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to the terms of the instrument. Any of the Trustees may be times show that all such investments are a part of the Trust <br /> removed for cause, by a vote of a majority of the Public Property; <br /> Employers. (h) make, execute, acknowledge, and deliver any and ,~11 <br /> (b) Each Public Employee Trusteeshall resign his or her position documents of transfer and conveyance and any and all other <br /> as Trustee within sixty days of the date on which he or she ceases instruments that may be necessary or appropriate to carry out the <br /> to be a full-time employee of a Public Employer. powers herein granted; <br /> SECTION 3.5. Vacancies. The term of office of a Trustee shall (j) vote upon any stock, bonds, or other securities; give general <br />terminate and a vacancy shall occur in the event of the death, or special proxies or powers of attorney with or without power of <br />resignation, removal, adjudicated incompetence or other incapacity to substitution; exercise any conversion privileges, subscription <br />perform the duties of the office of a Trustee. In the case of a vacancy, the rights, or other options, an d make any payments incidental <br />remaining Trustees shall appoint such person as they in their discretion thereto; oppose, or consent to, or otherwise participate in, <br />shall see fit (subject to the limitations set forth in this Section), to serve corporate reorganizations or other changes affecting corporate <br />for the unexpired portion of the term of the Trustee who has resigned or securities, and delegate discretionary powers. and pay any <br />otherwise ceased to be a Trustee. The appointment shall be made by a assessments or charges in connection therewith; and generally <br />written instrument signed by a majority of the Trustees. The person exercise any of the powers of an owner with respect to stocks, <br />appointed must be the same type of Trustee (i.e., Public Employee bonds, securities or other property held as part of the Trust <br />Trustee or ICMA/RC Trustee) as the person who has ceased to be a Property; <br />Trustee. An appointment of a Trustee may be made in anticipation of a (j) enter into contracts or arrangements for goods or services <br />vacancy to occur at a later date by reason of retirement or resignation. required in connection with the operation of the Retirement <br />provided that such appointment shall not become effective prior to such Trust, including, but not limited to, contracts with custodians and <br />retirement or resignation. Whenever a vacancy in the number of contracts for the provision of administrative services; <br />Trustees shall occur, until such vacancy is filled as provided in this <br /> (k) borrow or raise money for the purpose of the Retirement <br />Section 3.5. the Trustees in office, regardless of their number, shall have <br /> Trust in such amount, and upon such terms and conditions, as the <br />all the powers granted to the Trustees and shall discharge all the duties Trustees shall deem advisable, provided that the aggregate <br />imposed upon the Trustees by this Declaration. A written instrument amount of such borrowings shall not exceed 30% of the value of <br />certifying the existence of such vacancy signed by a majority of the the Trust Property. No person lending money to the Trustees <br />Trustees shall be conclusive evidence of the existence of such vacancy. shall be bound to see the application of the money lent or to <br /> SECTION 3.6. Trustees Serve in Representative Capacity. By inquire into its validity. expediency or propriety of any such <br />executing this Declaration, each Public Employeragrees that the Public borrowing; <br />Employee Trustees elected by the Public Employers are authorized to (I) incur reasonable expenses as required for the operation of the <br />act as agents and representatives of the Public Employers collectively. Retirement Trust and deduct such expenses from the Trust <br /> Property; <br /> ARTICLE IV. Powers of Trustees (m) pay expenses properly allocable to the Trust Property <br /> SECTION 4.1, General Powers. The Trustees shall have the power to incurred in connection with the Deferred Compensation Plans or <br />conduct the business of the Trust and to carry on its operations. Such the Employer Trusts and deduct such expenses from that portion <br />power shall include, but shall not be limited to, the power to: of the Trust Property beneficially owned by the Public Employer <br /> to whom such expenses are properly allocable; <br /> (a) receive the Trust Property from the Public Employers or from <br /> a Trustee of any Employer Trust; (n) pay out of the Trust Property all real and personal property <br /> (b) enter into a contract with an Investment Adviser providing, taxes, income taxes and other taxes of any and all kinds which, in <br /> among other things, for the establishment and operation of the the opinion of the Trustees. are properly levied, or assessed <br /> Portfolios, selection of the Guaranteed Investment Contracts in under existing or future laws upon. or in respect of, the Trust <br /> which the Trust Property may be invested, selection of other Property and allocate any such taxes to the appropriate accounts; <br /> investments for the Trust Property and the payment of reasonable (o) adopt, amend and repeal the By-Laws, provided that such <br /> fees to the Investment Adviser and to any sub-investment adviser Laws are at all times consistent with the terms of this Declaration <br /> retained by the Investment Adviser; of Trust; <br /> {c) review annually the performance of the Investment Adviser (p) employ persons to make available interests in the Retirement <br /> and approve annually the contract with such Investment Adviser; Trust to employers eligible to maintain a deferred compensation <br /> plan under section 457 of the Internal Revenue Code, as <br /> {d) invest and reinvest the Trust Property in the Portfolios, the <br /> amended; <br /> Guaranteed Investment Contracts and in any other investment <br /> recommended by the Investment Adviser, provided that if a (q) issue the Annual Report of the Retirement Trust, and the <br /> Public Employer has directed that its monies be invested in disclosure documents and other literature used by the <br /> specified Portfolios or in a Guaranteed Investment Contract, the Retirement Trust; <br /> Trustees of the Retirement Trust shall invest such monies in (r) make loans, including the purchase of debt obligations, <br /> accordance with such directions; provided that all such loans shall bear interest at the current <br /> (e) keep such portion of the Trust Property in cash or cash market rate; <br /> balances as the Trustees, from time to time. may deem to be in the (s) contract for, and delegate any powers granted hereunder to, <br /> best interest of the Retirement Trust created hereby, without such officers. agents, employees. auditors and attorneys as the <br /> liability for interest thereon; Trustees may select. provided that the Trustees may not delegate <br /> (f) accept and retain for such time as they may deem advisable the powers set forth in paragraphs (b), (c) and (o) of this Section <br /> any securities or other property received or acquired by them as 4.1 and may not delegate any powers if such delegation would <br /> Trustees hereunder, whether or not such securities or other violate their fiduciary duties; <br /> property would normally be purchased as investments here- (t) provide for the indemnification of the officers and Trustees of <br /> under; the Retirement Trust and purchase fiduciary insurance; <br /> (g) cause any securities or other property held as part of the (u) maintain books and records. including separate accounts for <br /> Trust Property to be registered in the name of the Retirement each Public Employer or Employer Trust and such additional <br /> Trust or in the name of a nominee, and to hold any investments in separate accounts as are required under, and consistent with, the <br /> bearer form, but the books and records of the Trustees shall at all Deferred Compensation Plan of each Public Employer; and <br /> <br /> <br />