New York § 490-D - 490-DProvisions of agreement

§ 490-D. 490-DProvisions 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 superintendent; (g) The method of determining from time to time the amount of the share and deposit liabilities of the respective parties to the agreement; (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.