Common use of Irrevocability of Contribution Clause in Contracts

Irrevocability of Contribution. Subject to the provisions providing for termination of this Trust Agreement in Article XIII, all contributions to the Fund shall be irrevocable, and under no circumstances shall any monies properly paid into the Fund, or any part of the Fund, be recoverable by or payable to the School District or any Employee, nor shall any of the same be used for or diverted to purposes other than for the exclusive program of benefits for Employees and beneficiaries provided hereunder. The Fund shall not lapse at the close of the School District’s fiscal year, except that any cash balance remaining after the termination of the Trust and settlement of all outstanding claims shall be used for reduction of School District taxes for the budget year.

Appears in 2 contracts

Sources: Trust Agreement, Trust Agreement