Bank Accounts; Investments. To retain the principal and income of the Trust, in the sole discretion of the Trustees, in such bank account or accounts and to invest or reinvest principal and income in common and preferred stocks; bonds; notes; mortgages; equipment lease certificates; open-end type investment companies; real estate investment trusts; common trust funds; certificates of deposit; banker's acceptances; obligations of the United States government, its agencies and authorities, or of any state or local government authority or agency; or in any other investment which is a permissible investment for a employee welfare benefit plan under the laws of the United States of America and the State of Michigan; and to dispose of such investments at any time and from time to time. The Trustees shall have the power (in addition to and not in limitation of common law and statutory authority) to exercise with respect to any stocks, bonds or other real or personal property held in the Trust all such rights, powers and privileges as may be lawfully exercised by any person owning similar stocks, bonds or other property in his own right. Amounts credited to each Benefit Plan Sub-Fund may be invested by the Trustees in common with the assets of each other. Income, gains and losses associated with the investment of such amounts shall be allocated proportionately to each Benefit Plan Sub-Fund as determined by the Trustees.
Appears in 4 contracts
Samples: Agreement and Declaration of Trust, Agreement and Declaration of Trust, Agreement and Declaration of Trust
