Common use of Resignation and Removal of the Custodian Clause in Contracts

Resignation and Removal of the Custodian. (a) The custodian may resign and appoint a successor to serve under this agreement or under another governing agreement selected by the successor by giving the Applicant/Plan Participant written notice at least 30 days prior to the effective date of such resignation and appointment, which notice shall also include or be provided under separate cover a copy of such other governing instrument, if applicable, and the related disclosure statement. The Applicant/Plan Participant shall then have 30 days from the date of such notice to either request a distribution of the entire account balance or designate a different successor and notify the custodian of such designation. If the Applicant/Plan Participant does not request distribution of the account balance or notify the custodian of the designation of a different successor within such 30 day period, the Applicant/Plan Participant shall be deemed to have consented to the appointment of the successor and the terms of any new governing instrument, and neither the Applicant/Plan Participant nor the successor shall be required to execute any written document to complete the transfer of the account to the successor. The successor may rely on any information, including beneficiary designations, previously provided by the Applicant/Plan Participant to the custodian.