Common use of Termination of Bank Clause in Contracts

Termination of Bank. The Bank's administrators shall have the right to terminate the Bank at the end of any fiscal year. In the event the Bank is terminated either by its administrators or by the Board for reasons outlined herein, any days in the Bank at that time will revert to all active employees who contributed to the Bank at one time or another or a pro rata basis with the caveat that no employee may receive any percentage of a day other than a half day (50% of a day).

Termination of Bank. The Bank's administrators shall have the right to terminate the Bank at the end of any fiscal year. In the event the Bank is terminated either by its administrators or by the Board or Board designee for reasons outlined herein, any days in the Bank at that time will revert to all active employees who contributed to the Bank at one time or another or a pro rata basis with the caveat that no employee may receive any percentage of a day other than a half day (50% of a day).