Bank's authority to terminate an account or require a distribution

The Bank may close, or cause its agents to close, an account if the participant or designated beneficiary provides false or misleading information to the plan, if the minimum contribution threshold described under subsection 5 of section 12.5-02-01-07 is not met, or if such action is necessary, in the discretion of the Bank, to ensure that the plan qualifies under section 529 of the Code and complies with all applicable securities laws and other applicable federal or state constitutional, statutory, or regulatory provisions. In addition, the Bank may, without closing an account, require a participant to receive a distribution from the participant's account of such amount as the Bank may determine if such action is necessary, in the discretion of the Bank, to ensure that the plan qualifies under section 529 of the Code and complies with all applicable securities laws and other applicable federal or state constitutional, statutory, or regulatory provisions.