Laserfiche WebLink
• ARTICLE XI <br /> Custodian <br /> 11.01 Duties. The Trustees shall employ a bank or trust company organized under the <br /> Laws of the United States of America or the State of Minnesota having an office in the State of <br /> Minnesota and having a capital and surplus aggregating at least twenty-five million dollars <br /> ($25,000,000) as Custodian with authority as its agent, but subject to such restrictions, <br /> limitations and other requirements, if any, as may be contained in the By-Laws of the 4M Fund <br /> to perform the duties set forth in the Custodian Agreement to be entered into between the 4M <br /> Fund and the Custodian, or as may be imposed by Law. <br /> 11.02 Appointment. The Trustees shall have the power to select and appoint the Custodian <br /> or Custodians for the 4M Fund or any of its portfolios. The Custodian Agreement shall provide <br /> that it may be terminated at any time without cause and without the payment of any penalty by <br /> the 4M Fund on sixty (60) days' written notice to the Custodian. <br /> 11.03 Custodian Agreement. In addition to containing such other provisions as the Trustees <br /> F may deem appropriate, the Custodian Agreement shall provide that all investments constituting <br /> 4M Fund Property shall be held in safekeeping in the manner required by Law, including, <br /> r_ without limitation, Minnesota Statutes, Section 475.66, Subdivision 2. <br /> • 11.04 Agents of Custodian. The Trustees may also authorize the Custodian to employ one <br /> or more agents from time to time to perform such of the acts and services of the Custodian and <br /> upon such terms and conditions, as may be agreed upon between the custodian and such agent <br /> and approved by the Trustees; provided, however, that, in every case, such agent shall be a bank <br /> or trust company organized under the Laws of the United States of America or one of the States <br /> thereof having capital and surplus aggregating at least twenty-five million dollars ($25,000,000). <br /> 11.05 Successors. In the event that, at any time, the Custodian shall resign or shall be <br /> terminated pursuant to the provisions of the Custodian Agreement, the Trustees shall appoint a <br /> successor thereto. <br /> 11.06 Custodian as Depository for Participants. Each Participant hereby designates the <br /> Custodian as a depository for funds of the Participant. <br /> • <br /> 31 <br />