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01/18/94
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01/18/94
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Meetings
Meeting Document Type
Agenda
Document Title
Finance Committee
Document Date
01/18/1994
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assessment of any kind by virtue of the allocation of Shares to them, except as provided in Section <br />10.2 hereof. <br /> <br />6.2 Allocation of Shnres <br /> <br /> (a) The Trustees shall credit a Participant with additional Shares upon receipt of <br />funds (including, without limitation, income from the investment of 4M Fund Property) for the <br />account of such Participant, based on the net asset value per Share as determined pursuant to <br />Section 10.1 hereof. In connection with any allocation of Shares, the Trustees may allocate <br />fractional Shares. The Trustees may from time to time adjust the total number of Shares allocated <br />without thereby changing the proportionate beneficial interests in the 4M Fund. Reductions or <br />increases in the number of allocated Shares may be made in order to maintain a constant net asset <br />value per Share as set forth in Section 10.2 hereof. Shares shall be allocated and reduced in <br />numbers as whole Shares and/or one hundredths (1/100tbs) of a Share or multiples thereof. <br /> <br /> (b) Shares ma), be allocated only to a Municipality which has become a Participant <br />of the 4M Fund in accordance with Section 1.2 hereof. Each Participant may establish more than <br />one account within the 4M Fund for such Participant's convenience. <br /> <br /> (c) The minimum amount of funds which may be placed in the 4M Fund by a <br />Participant at any one time shall be as determined by the Trustees from time to time. Unless <br />otherwise determined by the Trustees pursuant to this paragraph (c) of this Section 6.2, the <br />minimum amount of funds which may be placed in the 4M Fund by a Participant at any one time <br />shall be One Dollar ($1.00). <br /> <br /> 6.3 Evidence of Share Allocation. Evidence of Share allocation shall be reflected in the <br />Share Register maintained by or on behalf of the 4M Fund pursuant to Section 7.1 hereof, and the <br />4M Fund shall not be required to issue certificates as evidence of Share 'allocation. <br /> <br /> 6.4 Reduction in Number of' Shares to Maintain Co.nstant Net Asset Value. The Shares <br />of the 4M Fund shall be subject to reduction in number pursuant to the procedure for reduction of <br />outstanding Shares set forth in Section 10.2 hereof in order to maintain the constant net asset <br />value per Share. <br /> <br /> 6.5 Withdrawals. Funds may be withdrawn from the 4M Fund at the option of a <br />Participant, upon and subject to the terms and conditions provided in this Declaration of Trust. <br />The 4M Fund shall, upon application of any Participant, promptly pay to such Participant the <br />amount requested and shall reduce the number of Shares allocated to such Participant to the <br />number of Shares which shall reflect such Participant's proportionate interest in the net assets of <br />the 4M Fund after such withdrawal of funds. The procedures for effecting a withdrawal shall be as <br />adopted by the Trustees and as set forth in the Information Statement of the 4M Fund, as the <br />same may be amended from time to time; provided, however, that such procedures shall not be <br />structured so as to substantially and materially restrict the ability of the Participants to withdraw <br />funds from the 4M Fund. <br /> <br /> 6.6 .S_u. spension of' Right of' Withdrawal; P.ostponement of Payment. Each Participant, by <br />its adoption of this Declaration of Trust, agrees that the Trustees may, without the necessity of a <br />formal meeting of the Trustees, temporarily suspend the right of withdrawal or postpone the date <br />of payment pursuant to withdrawal requests for the whole or any part of any period (i) during <br />which there shall have occurred any state of war, national emergency, banking moratorium or <br />suspension of payments by banks in the State of Minnesota or any general suspension of trading or <br />limitation of prices on the New York or American Stock Exchange (other than customary week-end <br /> <br />22 <br /> <br /> <br />
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