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8.2 Right to. Initiate a Vote of the Participants. The Participants shall, by an instru- ment or concurrent;instrumentsr in writing delivered to the Board of Trustees signed by at least ten percent (10%) of the Participants, have the right to initiate a vote of the Participants as to any matter described in clause (i) or clause (ii) of Section 8.1 hereof. Within twenty (20) days of receipt of such inst~'ument or instruments, the Board of Trustees shall cause a ballot to be sent to each Participant, s~tting forth the matter to be voted on and the manner in which such ballots should be executed and delivered. 8.3 Inspection of Records. The records of the 4M Fund shall be open to inspection at all reasonable times ~pursuant to Minnesota Statutes, Chapter 13. 8.4 Meet!ngs of Participants. (a) 'TMeetings of the Participants may be called at any time by a majority of the Trustees and shall ~e oalled by any Trustee upon written request of not less than ten percent (10%) of the Participants, !such request specifying the purpose or purposes for which such meeting is to be called. Any sue, h meeting shall be held within the State of Minnesota at such place, on such da.',, and at such tim~ as the Trustees shall designate. (b) ~A majority of the Participants entitled to vote at such meeting present in person (including, if; permitted by applicable Law, participation by conference telephone or similar communications eqmpment by means of which all Persons participating in the meeting can hear each other or by proxy shall constitute a quorum at any meeting of Participants. 8.5 Notice of Meetings and Votes. Notice of all meetings of the Participants, stating the nme, place and ~urposes of the meeting, and notice of any vote without a meeting, stating the purpose and method thereof shall be given by the Trustees by mail to each Participant at its registered address, ~ailed at least ten (10) days and not more than thirty (30) days before the meeting or the day dby which votes must be cast. Only the business stated in the notice of a meeting shall be considered at such meeting. Any adjourned meeting may be held as adjourned without further notice. Any notice required by any "open meeting", "sunshine" or similar taw, whether now or here~ffter in effect, shall also be given. 8.6 Recot, d Date for Meetino, s and Votes. For the purposes of determining the Partici- pants that are entitl~ed to vote or act at any meeting or any adjournment thereof, or who are entitled to participate in any vote, or for the purpose of any other action, the Trustees may from time to time fix a d~te not more than thirty (30) days prior to the date of any meeting or vote of Participants or other~ action as a record date for the determination of Participants entitled to vote at such meeting or ~ny adjournment thereof or to cast a ballot in such vote or to be treated as Participants of recor~l for purposes of such other action. Any Participant which was a Participant at the time so fixed, shall be entitled to vote at such meeting or any adjournment thereof, or to cast a ballot in suchpvote, even though it then had no Shares allocated to it or has since that date redeemed its Shares. ! No Participant becoming such after that date shall be so entitled to vote at such meeting or any adjournment thereof or to cast a ballot in such vote or to be treated as a Participant of record :for purposes of such other action. 8.7 Proxi~.s. At any meeting of Participants, if permitted by applicable Law, any Participant entitled tp vote thereat may vote by proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary of the 4M Fund, or with such other officer or agent of the 4M Fund as the Secretary of the 4M Fund may direct, for verification prior to !.the time at which such vote shall be taken. Pursuant to a resolution of a 25