Company Contributions. For the initial Plan Year and for each Plan Year thereafter, the Companies shall make contributions to the Trust in one (1) or more installments in such amounts as the Board of Directors of the Bank may determine. If Company contributions are paid to the Trust by reason of a mistake in fact made in good faith or a mistake made in good faith in determining the deductibility of such Company contributions for federal income tax purposes under Section 404 of the Code, such Company contributions may, except as otherwise provided in Section 8.7, be returned to the Companies by the Trustee (upon the written direction of the Committee) within one (1) year after the payment to the Trust or after the date the federal income tax deduction is denied, whichever is applicable.
Appears in 6 contracts
Samples: Trust Agreement (Union Community Bancorp), Employee Stock Ownership Plan And (Citizens Bancorp), Employee Stock Ownership Plan And (Citizens Bancorp)
Company Contributions. For the initial Plan Year and for each Plan Year thereafter, the Companies shall make contributions to the Trust in one (1) or more installments in such amounts as the Board of Directors of the Bank Holding Company may determine. If Company contributions are paid to the Trust by reason of a mistake in fact made in good faith or a mistake made in good faith in determining the deductibility of such Company contributions for federal income tax purposes under Section 404 of the Code, such Company contributions may, except as otherwise provided in Section 8.7, be returned to the Companies by the Trustee (upon the written direction of the Committee) within one (1) year after the payment to the Trust or after the date the federal income tax deduction is denied, whichever is applicable.
Appears in 2 contracts
Samples: Stock Ownership Plan and Trust Agreement (River Valley Bancorp), City Savings Financial Corporation Employee Stock Ownership Plan and Trust Agreement (City Savings Financial Corp)
