Unclaimed Benefit. The Director shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Director is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the Director's benefit payment(s) until the location of the Director is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Director until the expiration of thirty-six (36) months.
Appears in 14 contracts
Samples: Compensation Agreement (Magyar Bancorp, Inc.), Compensation Agreement (Magyar Bancorp, Inc.), Compensation Agreement (Magyar Bancorp, Inc.)
Unclaimed Benefit. The Director shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Director is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the Director's ’s benefit payment(s) until the location of the Director is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Director until the expiration of thirty-six (36) months.
Appears in 3 contracts
Samples: Director Retirement Plan (West End Indiana Bancshares, Inc.), Compensation Agreement (Magyar Bancorp, Inc.), Compensation Agreement (Magyar Bancorp, Inc.)
