Limitation on Trustee Powers. Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement or to applicable law, the Trustee shall not have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of Section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the Code.
Appears in 3 contracts
Samples: Umbrella Trust Agreement (Dime Bancorp Inc), Umbrella Trust Agreement (Dime Bancorp Inc), Umbrella Trust Agreement (Dime Bancorp Inc)
Limitation on Trustee Powers. Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement or to applicable law, the Trustee shall not have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of Section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the Internal Revenue Code.
Appears in 1 contract
Samples: Benefit Protection Trust Agreement (Dime Bancorp Inc)
