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• viii Reverse repurchase agreement to the extent permitted under Minnesota <br /> Statute section 475.76. <br /> (ix) such other investment instruments now or hereafter permitted by <br /> applicable Law for the investment of monies of Municipalities organized under the laws of the <br /> State of Minnesota. <br /> In the exercise of their powers, the Trustees shall not be limited, except as otherwise <br /> provided hereunder, to investing in Permitted Investments maturing before the possible <br /> termination of the 4M Fund. Except as otherwise provided in this Declaration of Trust, the <br /> Trustees shall not be limited by any Law now or hereafter in effect limiting the investments <br /> which may be held or retained by Trustees or other fiduciaries, and they shall have full authority <br /> and power to make any and all Permitted Investments within the limitations of this Declaration <br /> of Trust, that they, in their absolute discretion, shall determine to be advisable and appropriate. <br /> The Trustees shall have no liability for loss with respect to Permitted Investments made within <br /> the terms of this Declaration of Trust, even though such investments shall be of a character or <br /> in an amount not considered proper for the investment of trust funds by Trustees or other <br /> fiduciaries. The Trustees shall be permitted only to make Permitted Investments in accordance <br /> with Article IV of this Declaration of Trust. <br /> 2.03 Legal Title. <br /> (a) Legal title to all of the 4M Fund Property shall be vested in the Trustees on <br /> • behalf of the Participants and be held by and transferred to the Trustees, except that the Trustees <br /> shall have full and complete power to cause legal title to any 4M Fund Property to be held, on <br /> behalf of the Participants, by or in the name of the 4M Fund, or in the name of any other <br /> Person as nominee, on such terms, in such manner, and with such powers as the Trustees may <br /> determine, so long as in their judgment the interest of the 4M Fund is adequately protected. <br /> (b) The right, title and interest of the Trustees in and to the 4M Fund Property <br /> shall vest automatically in all persons who may hereafter become Trustees upon their election <br /> to the Board of Directors of the League of Minnesota Cities and qualification without any further <br /> act. Upon the expiration of term of office, resignation, disability, removal, adjudication as an <br /> incompetent, or death of a Trustee, he (and in the event of his death, his estate) shall <br /> automatically cease to have any right, title or interest in or to any of the 4M Fund Property, and <br /> the right, title and interest of such Trustee in and to the 4M Fund Property shall vest <br /> automatically in the remaining Trustees without any further act. <br /> 2.04 Disposition of Assets. Subject in all respects to Article IV hereof and to the Laws <br /> from time to time applicable to Municipalities of the State of Minnesota, the Trustees shall have <br /> full and complete power to sell, exchange or otherwise dispose of any and all 4M Fund Property <br /> free and clear of any and all trusts and restrictions, at public or private sale, for cash or on <br /> terms, with or without advertisement, and subject to such restrictions, stipulations, agreements <br /> • 7 <br />