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business. The Trustees shall fix the compensation, if any, of all officers and employees of the 4M
<br />Fund. The Trustees shall not be paid compensation for their general services as Trustees here-
<br />under. The Trustees may pay themselves or any one or more of themselves reimbursement for
<br />expenses reasonably incurred by themselves or any one or more of themselves on behalf of the 4M
<br />Fund.
<br />2.10 Borrowing and Indebtedness. The Trustees shall not have the power to borrow
<br />money or incur indebtedness on behalf of the 4M Fund, or authorize the Fund to borrow money or
<br />incur indebtedness, except as provided in clause (ix) of Section 4.2 of this Declaration of Trust, but
<br />only if and to the extent permitted by Law.
<br />2.11 Biu. The Trustees shall have full and complete power to deposit, in such
<br />manner as may now or hereafter be permitted by Law, any moneys or funds, included in the 4M
<br />Fund Property, and intended to be used for the payment of expenses of the 4M Fund or the
<br />Trustees, with one or more banks, or thrift institutions meeting the requirements of Section
<br />2.2(bxvi) hereof. Such deposits are to be subject to withdrawal in such manner as the Trustees
<br />may determine, and the Trustees shall have no responsibility for any loss which may occur by
<br />reason of the failure of the bank or thrift institution with which the moneys, investments, or
<br />securities have been deposited. Each such bank or thrift institution shall comply, with respect to
<br />such deposits, with all applicable requirements of all applicable Laws, including, but not limited to,
<br />Laws of the State of Minnesota relating to Municipalities.
<br />2.12 Valuation. The Trustees :hall have full and complete power to determine in good
<br />faith conclusively the value of any of the 4M Fund Property and to revalue the 4M Fund Property.
<br />2.13 Fiscal Year_ Accounts. The Trustees shall have full and complete power to
<br />determine the fiscal year of the 4M Fund and the method or form in which its accounts shall be
<br />kept and from time to time to change the fiscal yen or method or form of accounts. Unless
<br />otherwise determined by the Trustees pursuant to this Section 2.13, the fiscal year of the 4M Fund
<br />shall terminate on June 30 and commence on July 1 of each calendar year.
<br />(a) The 4M Fund may enter into transactions with any Affiliate of the 4M Fund or
<br />of the Adviser, the Administrator, or the Custodian or of any Trustee, officer, director of employee
<br />of the 4M Fund or with any Affiliate of an agent of the 4M Fund or of the Adviser, the Adminis-
<br />trator, or the Custodian if (i) each such transaction (or type of us-o-ction) had, after disclosure
<br />of such affiliation, been approved or ratified by the affirmative vote of a majority of the Trustees,
<br />including a majority of the Trustees who an not Affiliates of any Person (other than the 4M Fund)
<br />who is a party to the transaction or transactions with the 4M Fund and (ii) such transaction (or
<br />type of transaction) is, in the opinion of the Trustees, on terms fair and reasonable to the 4M
<br />Fund and the Participants and at bast as favorable to them as similar arrangements for comparable
<br />transactions (of which the Trustees have knowledge) with organizations unaffiliated with the 4M
<br />Fund or with the Person who is a party to the transaction or transactions with the 4M Fund.
<br />(b) Except as otherwise provided in this Declaration of Trust or in the Laws of
<br />the State of Minnesota, in the absence of fraud, a contract, act or other transaction between the
<br />4M Fund and any other Person, or in which the 4M Fund is interested, is valid and so Trustee,
<br />officer, employee or agent of the 4M Fund shall have any liability as a result of entering into any
<br />such contract, act or transaction even though (i) one or more of the Trwim, officers, employees
<br />or agents. of such other Person, or (ii) one or more of the Trustees, offs n, employees. or agents
<br />of the 4M Fund, individually or jointly with or affiliated with, such contract, act or transaction,
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