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The Board of Trustees shall not be required to undertake of defend any litigation arising in connection with the Plan, the Trust Agreement or the Fund, unless the Board is first indemnified by the Frankfort Common Council, the Plan Administrator or by the Fund against any prospective costs, expenses and liability in connection therewith, except where the litigation is occasioned by or involves a question of the failure of the Board of Trustees to discharge their duty in accordance with § 35.21.
(Ord. CO-01-17, passed 8-27-01)
A Trustee shall have the right to resign as Trustee upon 30 days’ prior written notice to the Frankfort Common Council (unless the requirement of such notice is waived by the Frankfort Common council). The Frankfort Common Council may at any time remove a Trustee upon 30 days’ prior written notice to the Board of Trustees (unless the requirement of such notice is waived by the Board). In the event of the resignation or removal of a Trustee, a successor Trustee shall be elected by the participants at a special called election. The former Trustee shall deliver all Trust Fund assets to the successor Trustee or Trustees. Any such successor Trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to the Trust Fund assets and the Trust hereunder with like effect as if originally named as Trustee herein.
(Ord. CO-01-17, passed 8-27-01)
Except as permitted by law and specifically provided in § 8.01 of the Plan, no part of the Trust Fund shall be used for, or diverted to, any purpose not for the exclusive benefit of Participants and their Beneficiaries at any time prior to the satisfaction of all rights and liabilities with respect to Participants or their Beneficiaries under the Plan, either by the operation of the Plan or this Trust Agreement or by the amendment, revocation or termination thereof.
(Ord. CO-01-17, passed 8-27-01)
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