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, <br /> DEFERRED COMPENSATION PROGRAM fah <br /> j- 1980 <br /> CUSTODIAL AGREEMENT 3-ax Savings <br /> Cal* <br /> The ("Agency") pursuant to Resolution No . ''ri - 71 of its <br /> Governing Body has established an Employees' Deferred Compensation <br /> Plan ("Plan") , a copy of which is enclosed . The Plan is in effect <br /> for those employees ("Participants") who execute a Participation <br /> Agreement in accordance with the Plan and file it with the Agency' s <br /> Treasurer. <br /> Great Western Savings and Loan Association ("Great Western") <br /> is a California corporation operating as a savings and loan associa- <br /> tion according to Federal and California law and regulation. This <br /> Agreement sets forth the manner by which the Agency will invest Plan <br /> funds with Great Western, and Great Western, will accept such funds <br /> for investment and will account for such funds on a regular basis. <br /> The parties agree as follows : <br /> 1 . Great Western agrees to accept for investment funds deposited <br /> by the Agency in accordance with the Plan, and to establish and admin- <br /> ister <br /> dmin- <br /> ister the accounts in accordance with the provisions of this Agreement. <br /> 2. The Agency shall have the same rights and obligations as any <br /> other savings account holder having the same type of savings account <br /> with Great Western. <br /> 3. On a regular basis, the Agency will prepare one check repre- <br /> senting the total amount of deferments for the period applicable for <br /> participants, and a list containing each participant' s name, social <br /> security number and the amount to be credited in each participant' s <br /> account. These items will be sent promptly to Great Western. Upon <br /> receipt, Great Western will make the appropriate credits to the applic- <br /> able accounts. Any earnings shall be automatically credited to each <br /> account in accordance with Great Western' s prevailing practice. <br /> 4. The accounts established under this agreement shall be titled : <br /> TheCit of Rancho Palos Verdes Deferred Compensation Plan. The title <br /> and owners ip o a suc accounts shall be vested in the Agency. The <br /> Agency shall have the sole custody of all passbooks or other evidence <br /> of account ownership and no additions or withdrawal of funds shall be <br /> made in or from such accounts except by the Agency. <br /> 5. The term of this Agreement shall commence on j':.alAt l� <br /> and shall continue for two (2) years. This Agreement shall be renewed <br /> ( ) <br /> for successive two-year terms if not cancelled by either party, by <br /> written notice to the other party, at least six (6) months prior to <br /> the end of any term. Notwithstanding the above , this Agreement may <br /> be terminated at any time by either party upon six (6) months prior <br /> notice. <br />