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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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Minutes
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6/20/2007
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• <br /> Shares of each Fund are of the same class. Each Fund share has equal rights with respect to <br /> dividends and distributions of such Fund The shares have no preference, conversion, exchange, or <br /> preemptive rights. <br /> For all matters requiring a vote of Participants, each Participant is entitled to one vote with <br /> respect to each matter,without regard to the number of shares held by the Participant. It is not necessary <br /> for a Participant to hold any minimum number of shares to be entitled to vote. Separate votes are taken <br /> by each Fund except with respect to matters pertaining to the Trust as a whole,in which case Participants <br /> vote together, irrespective of the Fund in which such Participant participates. Shares have non- <br /> cumulative voting rights. <br /> No shares may be transferred to any person other than the respective Fund's portfolios from <br /> which it originated at the time of withdrawal of monies by a Participant. <br /> Participant Liability. The Declaration of Trust provides that Participants shall not be subject to <br /> any individual liability for the acts or obligations of the Trust and provides that every written undertaking <br /> made by the Trust shall contain a provision that such undertaking is not binding upon any of the <br /> Participants individually. In the opinion of the Board of Trustees,no individual liability will attach to the <br /> Participants under any undertaking containing such a provision. The Trustees intend to conduct the <br /> operations of the Trust and each Fund, with advice of counsel, in such a way as to avoid ultimate liability <br /> of the Participants for liabilities of the Trust or any Fund. <br /> Responsibility of Trustees,Officers and Agents. No Trustee,officer,employee,or agent of the <br /> Trust is individually liable to the Trust or any Fund, a Participant, an officer, an employee or an agent of <br /> • the Trust for any action or failure to act unless it is taken or omitted in bad faith or constitutes willful <br /> misfeasance, reckless disregard of duty, or gross negligence. All third parties shall look solely to the <br /> property of the applicable Fund for the satisfaction of claims arising in connection with the affairs of the <br /> Fund. The Trust will indemnify each Trustee, officer, employee, or agent of the Trust designated by the <br /> Trustees to receive such indemnification to the extent permitted by law, against all claims and liabilities <br /> to which they may become subject by reason of serving in such capacities for the Trust, except in certain <br /> circumstances set forth in the Declaration of Trust. <br /> Termination of the Declaration of Trust. Either or both Funds and/or the Trust may be <br /> terminated by the affirmative vote of a majority of the Trustees and consented to by a majority of the <br /> Participants entitled to vote. Upon the termination of any Fund or the Trust, and after paying or <br /> adequately providing for the payment of all of the Fund's or Trust's (as applicable) liabilities, and upon <br /> receipt of such releases, indemnities and refunding agreements as they deem necessary for their <br /> protection, the Trustees may distribute the remaining Fund or Trust property, in cash or in kind,or partly <br /> in cash and partly in kind, among the Participants according to their respective proportionate beneficial <br /> interests. <br /> Amendment of the Declaration of Trust. The Declaration of Trust may be amended by the <br /> affirmative vote of a majority of the Participants entitled to vote or by an instrument in writing, signed by <br /> a majority of the Trustees and consented to by not less than a majority of the Participants entitled to vote. <br /> The Trustees may, from time to time, by a two-thirds vote of the Trustees, and after fifteen days prior <br /> written notice to the Participants, amend the Declaration of Trust without the vote or consent of the <br /> Participants,to the extent they deem necessary to conform the Declaration of Trust to the requirements of <br /> applicable laws or regulations,or any interpretation thereof by a court or other governmental agency,but <br /> the Trustees shall not be liable for failing to do so. <br /> • <br /> -12- <br />
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