The Plan Administrator shall receive, hold,
invest and reinvest all contributions and assets of this plan. The
purchase of contract(s) shall be considered a form of investment.
Investments of any other form of property such as securities, real
estate mortgages, or notes shall be limited to property of a character
which is consistent with Code § 503 for investments under
qualified plans. Such investments shall be made from contributions
and monies deposited into the pension fund.
The rights and interest of any participant on
whose life or in whose name a contract is issued shall not be expanded
by such an investment, and any and all rights provided under the contract
or permitted by the insurer shall be reserved to the Plan Administrator.
Such rights shall include the right to surrender, reduce or split
the contract, the right to name and change the payee to receive thereunder
on the happening of any contingency specified in the contract, the
right to exercise any loan provisions to pay premiums or for any other
reason, and such other rights as may be reserved to the owner of the
policy.