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• 5.05 Apparent Authority. No purchaser, seller, transfer agent or other Person dealing <br /> with the Trustees or any officer, employee or agent of the 4M Fund shall be bound to make any <br /> inquiry concerning the validity of any transaction purporting to be made by the Trustees or by <br /> such officer, employee or agent or make inquiry concerning or be liable for the application of <br /> money or property paid, transferred or delivered to or on the order of the Trustees or of such <br /> officer, employee or agent. <br /> 5.06 Recitals. Any written instrument creating an obligation of the 4M Fund shall be <br /> conclusively taken to have been executed by a Trustee or an officer, employee or agent of the <br /> 4M fund only in his capacity as a Trustee under this Declaration of Trust or in his capacity as <br /> an officer, employee or agent of the 4M Fund. Any written instrument creating an obligation <br /> of the 4M Fund shall refer to this Declaration of Trust and contain a recital to the effect that the <br /> obligations thereunder are not personally binding upon, nor shall resort be had to the property <br /> of, any of the Trustees, Participants, officers, employees or agents of the 4M Fund, and that <br /> only the 4M Fund Property or a specific portion thereof shall be bound, and such written <br /> instrument may contain any further similar recital which may be deemed appropriate; provided, <br /> however, that the omission of any recital pursuant to this Section 5.06 shall not operate to <br /> impose personal liability on any of the Trustees, Participants, officers, employees or agents of <br /> the 4M Fund. <br /> 5.07 Reliance on Experts. etc. Each Trustee and each officer of the 4M Fund shall, in <br /> the performance of his duties, be fully and completely justified and protected with regard to any <br /> act or any failure to act resulting from reliance in good faith upon the books of account or other <br /> • records of the 4M Fund, upon an opinion of counsel or upon reports made to the 4M Fund by <br /> any of its officers or employees or by the Adviser, the Administrator, the Custodian, <br /> accountants, appraisers or other experts or consultants selected with reasonable care by the <br /> Trustees or officers of the 4M Fund. <br /> 5.08 Liability Insurance. The Trustees shall maintain insurance for the protection of the <br /> 4M Fund Property and the Trustees, Participants, officers, employees and agents (not including <br /> Adviser, Administrator, or Custodian) of the 4M Fund in such amount as the Trustees shall <br /> deem adequate to cover all foreseeable tort and contract liability to the extent available at <br /> reasonable rates. <br /> 5.09 No Waiver. Nothing in this Declaration of Trust shall be construed as constituting <br /> the waiver of any immunity from liability available to the 4M Fund or the Trustees, Participants, <br /> officers, employees or agents of the 4M Fund pursuant to any applicable provision of Law. <br /> ARTICLE VI <br /> Interests of Participants <br /> 6.01 General. <br /> • W The beneficial interest of the Participants hereunder in the 4M Fund Property <br /> and the earnings thereon shall, for convenience of reference, be divided into Shares, which shall <br /> be used as units to measure the proportionate allocation to the respective Participants of the <br /> 19 <br />