Common use of Incompetence Clause in Contracts

Incompetence. If the Administrator determines that any person to whom a benefit is payable under this Plan is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another for his or her benefit without responsibility of the Administrator or the Employer to see to the application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Employer, the Administrator and the Trustee.

Appears in 7 contracts

Samples: Uwharrie Capital Corp, Supplemental Retirement Plan Agreement (Uwharrie Capital Corp), Supplemental Retirement Plan Agreement (Uwharrie Capital Corp)

AutoNDA by SimpleDocs

Incompetence. If the Administrator determines that any person to whom a benefit is payable under this Plan is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another individual for his or her the Participant’s benefit without responsibility of the Administrator or the Employer to see to the application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Employer, the Administrator Administrator, and the Trusteetheir representatives.

Appears in 4 contracts

Samples: Participation Agreement (Cardinal Bankshares Corp), Participation Agreement (Northeast Community Bancorp Inc), Participation Agreement (Polonia Bancorp)

Incompetence. If the Administrator determines that any person to whom a benefit is payable under this Plan Participation Agreement is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another individual for his or her the Participant’s benefit without responsibility of the Administrator or the Employer to see to the application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Employer, the Administrator Administrator, and the Trusteetheir representatives.

Appears in 3 contracts

Samples: Participation Agreement (First United Corp/Md/), Participation Agreement (First United Corp/Md/), Participation Agreement (First United Corp/Md/)

Incompetence. If the Administrator determines that any person to whom a benefit is payable under this Plan is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another individual for his or her the Participant’s benefit without responsibility of the Administrator or the Employer to see to the application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Employer, the Administrator and Administrator, the Trustee, and their representatives.

Appears in 1 contract

Samples: Participation Agreement (Alliance Bancorp Inc of Pennsylvania)

Incompetence. If the Administrator determines that any person to whom a benefit is payable under this Plan and Participation Agreement, is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another individual for his or her the Participant's benefit without responsibility of the Administrator or the Employer to see to the application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Employer, the Administrator and Administrator, the Trustee, and their representatives.

Appears in 1 contract

Samples: Participation Agreement (First United Corp/Md/)

Incompetence. If the Administrator determines that any person to whom a benefit is payable under this Plan is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another for his or her benefit without responsibility of the Administrator or the Employer to see to the application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the EmployerCompany and the Administrator, if the Administrator and is not the TrusteeCompany.

Appears in 1 contract

Samples: Employment Agreement (Penseco Financial Services Corp)

AutoNDA by SimpleDocs

Incompetence. If the Administrator determines that any person to whom a benefit is payable under this Plan is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another for his or her benefit without responsibility of the Administrator or the Employer Company to see to the application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Employerliabilities of the Company, the Administrator and the Trustee.

Appears in 1 contract

Samples: Adoption Agreement (Washington Trust Bancorp Inc)

Incompetence. If the Administrator determines that any person to whom a benefit is payable under this Plan Agreement is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another individual for his or her the Participant’s benefit without responsibility of the Administrator or the Employer to see to the application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Employer, the Administrator Administrator, and the Trusteetheir representatives.

Appears in 1 contract

Samples: Participation Agreement (First United Corp/Md/)

Incompetence. If the Administrator determines that any person to whom a benefit is payable under this Plan and Participation Agreement, is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another individual for his or her the Participant’s benefit without responsibility of the Administrator or the Employer to see to the application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Employer, the Administrator and Administrator, the Trustee, and their representatives.

Appears in 1 contract

Samples: Participation Agreement (Alliance Bancorp Inc of Pennsylvania)

Time is Money Join Law Insider Premium to draft better contracts faster.