BENEFICIARY BY FILING A NEW DESIGNATION WITH THE ADMINISTRATOR.
THE LAST SUCH
DESIGNATION RECEIVED BY THE ADMINISTRATOR SHALL BE CONTROLLING; PROVIDED,
HOWEVER, THAT NO DESIGNATION, OR CHANGE OR REVOCATION THEREOF, SHALL BE
EFFECTIVE UNLESS RECEIVED BY THE ADMINISTRATOR PRIOR TO THE MEMBER'S DEATH, AND
IN NO EVENT SHALL IT BE EFFECTIVE AS OF A DATE PRIOR TO SUCH RECEIPT.
IF THE
ADMINISTRATOR IS IN DOUBT AS TO THE RIGHT OF ANY PERSON TO RECEIVE SUCH AMOUNT,
THE ADMINISTRATOR MAY RETAIN SUCH AMOUNT, WITHOUT LIABILITY FOR ANY INTEREST
THEREON, UNTIL THE RIGHTS THERETO ARE DETERMINED, OR THE ADMINISTRATOR MAY PAY
SUCH AMOUNT INTO ANY COURT OF COMPETENT JURISDICTION AND SUCH PAYMENT SHALL BE A
COMPLETE DISCHARGE OF THE LIABILITY OF THE PLAN AND THE BANK THEREFOR.
IF NO
BENEFICIARY IS DESIGNATED OR NO DESIGNATED BENEFICIARY SURVIVES THE MEMBER,
PAYMENT SHALL BE MADE IN A SINGLE LUMP SUM TO THE MEMBER'S ESTATE.
7.10
SUCCESSORSHIP.
THE PLAN SHALL BE BINDING UPON
AND INURE TO THE BENEFIT OF THE BANK AND ITS SUCCESSORS AND ASSIGNS, AND THE
MEMBERS, AND THE SUCCESSORS, ASSIGNS, DESIGNEES AND ESTATES OF THE MEMBERS.
THE
PLAN SHALL ALSO BE BINDING UPON AND INURE TO THE BENEFIT OF ANY SUCCESSOR BANK
OR ORGANIZATION SUCCEEDING TO SUBSTANTIALLY ALL OF THE ASSETS AND BUSINESS OF
THE BANK, BUT NOTHING IN THE PLAN SHALL PRECLUDE THE BANK FROM MERGING OR
CONSOLIDATING INTO OR WITH, OR TRANSFERRING ALL OR SUBSTANTIALLY ALL OF ITS
ASSETS TO, ANOTHER BANK WHICH ASSUMES THE PLAN AND ALL OBLIGATIONS OF THE BANK
HEREUNDER.
THE BANK AGREES THAT IT WILL MAKE APPROPRIATE PROVISION FOR THE
PRESERVATION OF MEMBERS' RIGHTS UNDER THE PLAN IN ANY AGREEMENT OR PLAN WHICH
17
IT MAY ENTER INTO TO EFFECT ANY SUCH MERGER, CONSOLIDATION, REORGANIZATION OR
TRANSFER OF ASSETS.
IN SUCH A MERGER, CONSOLIDATION, REORGANIZATION, OR
TRANSFER OF ASSETS AND ASSUMPTION OF PLAN OBLIGATIONS OF THE BANK, THE TERM BANK
SHALL REFER TO SUCH OTHER BANK AND THE PLAN SHALL CONTINUE IN FULL FORCE AND
EFFECT.
7.11
INDEMNIFICATION.
NO COMMITTEE MEMBER SHALL BE
PERSONALLY LIABLE BY REASON OF ANY INSTRUMENT EXECUTED BY HIM OR ON HIS BEHALF,
OR ACTION TAKEN BY HIM, IN HIS CAPACITY AS A COMMITTEE MEMBER NOR FOR ANY
MISTAKE OF JUDGMENT MADE IN GOOD FAITH.
THE BANK SHALL INDEMNIFY AND HOLD
HARMLESS THE PLAN AND EACH COMMITTEE MEMBER AND EACH EMPLOYEE, OFFICER OR
DIRECTOR OF THE BANK OR THE PLAN, TO WHOM ANY DUTY, POWER, FUNCTION OR ACTION IN
RESPECT OF THE PLAN MAY BE DELEGATED OR ASSIGNED, OR FROM WHOM ANY INFORMATION
IS REQUESTED FOR PLAN PURPOSES, AGAINST ANY COST OR EXPENSE (INCLUDING FEES OF
LEGAL COUNSEL) AND LIABILITY (INCLUDING ANY SUM PAID IN SETTLEMENT OF A CLAIM OR
LEGAL ACTION WITH THE APPROVAL OF THE BANK) ARISING OUT OF ANYTHING DONE OR
OMITTED TO BE DONE IN CONNECTION WITH THE PLAN, UNLESS ARISING OUT OF SUCH
PERSON'S FRAUD OR BAD FAITH.
7.12
HEADINGS AND SUBHEADINGS.
HEADINGS AND
SUBHEADING IN THIS PLAN ARE INSERTED FOR CONVENIENCE ONLY AND ARE NOT