Exclusive Purpose; Return of Contributions; Reversion

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.