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expenses reasonably incurred by themselves or any one or more of themselves on behalf of the 4M
<br />Fund.
<br />
<br /> 2.10 Borr0w. in~, and Indebt. edness. The Trustees shall not have the power to borrow
<br />money or incur indebtedness on behalf of the 4M Fund, or authorize the Fund to borrow money or
<br />incur indebtedness,:except as provided in clause (iv) of Section 4.2 of this Declaration of Trust, but
<br />only if and to the e~xtent permitted by Law.
<br />
<br /> 2.11 D~po$its. The Trustees shall have full and complete power to deposit, in such
<br />manner as may now or hereafter be permitted by Law, any moneys or funds, included in the 4M
<br />Fund Property, an~ intended to be used for the payment of expenses of the 4M Fund or the
<br />Trustees, with one or more banks, or thrift institutions meeting the requirements of Section
<br />2.2(b)(vi) hereof. Such deposits are to be subject to withdrawal in such manner as the Trustees
<br />may determine, and the Trustees shall have no responsibility for any loss which may occur by
<br />reason of the fail.(tre of the bank or thrift institution with which the moneys, investments, or
<br />securities have beert deposited. Each such bank or thrift institution shall comply, with respect to
<br />such deposits, with, all applicable requirements of all applicable Laws, including, but not limited to,
<br />Laws of the State o~f Minnesota relating to Municipalities.
<br />
<br /> 2.12 Vailuation. The Trustees shall have full and complete power to determine in good
<br />faith conclusively the value of any of the 4M Fund Property and to revalue the 4M Fund Property.
<br />
<br /> 2.13 Fiscal Year; Accounts. The Trustees shall have full and complete power to
<br />determine the fiscal year of the 4M Fund and the method or form in which its accounts shall be
<br />kept and from tim, e to time to change the fiscal year or method or form of accounts. Unless
<br />otherwise determined by the Trustees pursuant to this Section 2.13, the fiscal year of the 4M Fund
<br />shall terminate on June 30 and commence on July 1 of each calendar year.
<br />
<br /> 2.14 Col~cernine the 4M Fund and Certain Affiliates.
<br />
<br /> (a) The 4M Fund may enter into transactions with any Affiliate of the 4M Fund or
<br />of the Adviser, theiAdministrator, or the Custodian or of any Trustee, officer, director of employee
<br />of the 4M Fund or[with any Affiliate of an agent of the 4M Fund or of the Adviser, the Adminis-
<br />trator, or the Custgdian if (i) each such transaction (or type of transaction) had, after disclosure
<br />of such affiliation, ~ been approved or ratified by the affirmative vote of a majority of the Trustees,
<br />including a majorit~ of the Trustees who are not Affiliates of any Person (other than the 4M Fund)
<br />who is a party to ;the transaction or transactions with the 4M Fund and (ii) such transaction (or
<br />type of transaction[) is, in the opinion of the Trustees, on terms fair and reasonable to the 4M
<br />Fund and the Partibipants and at least as favorable to them as similar arrangements for comparable
<br />transactions (of which the Trustees have knowledge) with organizations unaffiliated with the 4M
<br />Fund or with the Person who is a party to the transaction or transactions with the 4M Fund.
<br />
<br /> (b) Except as otherwise provided in this Declaration of Trust or in the Laws of
<br />the State of Minn*~ota, in the absence of fraud, a contract, act or other transaction between the
<br />4M Fund and any~other Person, or in which the 4M Fund is interested, is valid and no Trustee,
<br />officer, employee or agent of the 4M Fund shall have any liability as a result of entering into any
<br />such contract, act ~r transaction even., though (i) one or more of the Trustees, officers, employees
<br />or agents of such (~ther Person, or (u) one or more of the Trustees, officers, employees, or agents
<br />of the 4M Fund, i.'.hdividually or jointly with or affiliated with, such contract, act or transaction,
<br />provided that (i) such interest or affiliation is disclosed to the Trustees and the Trustees authorize
<br />such contract, act ~r other transaction by a vote of a majority of the unaffiliated Trustees, or (ii)
<br />such interest or affiliation is disclosed to the Participants, and such contract, act or transaction is
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