Divisible Surplus Clause Samples
The Divisible Surplus clause defines how the excess funds or profits, remaining after all obligations and required reserves have been met, are to be distributed among eligible parties. In practice, this clause typically applies to mutual insurance companies or cooperative organizations, where policyholders or members may receive a share of the surplus through dividends or credits. Its core function is to ensure a fair and transparent method for allocating profits, thereby aligning the interests of the organization with those of its members or policyholders.
Divisible Surplus. The parties agree that any surplus, credits, refunds or reimbursements excluding sick leave and/or pension credits, under whatever name accrue to and for the benefit of the Hospital.
Divisible Surplus. The portion, if any, of the divisible surplus of Prudential accruing upon this contract will be determined annually by the Board of Directors of Prudential and credited to Participants' Accounts as determined by the Board. (It is unlikely any divisible surplus will accrue upon this contract.) No annuity under this contract will be taken into account in the determination of any divisible surplus to be credited to this contract.
Divisible Surplus. The parties agree that any surplus, credits, refunds or reimbursements excluding sick leave and/or pension credits, under whatever name accrue to and for the benefit of CAMH.
Divisible Surplus. The Hospital and the Union agree that any surplus, credits, refunds or reimbursements relating to the Health and Welfare Benefit Plan set out in Article 39.01, excluding sick leave and/or pension credits, under whatever name accrue to and for the benefit of the Hospital, subject to applicable law.
Divisible Surplus. The Company shall ascertain the proportion of divisible surplus to be allocated to this Contract and shall equitably apportion the proportion so determined among the Participants covered under this Contract. Any divisible surplus so apportioned to a Participant in the employment of the Employer on whose behalf remittances are being made under this Contract shall be allocated to the interest Accumulation Account maintained for the Participant under this Contract.
Divisible Surplus. The proportion, if any, of divisible surplus, shall be ascertained by the Company. The amount of any surplus apportioned by the Company to this Contract as a dividend shall be equitably apportioned by the Company among the Participants covered under this Contract. Any divisible surplus so apportioned to a Participant who has not terminated participation under this Contract or attained his Annuity Commencement Date shall be deemed to be an amount remitted under this Contract on behalf of the Participant as of the date of such apportionment.