01/18/94 - Laserfiche WebLink

Home

with such powers of delegation as may be permitted by this Declaration of Trust. The trustees may do and perform such acts and things as in their sole judgment and discretion are necessary and proper for conducting the affairs of the 4M Fund or promoting the interests of the .-IXl Fund and the Participants. The enumeration of any specific power or authority herein shall not be construed as limiting the aforesaid general power or authority or any specific power or authority. The trustees may exercise any power authorized and granted to them by this Declaration of Trust. Such powers of the Trustees may be exercised without the necessity of any order or, or resort to, any court. 2.2 Permitted Investments. The Trustees shall have full and complete power, subject in all respects to Article IV hereof, and (a) to conduct, operate and provide an investment program for the Participants; (b) for such consideration as they may deem proper and as may be required by Law, to subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of investment instruments as permit- ted by Law (the "Permitted Investments"). Permitted Investments include, without limitation, as of the date hereof, the following: (i) any security which is a direct obligation of or is guaranteed as to payment of principa! and interest by the United States of America or any agency or instrumentality thereof; (ii) shares of an investment company (1) registered under the federal invest- ment company act of 1940, whose shares are registered under the federal securities act of 1933, and (2) whose only investments are in securities 6escribed in the preceding clause and repurchase agreements fully collateralized by those securities, if the repurchase agreements are entered into only with those primary reporting dealers that report to the Federal Reserve Bank of New York and with the 100 largest United States commercial banks; (iii) any security which is a general obligation of the State of Minnesota or any of its municipalities; (iv) bankers acceptances of United States banks eligible for purchase by the Federal Reserve System; (v) commercial paper issued by United States corporations or their Canadian subsidiaries that is of the highest cluality and matures in 270 days or less; (vi) deposits in a national bank or in a state bank or thrift institution insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, provided that any such deposit shall be insured, bonded or collateralized in the manner required by Law and that any such bank or thrift institution shall meet criteria designated from time to time by the Trustees; (vii) repurchase agreements (a) with any bank qualified as a depository of money held in the debt service fund of a municipality of the State of Minnesota or (b) with any national or state bank in the United States of America which is a member of the Federal Reserve System and whose combined capital and surplus equals or exceeds $10,000,000 or (c) with a Primary Reporting Dealer in United States Government Securities to the Federal Reserve Bank of New York as such term is defined in Minnesota Statutes, Section 475.51, Subdivision 11 or (d) a securities i0