Agenda Packets - 1983/09/12 - Laserfiche WebLink

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(v) do all such acts, take all such proceedings, and exercise all such rghls Alto puvdnges, nllhupgh nut splrclmnlly mnldmnnd harmn. as file Trustees may deem nueessafy Of npprop11al0 10 ndnuoustel the Lust Prupolly and In rallyoul the pugei:es 0I1n Rettremer• Trust. (' ,,ECTION 4' Distribution of Trust Properly. Distributions of Ihn t isl Proper: tall be made to, or an behalf al, the Public Employer. in 01 Employerl! with the terms 01 Trusts. The Tru lueslr1 II0 Compensation Retirem ent Trustshall hu fully prulecled it, making paymallts tit accardancu with Ile fbfuchuu50l Ihu Public Employers or the Trust moss Ihe nc Emplcompliance er ts III without dsceoaxeng wlelhm such paY provisions of the Deferred Compensation plans or the agraomanls creating the Employer Trusts. SECTION 4.3. Execution of Insuummnls. The Trustees may unanimously designate any one or mole of Ilia Trustees to execule any mrslrumont ar document an behalf Of all, including hilt not limited tothe signing or endorsement of any check and the signing of any applications. insurance and other contracts, anti lluI action of such designated TruslOa of Trustees shall have the same force and effect asil Inken by aft the Trustees. ARTICLE V. Duly of Care and Liability at Trustees SECTION 5.1. Duty of Care. In exercising the powers hereinbelorc granted to the Truslees• the Trustees shall perform all acts within their authority for the exclusive purpose of providing bandits for the Public Employers, and shall perform such acts with the care, skill, prudence and diligence in Inecircumslances then prevailing that a prudent person nutiog it, a like capacity and iamthar wilh such matters would use in the conduct of an enterprise of a like character and with like aims. SECTION 5.2. Liability. The Trustees shall not be liable for any fnislakr, of jutlgmenl or other action taken In good faith, and lot any action taken or omitted in reliance in good faith upon the books of account or other records of the Retirement Trust, upon the opinion of ^ 0unsel, or upon reports made to the Retirement Trust by any of its .icars, employees or agents or by the Investment enAdviser Or any yssub veslmenl adviser, accountants, appraisers t other or consultants selected with reasonable care by the Trustees, officers or employees of the Retirement Trust. The Trustees shall also not be liable for any loss suslained by the Trust Property by reason of any investment made in good faith and in accordance with the standard of care set forth in Soction 5.1 SECT ION 5.3 Eland . No Trustee shall be obligated to give any bond or Other sucunty Im Our pmlormmlco of tiny of his or her duties hereunder. ARTICLE VI. Annual Report to Shareholders The. Trustees shall annually submit to the Public Employers a written feporl of the Iralt5nelims of the Retirement TIUM including financial statements which shall be earhfied by indopundunt public accountants chosen by the Trustees ARTICLE VIP. Duration or Amendment of Retirement Trust SECTION 7A Withdrawal A Public Employer may, at any lime, with- draw hom this Retirement Tmsl by delivering to the Board of Truslees a statement to that affect. The withdrawing Public Employer's beneficial interest in the Retirement Trust shall be paid out to thee Public Employer or to the 11ns1(1e of the Employer Trust. as appropriate, SECTION 7.2. Duration The Retirement Trust shall continue until terminated by Ito vole al a majonly of the Public Employers, each ion. all f the ust Property be paid out lO file Pting Ono ublic Employe pon SIOI the Tit steos oil the Employer Trusts, As appropriate. SECTION 7.3. Amendment. The Retirement Trust may be amended by the vote of a majority of the Public Employers, each casting one vote. SECTION 7.4. Procedure. A resolution to terminate or amend the Retirement Trust or to remove a Trustee shall be submitted to avole of the Public Employers if! (a) a majonly of the Trustees so direct, or (Of a petition lequestmg a vote. signed by not less than 25%of the Public Employers. is submilled to the Trustees. ARTICLE Vill, Miscellaneous SECTION 8.1. Governing Law. Except as otherwise required by stale or local law, this Declaration of Trust and the Retirement Trust hereby created shall be construed and regulated by the laws of the District of Columbia. SECTION 8.2. Counterparts. This Declaration may be executed by the Public Employers and Trustees In IWoor morecounterparts. eachol which shall be deemed an original but all of which together shall constitute one and the some instrument.