Agenda - Council - 02/25/1986 - Laserfiche WebLink

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:~eahng Ihs Employe~ 3rusts Ipphcehons. ~nsutance and othe~ conl~ecls. ~nd 1~ actmn 01 such ~esig~eled T~uslee o~ ~ rusl~s ~haTI have the sBme lo, ce and e11ect as il Laken by ell 1~ ~ustees ARTICLE V. Duty of Care and Llablllly of lruetaea SECTION ,5 1 Duty of Care In exerc,sing the powers hereinbefore granted lo Ihs Truslees. the Trustees shall perlorm all acts within lhe~r authorily for Ihs exclusive purpose al providing benefds for the Pubhc Employers. and shall perform such acts wdh Ihs care. skill, prudence and dihgence in the circumstanCeS then prevailing Ihs1 a prudenl person Icting in a hke capacity end famihar with such matters woul0 use in the conducl of an enlerprise of a hke character and wilh hke aims SECTION 52 Llabihly The Trustees shall not be liable for any mistake of judgment or other achon taken in good lailh, and for any action taken or omitted in reliance in goo(/ laith Upon the books Of account or other records of the Retirement Tro51. upon the opinion Of counsel, or upon reports made to the Rehrement 'Trust by any of its othcers, employees or agents or by the Inveslment Adviser or any sub- investment adwser, accountants, appraisers or other experts or consultants selecled with reasonable care by Ihs 'l'rustees. olhcers or employees of the Retirement T rust The 'Trustees shall also not be liable for any loss sustained by lhe 'T rust Property by reason at any investment made in good Is,th and in accordance with the standard of care set Iorth in Section 5.1. {.' (,tl~ ),[:'o'd~, t(,' lh~ I'l"l~l~,R',:~ bt a' r id I,,, {,- hi" ~ ARTICLE VII. Duration O, Al"nl, ndmant Df I:lallremant 'Trust SECTION7 I Wdhd~ewa~ APubllcEmplpye, mey. elenyhme. ltatement tothalettecl 7hewlthdrlwfn~Pubhc Employer'S beneh[ intereM in the Rehrement ~uSt ~hall be pai~oultolhe Pubhc EmplDf~ or 1o 1~ ~rustee of the Employer l~usl. 15 appropr~ale SECTION 7.2 Dutahon ~he Rehremenl ~ust shall conhnue lermmeted by 1~ vote of e melOrily Of Ihs Pubhc Employer~. cashn9 one vote Upon lermmahon, ellofl~ ~rusl P~operly ~hBll pe~d out lo Ihs Pubhc Employers or the ~rust~s al the Employer IS appropr~ele SECTION 7.3 Amendmenl ~he Rehremenllrus~m~ybeamen~ by the vote ot~ mB/ordy Ol the PubhC Employers. each ceshng one SECTION ? 4 Procedure A resoluhon lo lermmate o~ amend Rehrement Irusl Or Io remDve 8 Trust~ shall ~ $ubmdle~ lo 8 vole c." the Pubhc Employers if (a) e majority of lhe Trustees so 0~rect. or (b. patroon requesting a vole. signed by nol less Ihan 25% of Ihe Pub.,: Employers. ~s submdled to lhe ARTICLE VIII. Miscellaneous .. SECTIONS 1 GovermngLaw Except as otherwlsetec~u~edbysla,e or local lay,. thcs Declarahon of Trust and the Retirement Trust here:,; created shall be construed and regulated by the laws o! the Distr~ct e' Columbia SECTION 82. Counlerparls 'This Declarahon may be executed tl~ Pubhc Emp)oyers and Trustees in Iwo or more counlerparts, each which shall be deemed an ouginal bul all of which Iogether sba conshtute one and the same instrumenl