8. Closure of a Chest
8.1 A Donor may close his or her Chest by giving MCF 30 days’ written notice. The Donor may request in that notice that any funds within the Chest are distributed to his or her chosen Charity or Charities. If no such request is received, MCF may distribute any remaining funds for such Charitable Purposes (including by transferring the funds to the Masonic Charitable Foundation) as it thinks fit. Upon the expiry of the 30 days’ notice, the Agreement between MCF and the Donor will end (subject to Rule 16).
8.2 MCF is entitled, at its discretion, to close a Chest on giving 30 days’ notice in writing to the Donor in the following circumstances:
8.2.1 Where no valid Beneficiary Form has been supplied by the Donor for a period of 2 years after the opening of the Chest (but provided that MCF will seek to contact the Donor to request him or her to complete a Beneficiary Form first where possible);
8.2.2 Where the Donor’s Chest has had a nil balance for 12 consecutive months or more;
8.2.3 Where the Donor has not complied with any material obligation under the Agreement;
8.2.4 MCF decides in its absolute discretion that its ability to advance its charitable purposes is best served by the closure of a Chest.
8.3 On giving notice that it intends to close the Chest, MCF will ask the Donor where he or she wishes the remaining funds to be distributed. If the Donor does not reply before the expiry of the 30 day notice period, the Charity will distribute the remaining funds for such Charitable Purposes as it thinks fit (including by transferring the funds to the Masonic Charitable Foundation).
8.4 If the Donor wishes to donate further funds to their Chest after it has been closed by MCF, the Donor will be requested to submit a new Application Form.
8.5 If the Donor dies and has left instructions as to their intended Charities or has submitted a Beneficiary Form at any point whilst their Chest has been open, MCF will distribute the remaining assets in accordance with those instructions or the Beneficiary Form (whichever is the most recent), subject always to MCF’s overriding discretion, and close the Chest.
8.6 If the Donor dies and has not submitted a Beneficiary Form or left any instructions as to their intended Charities, MCF may, at its discretion, seek to engage with family members in relation to their choice of Charity or Charities to receive the remaining funds and, subject to that, will transfer the remaining assets to the Masonic Charitable Foundation and close the Chest.