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ARTICLE V. Duty of Care and Liability of Trustees <br />SECTION 5.3. Bond., No Trustee shall be obligated to give any bond <br />or other security for the performance of any of his or her duties <br />hereunder. <br />ARTICLE VI., Annual Report to Shareholders <br />The Trustees shall an n u al I y su bim it to t h el Public E m pl oyers a written <br />report of the transactions of the Retirement Trust, including financial <br />statements whiich shall be certified by independent public accountants <br />chosen by the Trustees., <br />ARTICLE V11. Duratioln or Amendment of Retirement Trust <br />ARTICLE VIII. Miscellaneous <br />SECTION8.11. Governing Law. Except, as otherwise required bystatz <br />or local law, thirs Declaration of Trust and the Retirement Trust hereby <br />crel,ated sha,ll be construed and regulated by the laws of the District of <br />Columbia. <br />SECTION 8.2. Coiunteriparts. This Dieclarat�i�oin may be executed by <br />the Pu�blic Employers and Trustees in two or more counterparts. each of <br />which sha,ll be, deemed an, on I ginal but alli of which together shall <br />consfitute one and the sam�e, instru�ment. <br />