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JUN-07-1994 07%26 FROM Ramseu County Risk.Memt. <br />V � <br />TO 94844539 P.03 <br />Article II <br />• Name. <br />The name of this joint powers entity shall be the MINNESOTA. COUNTIES INSURAN w = TRUST, <br />*IttFeinafter sometimes referred to as the "Trust". <br />Article ffi <br />Membership <br />Membership in the Trost shall be open to any governmental unit or other political subdivisi < < as set. <br />forth in M.S. 47159 Subdivision 1, and MS. 471.981 including butnot limited to joint pow . agencies,. <br />of the State of Minnesota that are deemed by the Board of Directors of the Trust to qualifyor mem <br />' bersbip. The Board may impose such conditions on membership ash deemsappropriate protect the <br />i lien of the Trust and to provide for the benefit of its members; and such conditions as : a required <br />by the Agreement, the Bylaws or by applicable statutes, rules or regulations, The Board, at to discre- <br />doan, May create classes, levels or types of membership within the Trust with differing m > , rights, <br />privileges or obligations. <br />Article IV <br />Board Of Directors <br />There is hereby created a Board of Directors of the Trust, herein referred to as the "Board <br />shall be empowered to oversee and administer the Trust. The Board shall be empowered t <br />the affairs of the Trust and to do all things necessary or convenient for the furtherance of Lh <br />of the Trust, including but not !linked to: expending and receiving funds; entering into eon <br />leases, and other agreements; reining, leasing, purchasing and otherwise procuring or race <br />ty real or personal; employing personnel either as employees or by contrac4 and employing <br />each as attorneys, auditors, accountants, risk managers, actuaries and others. <br />ArticleV <br />Divisions ' <br />The Board shall be empowered to create divisicros within the Trust as needed for the separ <br />Trust pregame. The Board snail preside over and supervise the Management, business <br />each diviaion. <br />Article VI <br />Bylaws & Operating Policies And Procedures <br />The Board shall adopt Bylaws which shall provide for the operation and adrainistratiao of ; Trust. <br />The Board may adopt Operating Policies and Procedures to direct and document the . • ��, a activities <br />of the Trust. <br />which <br />manage all <br />purposes <br />asp <br />gpir' <br />nsate= <br />on of <br />affairs of <br />Article VII <br />This ¶hn rt OfAgt entl rrninatilon <br />Agreement shall remain in effect untU:: <br />A. Terminated by the Mutual consent of the members; <br />B. Suspended or superseded by a subsequent agreement between the members, o <br />C. Ter aced by operation of law. <br />Page 2 of 3 <br />