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12 <br /> <br />board) <br />11. New Businesses <br />12. Good and Welfare of the Association <br />13. Adjournment <br /> <br />Section 8.11. Location of Board Meeting: A meeting of the Board of Trustees shall be <br />held at the registered office of the Association in the City of Hugo unless noticed for <br />another place within the state as designated by the board. <br /> <br /> <br />ARTICLE IX <br />iNvEStMENtS <br />Section 9.1. Prudent Person: Trustees shall discharge their duties in good faith and <br />with that diligence and care which an ordinarily prudent person would exercise under <br />similar circumstances. Trustees shall comply with all applicable laws including <br />applicable provisions of the Minnesota Statues, Chapter 356A, The Public Pension <br />Fiduciary Responsibility Act and Minnesota Statues, Chapter 424A, governing <br />Minnesota’s Volunteer Firefighter Relief Associations. <br /> <br />Section 9.2. Investment Duties: It shall be the duty of the Board of Trustees to prepare <br />modes and plans for the safe and profitable investment of the unappropriated funds of the <br />Associations general fund The Board of Trustees shall order an audit of the books and <br />accounts of the Secretary and the Treasurer annually, according to law, and shall submit a <br />written report of the condition of the Association to the members at the annual meeting of <br />the Association. The members of the Board shall act as Trustees with a fiduciary <br />obligation to the State of Minnesota, to the City of Hugo and the members of the <br />Association. <br /> <br />Section 9.3. Broker's Acknowledgement: The board of trustees shall comply with <br />Minnesota Statutes §356A.06, Subd. 8b that requires the relief association to provide <br />annually to any brokers, a written statement of investment restrictions pursuant to statute <br />or the investment policy that applies to the special fund. Upon receipt of the written <br />statement of investment restrictions, each broker handling investments of the Association <br />shall acknowledge, in writing annually the receipt of the investment restrictions. The <br />acknowledgment shall contain a statement that the broker agrees to handle the <br />Association’s investments pursuant to the written restrictions, and in accordance with <br />Minnesota law governing the investment of volunteer firefighter relief association assets. <br /> <br /> <br />ARTICLE X <br />fUNDS <br />Section 10.1. Funds: All money received from the Association shall be kept in two <br />separate funds. Disbursements from the funds shall be in accordance with Minnesota <br />Statutes and Rules and the bylaws of the Relief Association. <br /> <br />Section 10.2. General Fund: The funds received by this Association from,