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 Xxxx XXX upon 30 days advance notice to you. As sponsor, Folio also has the authority to amend your Xxxx XXX in any respect and at any time consistent with the existing terms of this Xxxx XXX Custodial Account Agreement. IRS FORM 5305-RA INSTRUCTIONS (Rev. 3-2002) General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Purpose of Form Form 5305-RA is a model custodial account agreement that meets the requirements of section 408A and has been pre-approved by the IRS. A Xxxx individual retirement account (Xxxx XXX) is established after the form is fully executed by both the individual (depositor) and the custodian. 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-RA with the IRS. Instead, keep it with your records. Unlike contributions to traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the depositor's gross income; and distributions after 5 years that are made when the depositor is 59 1/2 years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures the custodian must give the depositor, see Pub. 590, Individual Retirement Arrangements (IRAs). Definitions XXX Conversion Contributions. XXX Conversion Contributions are amounts rolled over, transferred, or considered transferred from a nonRoth XXX to a Xxxx XXX. A nonRoth XXX is an individual retirement account or annuity described in section 408(a) or 408(b), other than a Xxxx XXX. Custodian. The custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as custodian.

Authority of Sponsor. As sponsor, Folio has the authority to remove and appoint a new custodian of your Xxxx XXX upon 30 days advance notice to you. As sponsor, Folio also has the authority to amend your Xxxx XXX in any respect and at any time consistent with the existing terms of this Xxxx XXX Custodial Account Agreement. IRS FORM 5305-RA INSTRUCTIONS (Rev. 3-2002) General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Purpose of Form Form 5305-RA is a model custodial account agreement that meets the requirements of section 408A and has been pre-approved by the IRS. A Xxxx individual retirement account (Xxxx XXX) is established after the form is fully executed by both the individual (depositor) and the custodian. 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-RA with the IRS. Instead, keep it with your records. Unlike contributions to traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the depositor's gross income; and distributions after 5 years that are made when the depositor is 59 1/2 years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures the custodian must give the depositor, see Pub. 590, Individual Retirement Arrangements (IRAs). Definitions XXX IRA Conversion Contributions. XXX IRA Conversion Contributions are amounts rolled over, transferred, or considered transferred from a nonRoth XXX IRA to a Xxxx XXX. A nonRoth XXX IRA is an individual retirement account or annuity described in section 408(a) or 408(b), other than a Xxxx XXX. Custodian. The custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as custodian.