Common use of Authority of Sponsor Clause in Contracts

Authority of Sponsor. As sponsor, Folio has the authority to remove and appoint a new custodian of your XXX upon 30 days advance notice to you. As sponsor, Folio also has the authority to amend your XXX in any respect and at any time consistent with the existing terms of this XXX Custodial Account Agreement. IRS FORM 5305-A INSTRUCTIONS (Rev. 3-2002) General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Purpose of Form Form 5305-A is a model custodial account agreement that meets the requirements of section 408(a) and has been pre-approved by the IRS. A traditional individual retirement account (traditional XXX) is established after the form is fully executed by both the individual (depositor) and the custodian and must be completed no later than the due date of the individual's income tax return for the tax year (excluding extensions). This account must be created in the United States for the exclusive benefit of the depositor and his or her beneficiaries. Do not file Form 5305-A with the IRS. Instead, keep it with your records. For more information on IRAs, including the required disclosures the custodian must give the depositor, see Pub. 590, Individual Retirement Arrangements (IRAs).

Authority of Sponsor. As sponsor, Folio has the authority to remove and appoint a new custodian of your XXX IRA upon 30 days advance notice to you. As sponsor, Folio also has the authority to amend your XXX IRA in any respect and at any time consistent with the existing terms of this XXX IRA Custodial Account Agreement. IRS FORM 5305-A INSTRUCTIONS (Rev. 3-2002) General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Purpose of Form Form 5305-A is a model custodial account agreement that meets the requirements of section 408(a) and has been pre-approved by the IRS. A traditional individual retirement account (traditional XXXIRA) is established after the form is fully executed by both the individual (depositor) and the custodian and must be completed no later than the due date of the individual's income tax return for the tax year (excluding extensions). This account must be created in the United States for the exclusive benefit of the depositor and his or her beneficiaries. Do not file Form 5305-A with the IRS. Instead, keep it with your records. For more information on IRAs, including the required disclosures the custodian must give the depositor, see Pub. 590, Individual Retirement Arrangements (IRAs).