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(v) do all such acts, take all such proceedings, and exercise'all SECTION 5.3. Bond. No Trustee shall be obligated to give any bond <br /> such rights and privileges, although not specifically mentioned or other security for the performance of any of his or her duties <br /> herein, as the Trustees may deem necessary or appropriate to hereunder. <br /> administer the Trust Property and to carry out the purposes of the <br /> Retirement Trust. ARTICLE VI. Annual Report to Shareholders <br />SECTION 4.2. Distribution of Trust Property. Distributions of the <br /> The Trustees shall annually submit to the Public Employers a written <br />Trust Property shall be made to, or on behalf of, the Public Employer, in report of the transactions of the Retirement Trust, including financial <br />accordance with the terms of the Deferred Compensation Plans or statements which shall be certified by independent public accountants <br />Employer Trusts. The Trustees of the Retirement Trust shall be fully chosen by the Trustees. <br />protected in making payments in accordance with the directions of the <br />Public Employers or the Trustees of the Employer Trusts without <br />ascertaining whether such payments are in compliance with the ARTICLE VII. Duration or Amendment of Retirement Trust <br />provisions of the Deferred Compensation Plans or the agreements <br />creating the Employer Trusts. SECTION 7.1. Withdrawal. A Public Employer may, atanytime, with- <br /> draw from this Retirement Trust by delivering to the Board of Trustees a <br />SECTION 4.3. Execution of Instruments. The Trustees may statement to that effect. The withdrawing Public Employer's beneficial <br />unanimously designate any one or more of the Trustees to execute any interest in the Retirement Trust shall be paid out to the Public Employer <br />instrument or document on behalf of all, including but not limited to the or to the Trustee of the Employer Trust, as appropriate. <br />signing or endorsement of any check and the signing of any <br />applications, insurance and other contracts, and the action of such SECTION 7.2. Duration. The Retirement Trust shall continue until <br />designatedTrusteeorTrusteesshallhavethesameforceandeffectasif terminated by the vote of a majority of the Public Employers, each <br />taken by all the Trustees. casting one vote. Upon termination, all of the Trust Property shall be <br /> paid out to the Public Employers or the Trustees of the Employer Trusts, <br /> as appropriate. <br />ARTICLE V. Duty of Care and Liability of Trustees <br /> SECTION 7.3. Amendment. The Retirement Trust may be amended <br />SECTION 5.1. Duty of Care. In exercising the powers hereinbefore <br />granted to the Trustees, the Trustees shall perform all acts within their by the vote of a majority of the Public Employers, each casting one vote. <br />authority for the exclusive purpose of providing benefits for the Public SECTION 7.4. Procedure. A resolution to terminate or amend the <br />Employers, and shall perform such acts with the care, skill, prt~dence Retirement Trust or to remove a Trustee shall be submitted to a vote of <br />and di ligence in the circumstances then prevailing that a prudent person the Public Employers if: (a) a majority of the Trustees so direct, or (b) a <br />acting in a like capacity and familiar with such matters would use in the petition requesting a vote, signed by not less than 25% of the Public <br />conduct of an enterprise of a like character and with like aims. Employers, is submitted to the Trustees. <br />SECTION 5.2. Liability. The Trustees shall not be liable for any <br />mistake of judgment or other action taken in good faith, and for any <br />action taken or omitted in reliance in good faith upon the books of ARTICLE VIII. Miscellaneous <br />account or other records of the Retirement Trust, upon the opinion of <br /> SECTION 8.1. Governing Law. Except as otherwise required by state <br />counsel, or upon reports made to the Retirement Trust by any of its <br /> or local law, this Declaration of Trust and the Retirement Trust hereby <br />officers, employees or agents or by the Investment Adviser or any sub- <br /> created shall be construed and regulated by the laws of the District of <br />investment adviser, accountants, appraisers or other experts or Columbia. <br />consultants selected with reasonable care by the Trustees, officers or <br />employees of the Retirement Trust. The Trustees shall also not be liable SECTION 8.2. Counterparts. This DecWaration may be executec~ by <br />for any loss sustained by the Trust Property by reason of any investment the Public Employers and Trustees in two or more counterparts, each of <br />made in good faith and in accordance with thestandardofcaresetforth which shall be deemed an original but all of which together shall <br />in Section 5.1. constitute one and the same instrument. <br /> <br /> <br />