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10.4 Retgined Reservgs. The Trustees may retain from the gross income of the 4M Fund <br />such amount as they may deem necessary to pay the debts and expenses of the 4M Fund and to <br />meet other obligatiyons of the ,4M Fund, and the Trustees shall also have the power to establish <br />such reasonable reserves as they believe may be recluired. <br /> <br />ARTICLE XI <br /> <br />Custodian <br /> <br /> 11.1 Dut. jes. The Trustees shall employ a bank or trust company organized under the <br />Laws of the Unite~t States of America or the State of Minnesota having an office in the State of <br />Minnesota and having a capital and surplus aggregating at least twenty-five million dollars <br />($25,000,000) as COstodian with authority as its agent, but subject to such restrictions, limitations <br />and other requirements, if any, as may be contained in the By-Laws of the 4M Fund to perform the <br />duties set forth in; the Custodian Agreement to be entered into between the 4M Fund and the <br />Custodian, or as may be imposed by Law. <br /> <br /> 11.2 Apl~ointment. The Trustees shall have the power to select and appoint the Custo- <br />dian for the 4M F~tnd. The Custodian Agreement shall provide that it may be terminated at any <br />time without cause', and without the payment of any penalty by the 4M Fund on sixty (60) days' <br />written notice to the Custodian. <br /> <br />I1.3 Gus4odian Agreement. In addition to containing such other provisions as the <br />Trustees may dee.tn appropriate, the Custodian Agreement shall provide that all investments <br />constituting 4M Fgnd Property shall be held in safekeeping in the manner required by Law, <br />including, without limitation, Minnesota Statutes, Section 475.66, Subdivision 2. <br /> <br /> 11.4 Agents of Custodian. The Trustees may also authorize the Custodian to employ one <br />or more agents from time to time to perform such of the acts and services of the Custodian and <br />upon such terms a~d conditions, as may be agreed upon between the Custodian and such agent and <br />approved by the Trustees; provided, however, that, in every case, such agent shall be a bank or <br />trust company organized under the Laws of the United States of America or one of the States <br />thereof having capi!al and surplus aggregating at least twenty-five million dollars ($25,000,000). <br /> <br /> 11.5 Suc.~essors. In the event that, at any time, the Custodian shall resign or shall be <br />terminated pursua~ to the provisions of the Custodian Agreement, the Trustees shall appoint a <br />successor thereto. <br /> <br /> 11.6 Custodian as Depository for Participants. Each Participant hereby designates the <br />Custodian as a depdMtory for funds of the Participant. <br /> <br />12.1 Rec,0rdin~. <br /> <br /> ARTICLE XII <br /> <br /> Recordin~ of Declaration of Trust <br /> <br />This Declaration of Trust and any amendment hereto shall be filed, <br /> <br /> 29 <br /> <br /> <br />