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<br />System and whose combined capital and surplus equals or exceeds 510,000,000 or (c) with a Primary
<br />Reporting Dealer in United States Government Securities to the Federal Reserve Bank of New York
<br />as such term is defined in Minnesota Statutes, Section 475.51, Subdivision 11 or (d) a securities
<br />broker-dealer having its principal executive office in Minnesota, licensed pursuant to Chapter BOA
<br />or an affiliate of it, regulated by the Securities and Exchange Commission and maintaining a
<br />combined capital and surplus of $40,000,000 or more, exclusive of subordinated debt; and
<br />(viii) such other investment instruments now or hereafter permitted by
<br />applicable Law for the investment of moneys 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 termination
<br />of the 4M Fund. Except as otherwise provided in this Declaration of Trust, the Trustees shall not
<br />be limited by any Law now or hereafter in effect limiting the investments which may be held or
<br />retained by trustees or other fiduciaries, and they shall have full authority and power to make any
<br />and all Permitted Investments within the limitations of this Declaration of Trust, that they, in their
<br />absolute discretion, shall determine to. be advisable and appropriate. The Trustees shall have no
<br />liability for Joss with respect to Permitted Investments grade within the berms of this Declaration
<br />of Trust, even though such investments shall be of a character or in an amount not considered
<br />proper for the investment of trust funds by trustees or other fiduciaries. The Trustees shall be
<br />permitted only to make Permitted Investments in accordance with Article IV of this Declaration of
<br />Trust.
<br />2.3 Le&21 Title,
<br />(a) Legal title to all of the 4M Fund Property shall be vetted 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 Person
<br />as nominee, on such terms, in such manner, and with such powers a: the Trustees may determine,
<br />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 to
<br />the Board of Directors of the League of Minnesota Cities and qualification without any further act.
<br />'Upon the aspiration 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 automa-
<br />tically cease to have any right, tine or interest iup or to any of the 4M Fund Property, and the
<br />right, title and interest of such Trustee in and to the 4M Fund Property shall vest automatically in
<br />theremaining Trustees without any further act.
<br />2.4 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 and
<br />reservations as they shall deem proper, and to execute and deliver any deed, power, assignments bill
<br />of sale, or o9ther instrument in connection with the foregoing. The Trustees shall also have full
<br />and complete power, subject in all respects to Article IV hereof, and in Fhersncx of the affairs
<br />and purposes of the 4M Fund, to give consents and make contracts relatigg to 4M Fund Property
<br />or its use:
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