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• 8.07 Proxies. At any meeting of Participants, if permitted by applicable Law, any <br /> Participant entitled to vote thereat may vote by proxy, provided that no proxy shall be voted at <br /> any meeting unless it shall have been placed on file with the Secretary of the 4M Fund, or with <br /> such other officer or agent of the 4M Fund as the Secretary of the 4M Fund may direct, for <br /> verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a <br /> majority of the Trustees, proxies may be solicited in the name of one or more of the officers of <br /> the 4M Fund. All proxies shall be revocable at the option of the Participant. <br /> 8.08 Number of Votes. Only Participants of record shall be entitled to vote and each <br /> Participant shall be entitled to one vote without regard to the number of Shares allocated to it, <br /> if any. A proxy purporting to be executed by or on behalf of a Participant shall be deemed valid <br /> unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on <br /> the challenger. <br /> 8.09 Re s. The Trustees shall cause to be prepared at least annually (i) a report of <br /> operations containing a statement of assets and liabilities and statements of operations and of <br /> changes in net assets of the 4M Fund prepared in conformity with generally accepted accounting <br /> principals and (ii) an opinion of an independent certified public accountant on such financial <br /> statements based on an examination of the books and records of the 4M Fund made in <br /> accordance with generally accepted auditing standards. A signed copy of such report and <br /> opinion shall be. filed with the Trustees within ninety (90) days after the close of the period <br /> covered thereby. Copies of such reports shall be mailed to all Participants of record within a <br /> reasonable period preceding the annual meeting or vote of the Participants. The Trustees shall, <br /> • in addition, furnish to the Participants, at least quarterly, an interim report containing an <br /> unaudited balance sheet of the Fund as at the end of such quarterly period and statements of <br /> operations and changes in net assets for the period from the beginning of the then current fiscal <br /> year to the end of such quarterly period. <br /> ARTICLE IX <br /> Trustees and Officers <br /> 9.01 Number and Qualification. <br /> (a) The Board of Directors of the League of Minnesota Cities shall be the <br /> governing body of the 4M Fund and shall be the Board of Trustees. The by-laws and <br /> constitution of the League of Minnesota Cities shall govern the operation and make-up of the <br /> Trustees and Officers of the 4M Fund. <br /> (b) The Trustees, in their capacity as Trustees, shall not be required to devote <br /> their entire time to the business and affairs of the 4M Fund. <br /> is <br /> 27 <br />