Common use of Delegation; Officers Clause in Contracts

Delegation; Officers. The Trustees shall have the power, consistent with their continuing exclusive authority over the management of the Trust and the Trust Property, to delegate from time to time to the Investment Adviser, to any committee of the Trustees or to officers, employees or other agents of the Trust the doing of such things and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient, to at least the same extent as such delegation is permitted under the Delaware Statutory Trust Act and is permitted by the 1940 Act, as well as any further delegations the Trustees may determine to be desirable, expedient or necessary in order to effect the purpose hereof; provided, that such delegation of authority by the Trustees shall not cause any Trustee to cease to be a Trustee or cause the Investment Adviser or any such officer, employee or other agent to whom any authority has been delegated to be a Trustee. The Trustees may elect a Principal Executive Officer, Secretary, Principal Accounting Officer, Chief Compliance Officer and one or more other officers or assistant officers, each having such powers and duties as are set forth in the By-Laws or as otherwise provided by resolution of the Trustees, who shall each serve at the pleasure of the Trustees or until their successors are elected. The Trustees may authorize the Principal Executive Officer, Secretary, Principal Accounting Officer and any assistant officer may, but need not, be a Trustee.