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This entry was published on 2014-09-22
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Provisions of agreement
§ 490-d. Provisions of agreement. The agreement shall provide for the
following: (a) The designation of a corporate trustee or a board of
trustees to administer the fund and procedure for the resignation or
removal of any such trustee or trustees and for the selection of a
substitute trustee or trustees;

(b) The amount of the initial contribution to the fund, which shall be
made by all parties to the agreement ratably in proportion to their
respective share and deposit liabilities, and which shall be not less
than one-fourth of one per centum of the total share and deposit
liabilities, of each such party;

(c) The manner of making subsequent calls for contributions, which
shall be made ratably upon all parties to the agreement in proportion to
their respective share and deposit liabilities, except that the
superintendent, where he deems it necessary and advisable, may exempt
any such party or parties from any such call in whole or in part;

(d) Procedure for amendment of such agreement and its termination and
liquidation of the fund;

(e) The powers to be vested in the corporate trustee or board of
trustees, as the case may be, and the manner in which such powers shall
be exercised;

(f) The distribution of any earnings realized from the fund which
distribution shall be made only with the written consent of the

(g) The method of determining from time to time the amount of the
share and deposit liabilities of the respective parties to the

(h) The requirements to be complied with by a party to the agreement
desiring to withdraw therefrom prior to its termination, provided the
contributions to the fund theretofore made by such withdrawing party
shall not be returned but shall remain the property of the fund.