Common use of Responsibility for the Plan Clause in Contracts

Responsibility for the Plan. The Promoter has ultimate responsibility for the Plan. Specifically, the Promoter is responsible for applying for registration of the Plan as a Registered Education Savings Plan under the Tax Act and any applicable provincial tax legislation, and for the administration of the Plan. The Trustee is responsible for the trust fund created hereunder and accepts the office of trustee of the Plan upon the terms and conditions herein contained. Without in any way derogating from the ultimate responsibility of the Trustee for the trust fund created hereunder, from time to time the Trustee may delegate to the Promoter as agent for the Trustee, certain of its duties to be performed in respect of such trust fund including the following: a) the receipt of Subscriber Contributions; b) the investment and reinvestment of Assets of the Plan in accordance with the terms herein; c) the collection and remittance of fees and charges applicable hereunder; d) the payment of amounts out of the Plan in accordance with the terms herein; e) maintaining the accounting records of the Plan; f) providing to the Subscriber Statements of account for the Plan; and g) such other duties as the Trustee may determine in its discretion from time to time.

Responsibility for the Plan. The Promoter has ultimate responsibility for the Plan. Specifically, the Promoter is responsible for applying for registration of the Plan as a Registered Education Savings Plan under the Tax Act and any applicable provincial tax legislation, and for the administration of the Plan. The Trustee is responsible for the trust fund created hereunder and accepts the office of trustee of the Plan upon the terms and conditions herein contained. Without in any way derogating from the ultimate responsibility of the Trustee for the trust fund created hereunder, from time to time the Trustee may delegate to the Promoter as agent for the Trustee, certain of its duties to be performed in respect of such trust fund including the following: a) the receipt of Subscriber Contributions; b) the investment and reinvestment of Assets of the Plan in accordance with the terms herein; c) the collection and remittance of fees and charges applicable hereunder; d) the payment of amounts out of the Plan in accordance with the terms herein; e) maintaining ; e)maintaining the accounting records of the Plan; f) providing to the Subscriber Statements of account for the Plan; and g) such other duties as the Trustee may determine in its discretion from time to time.