Section 12 - Amendment and Termination

12.01 - CSI reserves the right at any time or times, by action of its Board of Directors, to alter, amend, modify, revoke, suspend, or terminate the Plan or the Declaration of Trust, or both, provided that no amendment or modification may be made which shall enlarge the rights of any Participating Employer.

Except as may be permitted by applicable law, no amendment shall decrease the amount of a Participant's Accrued Benefit as of the effective date of the amendment.

If an amendment directly or indirectly changes the requirements for vesting set forth in Section 4, the Vested Percentage of any Participant whose Vested Percentage would be affected by the amendment and who is a Participant at the effective date of the amendment shall not be less at any time than the Vested Percentage of such Participant determined under the Plan without regard to the amendment.

Each Participating Employer reserves the right, by action of its Board of Directors or other governing body, to terminate its participation in the Plan at the end of any school year, in which event such Employer shall have no obligation or liability to make further contributions to the Trust Fund.

If the Plan is terminated (in whole or in part) by either CSI or any regulator authorized to take such action, Participants affected by such Plan termination will not be entitled to the enhanced early retirement benefits provided under either Section 7.02 or Section 7.03 but will instead be entitled to an actuarially reduced early retirement benefit. Each affected Participant shall continue to have a fully vested, non-forfeitable (to the extent funded) right to an Accrued Benefit, as defined in Section 1.01. The sole recourse for the payment shall be the assets of the Trust Fund.

Termination of participation in the Plan by a Participating Employer also may result from delinquency in payment of contributions to the Trust Fund, as provided in Section 5.02.

12.02 - If the Plan is terminated, no further contributions shall be made by any Participating Employer or any Participant after the date of termination. The Trustees shall give timely notice to the Financial Services Commission of Ontario and shall comply with its rules and procedures. As soon as is permitted, the Trustees shall thereupon cause all amounts in the Trust Fund to be allocated and applied to the payment or provision for payment of benefits, in the manner and order set forth in the Pension Benefits Act.

If, after the payment of all benefits to which Participants affected by a Plan termination are entitled, there are assets attributable to such Participants remaining in the Trust Fund, such assets will first be used to provide benefits described in Sections 7.02 and 7.03 of the Plan to affected Participants who are eligible for such benefits.

12.03 - The Trust Fund is established and shall be administered for the exclusive benefit of the Participants, Beneficiaries and Contingent Annuitants, and no part shall be diverted to other purposes, except as expressly provided herein. Notwithstanding the preceding, the Trust Fund may be used to defray reasonable expenses of administering the Plan and Trust.

If a contribution by a Participating Employer is conditioned on the registration of the Plan as amended and the Plan fails to qualify for registration, the contribution shall be returned by the Trustee, upon demand by the Participating Employer, within one year after the date of denial of registered status. This provision shall not be effective unless the amendment is submitted to Canada Revenue Agency and the Financial Services Commission of Ontario within one year of the date that the amendment is adopted.

Upon the request of a Participating Employer, and subject to applicable law, a contribution or portion thereof made by mistake of fact shall be returned upon demand, within one year after payment of the contribution. If such overpayment cannot, for administrative reasons, occur within the same fiscal year, such amount may be applied against future contributions to the Plan.

For purposes of the foregoing, the amount which may be returned is the excess of the amount contributed over the amount that would have been contributed if the mistake in determining the deductible amount or other mistake of fact had not occurred. Earnings attributable to the excess contribution may not be returned. Losses attributable to the excess contribution must reduce the amount returned. Values shall be determined as of the most recent valuation date which coincides with or precedes the date of repayment.

Except as provided herein, no part of the assets of the Plan shall revert or be repaid to the Participating Employer prior to termination of the Plan, payment or provision for payment of all liabilities for Accrued Benefits, including any supplement under Section 6.03, and the Minimum Benefit, and receipt of the written approval of the Financial Services Commission of Ontario.

12.04 - In the case of any merger or consolidation with, or transfer of assets or liabilities to, any other plan, provisions shall be made so that each Participant in the Plan would (if the Plan then terminated) receive a benefit immediately after the merger, consolidation, or transfer which is equal to or greater than the benefit such Participant would have been entitled to receive immediately before the merger, consolidation, or transfer (if the Plan had then terminated).