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• "Portfolio" shall mean one of the pool of funds established by the Trustees pursuant to <br /> Article VI hereof. <br /> "Board" or "Council" shall mean the governing body of a Municipality as defined herein. <br /> "Municipality" shall mean county, city, town, public authority, public corporation, public <br /> commission, special district, any other political subdivision, or an agency of the state or its <br /> subdivisions and any "instrumentality" (as that term is defined in the Joint Powers Act) of a <br /> municipality. <br /> "Share" shall mean the unit used to denominate and measure the respective 12ro ra <br /> beneficial interests of the Participants in the Fund Property as described in Article VI. <br /> "Share Register" shall mean the register of Shares maintained pursuant to Article VII <br /> hereof. <br /> "Technical Advisory Board" shall mean the persons appointed by the Trustees to act as <br /> technical advisors to the Trust. <br /> ARTICLE II <br /> • Powers of the Trustees <br /> 2.01 General. Subject to the rights of the Participants as provided herein, the Trustees <br /> shall have, without other or further authorization, full, exclusive and absolute power, control <br /> and authority over the 4M Fund Property and other affairs of the 4M Fund to the same extent <br /> as if the Trustees were the sole and absolute owners of the 4M Fund Property in their own right, <br /> and with such powers of delegation as may be permitted by this Declaration of Trust. The <br /> Trustees may do and perform such acts and things as in their sole judgment and discretion are <br /> necessary and proper for conducting the affairs of the 4M Fund or promoting the interests of the <br /> 4M Fund and the Participants. The enumeration of any specific power or authority herein shall <br /> not be construed as limiting the aforesaid general power or authority or any specific power or <br /> authority. The Trustees may exercise any power authorized and granted to them by this <br /> Declaration of Trust. Such powers of the Trustees may be exercised without the necessity of <br /> any order or, resort to, any court. <br /> 2.02 Permitted Investments. The Trustees shall have full and complete power, subject in <br /> all respects to Article IV hereof, <br /> (a) to conduct, operate and provide an investment program for the Participants; <br /> and <br /> • 5 <br />