Rights and responsibilities of Donor, Parent and Student Sample Clauses

Rights and responsibilities of Donor, Parent and Student. After making a contribution to the Custodial Account for the benefit of he Student, and specifying the initial investment elections and the initial Designated Beneficiary, all rights and obligations to, in and for the Custodial Account shall irrevocably inure to, and be enjoyed and exercised by, the Student, and Donor shall have no such rights or obligations (unless Donor and Student or Parent are the same person or unless Donor revokes the Custodial Account in accordance with subsection (a) above). The Donor must sign the Adoption Agreement, and, for purposes of maintaining the Custodial Account, the Parent (identified in the Adoption Agreement) must execute all forms, applications, certifications and other documents on behalf of any Student who has not yet attained the age of majority as recognized by the laws of the Student’s state of residence (“age of majority”). Any right, power, responsibility, authority or requirement given to the Student under this Agreement or any related document shall be exercised or carried out by such Parent on behalf of any Student who has not yet attained the age of majority. The Custodian’s acceptance of the Custodial Account on behalf of a minor Student is expressly conditioned upon the Parent’s acceptance of the rights and responsibilities accorded hereunder, and all parties hereto so acknowledge. Upon attainment of the age of majority under the laws of the Student’s state of residence at such time, the Student may advise the Custodian in writing (accompanied by such documentation as the Custodian may require) that he or she is assuming sole responsibility to exercise all rights, powers, obligations, responsibilities, authorities or requirements associated with the Custodial Account. Upon such notice to the Custodian, the Student shall have and shall be responsible for all of the foregoing, the Custodian will deal solely with the Student as the person controlling the administration of the Custodial Account, and Parent shall thereafter have or exercise none of the foregoing. (Absent such written notice by Student, Custodian shall be under no obligation to acknowledge Student’s right to exercise such powers and authority and may continue to rely on Parent to exercise such powers and authority.)
Sample 1
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Rights and responsibilities of Donor, Parent and Student. After making a contribution to the custodial account for the benefit of the student, and specifying the initial investment elections and the initial designated beneficiary, all rights and obligations to, in and for the custodial account shall irrevocably inure to, and be enjoyed and exercised by, the student, and donor shall have no such rights or obligations (unless donor and student or parent are the same person or unless donor revokes the custodial account in accordance with subsection above).
Sample 1

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