LOSS, OF THE TRUST FUND;
(2)
THE GAINS, OR LOSSES, REALIZED BY THE TRUST FUND UPON SALES OR
OTHER DISPOSITION OF THE ASSETS;
(3)
THE INCREASE, OR DECREASE, IN THE VALUE OF THE TRUST FUND;
(4)
ALL PAYMENTS AND DISTRIBUTIONS MADE FROM THE TRUST FUND; AND
(5)
SUCH FURTHER INFORMATION AS THE TRUSTEE AND/OR ADMINISTRATOR DEEMS
APPROPRIATE.
(B)
TEXAS REGIONAL BANCSHARES, INC., PROMPTLY UPON ITS RECEIPT OF EACH
SUCH STATEMENT OF ACCOUNT, SHALL ACKNOWLEDGE RECEIPT THEREOF IN WRITING AND
ADVISE THE TRUSTEE AND/OR ADMINISTRATOR OF ITS APPROVAL OR DISAPPROVAL THEREOF.
FAILURE BY TEXAS REGIONAL BANCSHARES, INC. TO DISAPPROVE ANY SUCH STATEMENT OF
ACCOUNT WITHIN THIRTY (30) DAYS AFTER ITS RECEIPT THEREOF SHALL BE DEEMED AN
APPROVAL THEREOF.
THE APPROVAL BY TEXAS REGIONAL BANCSHARES, INC. OF ANY
STATEMENT OF ACCOUNT SHALL BE BINDING ON THE EMPLOYER AND THE TRUSTEE AS TO ALL
MATTERS CONTAINED IN THE STATEMENT TO THE SAME EXTENT AS IF THE ACCOUNT OF THE
TRUSTEE HAD BEEN SETTLED BY JUDGMENT OR DECREE IN AN ACTION FOR A JUDICIAL
SETTLEMENT OF ITS ACCOUNT IN A COURT OF COMPETENT JURISDICTION IN WHICH THE
TRUSTEE, THE EMPLOYER AND ALL PERSONS HAVING OR CLAIMING AN INTEREST IN THE PLAN
WERE PARTIES.
HOWEVER, NOTHING CONTAINED IN THIS SECTION SHALL DEPRIVE THE
TRUSTEE OF ITS RIGHT TO HAVE ITS ACCOUNTS JUDICIALLY SETTLED IF THE TRUSTEE SO
DESIRES.
9.9
AUDIT
(A)
IF AN AUDIT OF THE PLAN'S RECORDS SHALL BE REQUIRED BY THE ACT AND
THE REGULATIONS THEREUNDER FOR ANY PLAN YEAR, THE ADMINISTRATOR SHALL DIRECT THE
TRUSTEE TO ENGAGE ON BEHALF OF ALL PARTICIPANTS AN INDEPENDENT QUALIFIED PUBLIC
ACCOUNTANT FOR THAT PURPOSE.
SUCH ACCOUNTANT SHALL, AFTER AN AUDIT OF THE BOOKS
AND RECORDS OF THE PLAN IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING
STANDARDS, WITHIN A REASONABLE PERIOD AFTER THE CLOSE OF THE PLAN YEAR, FURNISH
TO THE ADMINISTRATOR AND THE TRUSTEE A REPORT OF THE AUDIT SETTING FORTH THE
ACCOUNTANT'S OPINION AS TO WHETHER ANY STATEMENTS, SCHEDULES OR LISTS THAT ARE
REQUIRED BY ACT SECTION 103 OR THE SECRETARY OF LABOR TO BE FILED WITH THE
PLAN'S ANNUAL REPORT, ARE PRESENTED FAIRLY IN CONFORMITY WITH GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES APPLIED CONSISTENTLY.
92
(B)
ALL AUDITING AND ACCOUNTING FEES SHALL BE AN EXPENSE OF AND MAY,
AT THE ELECTION OF TEXAS REGIONAL BANCSHARES, INC., BE PAID FROM THE TRUST FUND.
(C)
IF SOME OR ALL OF THE INFORMATION NECESSARY TO ENABLE THE
ADMINISTRATOR TO COMPLY WITH ACT SECTION 103 IS MAINTAINED BY A BANK, INSURANCE
COMPANY, OR SIMILAR INSTITUTION, REGULATED, SUPERVISED, AND SUBJECT TO PERIODIC
EXAMINATION BY A STATE OR FEDERAL AGENCY, THEN IT SHALL TRANSMIT AND CERTIFY THE
ACCURACY OF THAT INFORMATION TO THE ADMINISTRATOR AS PROVIDED IN ACT SECTION 103
(B) WITHIN ONE HUNDRED TWENTY (120) DAYS AFTER THE END OF THE PLAN YEAR OR BY
SUCH OTHER DATE AS MAY BE PRESCRIBED UNDER REGULATIONS OF THE SECRETARY OF
LABOR.
9.10
RESIGNATION, REMOVAL AND SUCCESSION OF TRUSTEE
(A)
UNLESS OTHERWISE AGREED TO BY BOTH THE TRUSTEE AND TEXAS REGIONAL
BANCSHARES, INC., A