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Res 2015-067/PARS approval
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Res 2015-067/PARS approval
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9/24/2015 2:01:26 PM
Creation date
6/22/2015 10:41:24 AM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Adopting
Number
2015-67
Date
6/16/2016
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6.5 Successor's Duties. A Successor Trustee shall have no duty to audit or otherwise inquire into <br />the acts and transactions of its predecessor. <br />ARTICLE VII <br />AMENDMENT <br />7.1 Power to Amend. The Agency shall have the right at any time, and from time to time, to modify <br />or amend this Trust Agreement in whole or in part, effective upon thirty days' prior written notice to the <br />Trustee, provided, however, that the Trustee's duties and responsibilities shall not be amended without <br />the Trustee's express written consent. <br />7.2 Limitation on Amendment. No amendment shall be made, at any time, under which any part of <br />the Trust may be diverted to purposes other than for the exclusive benefit of Participants and their <br />Beneficiaries. <br />7.3 Conformity with Law. Notwithstanding anything herein to the contrary, this Trust Agreement <br />may be amended prospectively or retroactively at any time by the Agency if deemed necessary to <br />conforin to the provisions and requirements of the Internal Revenue Code or regulations promulgated <br />pursuant thereto in order to maintain the tax - exempt status hereof thereunder, or to conforin to the <br />provisions and requirements of any law, regulation, order or ruling affecting the character or purpose of <br />the Plan or Trust. No such Amendment shall be effective to add or change the Trustee's powers or duties <br />absent Trustee's written consent. <br />ARTICLE VIII <br />LIABILITIES <br />8.1 Declaration of Intent. Nothing in this Article purports to relieve a fiduciary from liability for <br />any responsibility, obligation or duty under any applicable Statutes. However, to the full extent <br />permitted by law, it is the intent of this Article to relieve each fiduciary from all liability for any acts or <br />omissions of any other fiduciary or any other person and to declare the absence of liabilities of all <br />persons referred to in this Article to the extent not imposed by law or by provisions of this Trust <br />Agreement. Each of the following Sections, in declaring such limitations, is set forth without limiting <br />the generality of this Section but in each case shall be subject to the provisions, limitations and policies <br />set forth in this Section. <br />8.2 General Limitations of Liability. <br />(a) No fiduciary shall be liable with respect to a breach of fiduciary duty under any applicable <br />Statutes if such breach was committed before he or she became a fiduciary or after he or she ceased to be <br />a fiduciary. <br />(b) No fiduciary shall be liable for any act or omission of any other person to whom fiduciary <br />responsibilities (other than Trustee responsibilities) are allocated by the Plan, the Trust Agreement or by <br />a fiduciary. <br />14 <br />
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