THE CURRENT ADDRESS OF
HIS OR HER SPOUSE.
THE COMPANY SHALL NOT BE
19
OBLIGATED TO SEARCH FOR THE WHEREABOUTS OF ANY PERSON.
IN THE EVENT ANY PERSON
WHO IS ENTITLED TO A BENEFIT FROM THE PLAN CANNOT BE LOCATED AND SUCH BENEFIT
REMAINS UNPAID FOR ONE YEAR AFTER THE DATE PAYMENT WAS DUE, THE AMOUNT REQUIRED
TO PAY SUCH BENEFIT SHALL REMAIN IN THE RABBI TRUST (IF APPLICABLE) OR ELSE
RETAINED BY THE COMPANY; PROVIDED, HOWEVER, THAT IF THE PERSON WHO IS ENTITLED
TO THE BENEFIT IS SUBSEQUENTLY LOCATED, THE BENEFIT SHALL BE RESTORED AND PAID
TO SUCH PERSON WITHOUT PROVISION FOR INTEREST.
7.8
GOVERNING LAW.
THE PLAN SHALL BE CONSTRUED,
ADMINISTERED, AND GOVERNED IN ALL RESPECTS UNDER AND BY THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS.
IF ANY PROVISION SHALL BE HELD BY A COURT OF
COMPETENT JURISDICTION TO BE INVALID OR UNENFORCEABLE, THE REMAINING PROVISIONS
HEREOF SHALL CONTINUE TO BE FULLY EFFECTIVE.
7.9
DESIGNATION OF BENEFICIARY.
EACH MEMBER MAY
FILE WITH THE ADMINISTRATOR A WRITTEN DESIGNATION OF ONE OR MORE PERSONS AS THE
BENEFICIARY WHO SHALL BE ENTITLED TO RECEIVE THE AMOUNT, IF ANY, PAYABLE UNDER
THE PLAN UPON THE MEMBER'S DEATH.
THE MEMBER MAY, FROM TIME TO TIME, REVOKE OR
CHANGE HIS OR HER BENEFICIARY DESIGNATION WITHOUT THE CONSENT OF ANY PRIOR
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 IT
MAY ENTER INTO TO EFFECT