Resolution 1983-37 - Laserfiche WebLink

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, \ (v) do all such acts, lake all such proceedings, and exercise all SECTION 5.3. Bond. No Trustee shall be obligated to give any bond such rights and privileges, although not specifically mentioned or other security for the performance of any of his or her duties herein, as the Trustees may deem necessary or approprialte to hereunder. administer the Trust Property and to carry out the purposes of the Retirement Trust. SECTION 4.2. Distribution of Trust Property. Distributions of the ARTICLE VI. Annual Report to Shareholders Trust Property shall be made to, or on behalf of, the Public Employer, in The Trustees shall annually submit to the Public Employers a written accordance with the terms of the Deferred Compensation Plans or report of the transactions of the Retirement Trust. including financial Employer Trusts. The Trustees of the Retirement Trust shall be 1'ully statements which shall be certified by independent public accountants protected in making payments in accordance with the directions 01' the chosen by the Trustees. Public Employers or the Trustees of the Employer Trusts without ascertaining whether such payments are in compliance with the ARTICLE VII. Duration or Amendment of Retirement Trust provisions of the Deferred Compensation Plans or the agreeml~nts SECTION 7,1. Withdrawal. A Public Employer may. at any time. with- creating the Employer Trusts. SECTION 4,3. Execution of Instruments. The Trustees draw from this Retirement Trust by delivering to the Board of Trustees a may statement to that effect. The withdrawing Public Employer's beneficial unanimously designateany one or more of the Trustees to execute any interest in the Retirement Trust shall be paid out to the Public Employer instrument or document on behalf of all, including but not limited to the or to the Trustee of the Employer Trust. as appropriate, signing or endorsement of any check and the signing of any SECTION 7,2, Duration. The Retirement Trust shall continue until applications, insurance and other contracts. and the action of such designated Trustee or Trustees shall have the same force and effect as if terminated by the vote of a majority of the Public Employers, each taken by all the Trustees. casting one vote, Upon termination, all of the Trust Property shall be paid out to the Public Employers or the Trustees of the Employer Trusts, ARTICLE V. Duty of Care and Liability of Trustees as appropriate. SECTION 5.1. Duty of Care. In exercising the powers hereinbefore SECTION 7.3, Amendment. The Retirement Trust may be amended granted to the Trustees. the Trustees shall perform all acts within their by the vote of a majority of the Public Employers. each casting one vote, authority for the exclusive purpose of providing benefits for the Public SECTION 7.4. Procedure. A resolution to terminate or amend the Employers. and shall perform such acts with the care, skill, prudEmce Retirement Trust or to remove a Trustee shall be submitted to a vote of and diligence in the circumstances then prevailing that a prudent peirson the Public Employers if: (a) a majority of the Trustees so direct. or (b) a acting in a like capacity and familiar with such matters would use in the petition requesting a vote. signed by not less than 25% of the Public conduct of an enterprise of a like character and with like aims, Employers. is submitted to the Trustees, SECTION 5.2. Liability. The Trustees shall not be liable for any mistake of judgment or other action taken in good faith, and for any action taken or omitted in reliance in good faith upon the books of ARTICLE VIII. Miscellaneous account or other records of the Retirement Trust, upon the opinion of SECTION 8,1. Governing Law. Except as otherwise required by state counsel. or upon reports made to the Retirement Trust by any of its or local law, this Declaration of Trust and the Retirement Trust hereby officers, employees or agents or by the Investment Adviser or any sub- created shall be construed and regulated by the laws of the District of investment adviser, accountants, appraisers or other experts or Columbia, consultants selected with reasonable care by the Trustees. officers or employees of the Retirement Trust. The Trustees shall also not be liable SECTION 8,2, Counterparts, This Declaration may be executed by for any loss sustained by the Trust Property by reason of any investment the Public Employers and Trustees in two or more counterparts. each of made in good faith and in accordance with the standard of care set forth which shall be deemed an original but all of which together shall in Section 5,1. constitute one and the same instrument. 3