1988.02.16 RESO 1988-0012 - Laserfiche WebLink

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Participants of record at the time of declaring a distribution or among the Participants of record at such other date as the Trustees shall determine. 10.4 Retained Reserv„gg. The Trustees may retain from the gross income of the 4M Fund such amount as they may deem awm ary to pay the debts and expenses of the 4M Fund and to meet other obligations of the 4M Fund, and the Trustees shall also have the power to establish such reasonable reserves as they believe may be required. ARTICLE XI 11.1 gut_. The Trustees shall employ a bank or trust company organized under the Laws of the United States of America or the State of Minnesota having an office in the State of Minnesota and having a capital and surplus aggregating at but twenty-five million dollars (52590009000) as Custodian with authority as its agent, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the By -Laws of the 4M Fund to perform the duties set forth in the Custodian Agreement to be entered into between the 4M Fund and the Custodian, or as may be imposed by Law. 11.2 Annointment. The Trustees shall have the power to select and appoint the Custo- dian for the 4M Fund. The Custodian Agreement shall provide that it may be terminated at any time without cause and without the payment of any penalty by the 4M Fund on sixty (60) days' written notice to the Custodian. 11.3 Custodian Agreement. In addition to containing such other provisions as the Trustees may deem appropriate, the Custodian Agreement shall provide that all investments constituting 4M Fund Property shall be held in safekeeping in the manner required by Law, including, without limitation, Minnesota Statutes, Section 475.66, Subdivision 2. I I A Agents of Custodian_. The Trustees may also authorize the Custodian to employ one or more agents from time to time to perform such of the acts and services of the Custodian and upon such terms and conditions, as may be agreed upon between the Custodian and such agent and approved by the Trustees; Mvidad ', however, that, in every case, such agent shall be a bank or trust company organized under the Lawns of the United States of America or one of the States thereof having capital and surplus aggregating at but twenty-five million dollars (:2.5,000,000). 11.5 Succenors. In the event that, at any. time, the Custodian shall rusign or shall be terminated pursuant to the provision: of the Custodian Agreement, the Trustees shall appoint a successor thereto. 11.6 Custodian as Denosit,_,fa Participants. Each Participant hereby designates the Custodian as a depository for funds of the Participant. ARTICLE XII