Agreement and Declaration of Trust, the Directors shall apply the Plan to pay or to provide for the payment of any and all obligations of the Plan and shall distribute and apply any remaining surplus in such manner as will in their opinion best effectuate the purpose of the Plan; provided, however, that no part of the corpus or income of said Plan shall be used for or diverted to purposes other than for the exclusive benefit of the Employees, their families, beneficiaries, or dependents, or the administrative expenses of the Plan or for other payments in accordance with the provisions of the Plan. Under no circumstances shall any portion of the corpus or income of the Plan, directly or indirectly, revert or accrue to the benefit of any contributing Employer, or to the benefit of any Union. No use thereof for the benefit of the Employees, their families, beneficiaries, or dependents shall be made except by way of health and welfare benefits and excluding always any direct distribution of cash or property.
Appears in 4 contracts
Samples: Motion Picture Industry Health Plan, Motion Picture Industry, Motion Picture Industry
