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• 7.03 Owner of Record. No Person becoming entitled to any Shares in consequence of the <br /> merger, reorganization, consolidation, bankruptcy or insolvency of any Participant or otherwise, <br /> by operation of Law, shall be recorded as the Participant to which such Shares are allocated and <br /> shall only be entitled to receive for such Shares the amount credited to the account of the <br /> Participant whose beneficial interest in the 4M Fund is represented by such Shares. Until the <br /> Person becoming entitled to receive such amount shall apply for the payment thereof and present <br /> any proof of such entitlement as the Trustees may in their sole discretion deem appropriate, the <br /> Participant of record to which such Shares are allocated shall be deemed to be the Participant <br /> to which such Shares are allocated for all purposes hereof, and neither the Trustees nor the <br /> registrar nor any officer or agent of the 4M Fund shall be affected by any notice of such merger, <br /> reorganization, consolidation, bankruptcy, insolvency or other event. <br /> 7.04 No Transfers of Shares. The beneficial interests measured by the Shares shall not <br /> be transferrable, in whole or in part, other than to the 4M Fund itself for purposes of <br /> effectuating a withdrawal of funds. <br /> 7.05 Limitation of Fiduciary Responsibility. The Trustees shall not, nor shall the <br /> Participants or any officer, registrar or other agent of the 4M fund, be bound to see to the <br /> execution of any trust, express, implied or constructive, or of any charge, pledge or equity to <br /> which any of the Shares or any interest therein are subject, or to ascertain or inquire whether <br /> any withdrawal of funds by any Participant or its representatives is authorized by such trust, <br /> charge, pledge or equity, or to recognize any Person as having any interest therein except the <br /> Participant recorded as the Participant to which such Shares are allocated. The receipt of the <br /> • Participant in whose name any Share is recorded or of the duly authorized agent of such <br /> Participant shall be a sufficient discharge for all monies payable or deliverable in respect of such <br /> Shares and from all liability to see to the proper application thereof. <br /> 7.06 Notices. Any and all notices to which Participants hereunder may be entitled and <br /> any and all communications shall be deemed duly served or given if mailed, postage pre-paid, <br /> addressed to Participants of record at their last known post office addresses as recorded on the <br /> Share Register provided for in Section 7.01 hereof. <br /> ARTICLE VIII <br /> Participants <br /> 8.01 Voting. Each Participant shall be entitled to one vote as a matter of right with <br /> respect to the following matters: (i) amendment of this Declaration of Trust or termination of <br /> the 4M Fund as provided in Section 4.03 and Section 13.01 hereof; and (ii) reorganization of <br /> the 4M Fund as provided in Section 13.02 hereof. It shall not be necessary for any minimum <br /> number of Shares to be allocated to a Participant for the Participant to be entitled to vote. <br /> Participants shall not be entitled to cumulative voting with respect to any matter. Participants <br /> shall not be entitled to vote on a Portfolio by Portfolio basis. <br /> 8.02 Right to Initiate a Vote of the Participants. The Participants shall, by an instrument <br /> • or concurrent instruments in writing delivered to the Board of Trustees signed by at least ten <br /> percent (10%) of the Participants, have the right to initiate a vote of the Participants as to any <br /> matter described in clause (i) or clause (ii) of Section 8.01 hereof. Within twenty (20) days of <br /> 25 <br />