HomeMy WebLinkAbout2472 unless arising from the Trustees' own gross
negligence or willful misconduct. The Trustees
shall not be required to give any bond or other
securities for the faithful performance of their
' duties under this Aqreement,
Trustees to 11.07 The Trustees shall keep accurate and detailed
keep reports accounts of all investments, receipts, disburse-
and records ments and other transactions hereunder, and all
accounts, books and records relating thereto shall
be open to inspection and audit at all reasonable
times by any person designated by the Employer.
Within ninety (90) days following the close of
each fiscal year, and within ninety (90) days
after the removal or resignation of a trustee,
as provided in Article 11.08 hereof, the Trustees
shall file_.with the Employer a written account set-
ting forth all investments, receipts, disburse-
ments and other transactions effected by them
during sucl~ fiscal year, or during the period from
~ the close of the last fiscal year to the date of
; such removal or resignation. Upon the expiration
~ of ninety (90) days from the date of filing such
annual or other account, the Trustees shall be
i forever released and discharged from all liability
; and accountability to any one with respect to the
~ propriety of their acts and transactions except
~ as to those to which the Employer shall, within
such ninety (90) day period, file with the Trustees
written objections. Filing of a copy of Form
~ 990-P, or any subsequent similar form, shall be
deemed compliance unless the Employer shall, in
writing, request a more detailed accounting.
Removal and 11.08 A Trustee may be removed by the Employer at any
~ resignation time upon five i5) days' notice in writing to
~ of Trustees the Trustee. A Trustee may resign at any time
~ upon five (5) days' notice in writing to the
~ Employer. At any time, the Employer may reduce
~ or increase the number of Trustees. Upon the
~ death, removal or resignation of a Trustee, the
~ Employer may appoint a successor Trustee, and if
- it so elects, successor Trustees or additional
Trustees, who shall have the same powers and
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