Common use of Amendment Clause Clause in Contracts

Amendment Clause. The employer may, subject to agreement with the union, supplement, modify or amend this Plan at any time, provided that no such supplementation, modification or amendment of the Plan or any part thereof shall permit any part of the assets of the pension fund to revert to or be recoverable by the employer or to be used or diverted to purposes other than for the exclusive benefit of employees, pensioners or their beneficiaries under the Plan and provided further that no such amendment shall affect the entitlement of any employee accrued prior to the effective date of such amendment. It is further provided that the employer may amend this Plan in any respect, which may be required in order to meet the requirements of the Pension Benefits Act or of the Income Tax Act (Canada) in order to maintain the Plan as a registered pension plan under the provisions of such Acts or of any statute applicable to this Plan.