Common use of Management of the Trust Clause in Contracts

Management of the Trust. Subject to the provisions of this Trust Agreement, the business and affairs of the Trust shall be managed by the Trustees, and they shall have all powers necessary and desirable to carry out that responsibility. Action by the Trustees may be taken by majority vote of the Trustees at a meeting at which a quorum (which shall be a majority of the Trustees then in office) shall be present, or by a consent in writing signed by a majority of the Trustees in office. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Trust Agreement providing for the conduct of the business of the Trust and may amend and repeal them to the extent that they do not reserve that right to any Shareholders; they may elect and remove such officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number and terminate any one or more committees; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, set, or otherwise provide for the setting of, record dates, and in general delegate such authority to do any or all things which the Trustees may do in the operation of the business of the Trust as they consider desirable to any officers of the Trust and committees of the Trustees and to any agent or employee, custodian or underwriter. Any action relating to the operation of the Trust provided for herein to be taken by the Trustees may be taken by any other person under authority granted by the Trustees whether or not specifically as stated, and unless specifically so stated to the contrary. A specific statement indicating that the Trustees may delegate any authority shall not give rise to any contrary implication with respect to any provision of this Trust Agreement. Without limiting the foregoing, the Trustees in addition to all powers granted by law shall have power and authority:

Management of the Trust. Subject to The Trustees shall have exclusive and absolute control over the provisions of this Trust Agreement, Property and over the business and affairs of the Trust shall to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be managed permitted by the Trustees, and they this Trust Instrument. The Trustees shall have all powers necessary and desirable power to carry out that responsibility. Action by the Trustees may be taken by majority vote of the Trustees at a meeting at which a quorum (which shall be a majority of the Trustees then in office) shall be present, or by a consent in writing signed by a majority of the Trustees in office. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Trust Agreement providing for the conduct of the business of the Trust and may amend carry on its operations in any and repeal them all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths, territories, dependencies, colonies, or possessions of the United States of America, and in any foreign jurisdiction and to the extent that they do not reserve that right to any Shareholders; they may elect all such other things and remove execute all such officers and appoint and terminate such agents instruments as they consider appropriate; they may appoint from their own number and terminate any one deem necessary, proper or more committees; they may employ one or more custodians of desirable in order to promote the assets interests of the Trust and may authorize although such custodians to employ subcustodians and to deposit all things are not herein specifically mentioned. Any construction or any part interpretation of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares this Trust Instrument by the Trust, through one or more principal underwriters or otherwise, set, or otherwise provide for the setting of, record dates, Trustees and in general delegate such authority any action taken pursuant thereto and any determination as to do any or all things which the Trustees may do what is in the operation of the business interests of the Trust as they consider desirable to any officers of and/or the Trust and committees of Shareholders made by the Trustees in good faith shall, in each case, be conclusive and to any agent or employeebinding on all Shareholders and all other Persons for all purposes. In construing the provisions of this Trust Instrument, custodian or underwriter. Any action relating the presumption shall be in favor of a grant of power to the operation Trustees. The enumeration of any specific power in this Trust Instrument shall not be construed as limiting the Trust provided for herein to be taken by aforesaid power. The powers of the Trustees may be taken by exercised without order of or resort to any other person under authority granted by court. Except for the Trustees whether in office on the date hereof or not specifically as stated, and unless specifically so stated appointed to the contrary. A specific statement indicating that the Trustees may delegate any authority shall not give rise fill vacancies pursuant to any contrary implication with respect to any provision Section 3.3 of this Trust Agreement. Without limiting the foregoingArticle III, the Trustees shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders. Such a meeting shall be held on a date fixed by the Trustees. In the event that less than a majority of the Trustees holding office have been elected by Shareholders, the Trustees then in addition to all powers granted by law shall have power and authority:office will call a Shareholders’ meeting for the election of Trustees.

Management of the Trust. Subject to The Trustees shall have exclusive and ------------ ----------------------- absolute control over the provisions of this Trust Agreement, Property and over the business and affairs of the Trust shall to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be managed permitted by the Trustees, and they this Trust Instrument. The Trustees shall have all powers necessary and desirable power to carry out that responsibility. Action by the Trustees may be taken by majority vote of the Trustees at a meeting at which a quorum (which shall be a majority of the Trustees then in office) shall be present, or by a consent in writing signed by a majority of the Trustees in office. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Trust Agreement providing for the conduct of the business of the Trust and may amend carry on its operations in any and repeal them all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths, territories, dependencies, colonies, or possessions of the United States of America, and in any foreign jurisdiction and to the extent that they do not reserve that right to any Shareholders; they may elect all such other things and remove execute all such officers and appoint and terminate such agents instruments as they consider appropriate; they may appoint from their own number and terminate any one deem necessary, proper or more committees; they may employ one or more custodians of desirable in order to promote the assets interests of the Trust and may authorize although such custodians things are not herein specifically mentioned. Any determination as to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, set, or otherwise provide for the setting of, record dates, and in general delegate such authority to do any or all things which the Trustees may do what is in the operation of the business interests of the Trust as they consider desirable to any officers of the Trust and committees of made by the Trustees and to any agent or employeein good faith shall be conclusive. In construing the provisions of this Trust Instrument, custodian or underwriter. Any action relating the presumption shall be in favor of a grant of power to the operation Trustees. The enumeration of any specific power in this Trust Instrument shall not be construed as limiting the Trust provided for herein to be taken by aforesaid power. The powers of the Trustees may be taken by exercised without order of or resort to any other person under authority granted by court. Except for the Trustees whether named herein or not specifically as stated, and unless specifically so stated appointed to the contrary. A specific statement indicating that the Trustees may delegate any authority shall not give rise fill vacancies pursuant to any contrary implication with respect to any provision Section 3.04 of this Trust Agreement. Without limiting the foregoingArticle III, the Trustees shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders. Such a meeting shall be held on a date fixed by the Trustees. In the event that less than a majority of the Trustees holding office have been elected by Shareholders, the Trustees then in addition to all powers granted by law shall have power and authority:office will call a Shareholders' meeting for the election of Trustees.

Management of the Trust. Subject to The Trustees shall have exclusive and absolute control over the provisions of this Trust Agreement, Property and over the business and affairs of the Trust shall to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be managed permitted by the Trustees, and they this Trust Instrument. The Trustees shall have all powers necessary and desirable power to carry out that responsibility. Action by the Trustees may be taken by majority vote of the Trustees at a meeting at which a quorum (which shall be a majority of the Trustees then in office) shall be present, or by a consent in writing signed by a majority of the Trustees in office. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Trust Agreement providing for the conduct of the business of the Trust and may amend carry on its operations in any and repeal them all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths, territories, dependencies, colonies, or possessions of the United States of America, and in any foreign jurisdiction and to the extent that they do not reserve that right to any Shareholders; they may elect all such other things and remove execute all such officers and appoint and terminate such agents instruments as they consider appropriate; they may appoint from their own number and terminate any one deem necessary, proper or more committees; they may employ one or more custodians of desirable in order to promote the assets interests of the Trust and may authorize although such custodians things are not herein specifically mentioned. Any determination as to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, set, or otherwise provide for the setting of, record dates, and in general delegate such authority to do any or all things which the Trustees may do what is in the operation of the business interests of the Trust as they consider desirable to any officers of the Trust and committees of made by the Trustees and to any agent or employeein good faith shall be conclusive. In construing the provisions of this Trust Instrument, custodian or underwriter. Any action relating the presumption shall be in favor of a grant of power to the operation Trustees. The enumeration of any specific power in this Trust Instrument shall not be construed as limiting the Trust provided for herein to be taken by aforesaid power. The powers of the Trustees may be taken by exercised without order of or resort to any other person under authority granted by court. Except for the Trustees whether named herein or not specifically as stated, and unless specifically so stated appointed to the contrary. A specific statement indicating that the Trustees may delegate any authority shall not give rise fill vacancies pursuant to any contrary implication with respect to any provision Section 3.4 of this Trust Agreement. Without limiting the foregoingArticle III, the Trustees shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders. Any Shareholder meeting held for such purpose shall be held on a date fixed by the Trustees. In the event that less than a majority of the Trustees holding office have been elected by Shareholders, the Trustees then in addition to all powers granted by law shall have power and authority:office will call a Shareholders' meeting for the election of Trustees in accordance with the provisions of the 1940 Act.

Management of the Trust. Subject The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Trust Instrument. The Trustees shall have power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths, territories, dependencies, colonies, or possessions of the United States of America, and in any foreign jurisdiction and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Trust AgreementInstrument, the business and affairs presumption shall be in favor of a grant of power to the Trustees. The enumeration of any specific power in this Trust Instrument shall not be construed as limiting the aforesaid power. The powers of the Trustees may be exercised without order of or resort to any court. Except for the Trustees named herein, or Trustees appointed to fill vacancies pursuant to Section 3.3 hereof, the Trustees shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders. Prior to a public offering of Shares there may be a sole Trustee. The initial Trustee of the Trust shall be managed by [_________________]. Thereafter, the Trustees, and they shall have all powers necessary and desirable to carry out that responsibility. Action by the number of Trustees may be taken by majority vote of the Trustees at a meeting at which a quorum (which shall be determined by a written instrument signed by a majority of the Trustees then in office) , provided that the number of Trustees shall be present, no less than 3 or by more than [14]. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his term unless the Trustee is specifically removed pursuant to Section 3.2(b) and (d) hereof at the time of decrease. An individual nominated as a consent in writing signed by a majority Trustee shall be at least 21 years of age at the time of nomination and not under legal disability. Trustees need not own Shares and may succeed themselves in office. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Trust Agreement providing for the conduct of the business of the Trust and may amend and repeal them to the extent that they do not reserve that right to any Shareholders; they may elect and remove such officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number and terminate any one or more committees; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, set, or otherwise provide for the setting of, record dates, and in general delegate such authority to do any or all things which the Trustees may do in the operation of the business of the Trust as they consider desirable to any officers of the Trust and committees of the Trustees and to any agent or employee, custodian or underwriter. Any action relating to the operation of the Trust provided for herein to be taken by the Trustees may be taken by any other person under authority granted by the Trustees whether or not specifically as stated, and unless specifically so stated to the contrary. A specific statement indicating that the Trustees may delegate any authority shall not give rise to any contrary implication with respect to any provision of this Trust Agreement. Without limiting the foregoing, the Trustees in addition to all powers granted by law shall have power and authority:.

Management of the Trust. Subject to The Trustees shall have exclusive and absolute control over the provisions of this Trust Agreement, Property and over the business and affairs of the Trust shall to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be managed permitted by the Trustees, and they this Trust Instrument. The Trustees shall have all powers necessary and desirable power to carry out that responsibility. Action by the Trustees may be taken by majority vote of the Trustees at a meeting at which a quorum (which shall be a majority of the Trustees then in office) shall be present, or by a consent in writing signed by a majority of the Trustees in office. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Trust Agreement providing for the conduct of the business of the Trust and may amend carry on its operations in any and repeal them all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths, territories, dependencies, colonies, or possessions of the United States of America, and in any foreign jurisdiction and to the extent that they do not reserve that right to any Shareholders; they may elect all such other things and remove execute all such officers and appoint and terminate such agents instruments as they consider appropriate; they may appoint from their own number and terminate any one deem necessary, proper or more committees; they may employ one or more custodians of desirable in order to promote the assets interests of the Trust and may authorize although such custodians to employ subcustodians and to deposit all things are not herein specifically mentioned. Any construction or any part interpretation of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares this Trust Instrument by the Trust, through one or more principal underwriters or otherwise, set, or otherwise provide for the setting of, record dates, Trustees and in general delegate such authority any action taken pursuant thereto and any determination as to do any or all things which the Trustees may do what is in the operation of the business interests of the Trust as they consider desirable to any officers of and/or the Trust and committees of Shareholders made by the Trustees in good faith shall, in each case, be conclusive and to any agent or employeebinding on all Shareholders and all other Persons for all purposes. In construing the provisions of this Trust Instrument, custodian or underwriter. Any action relating the presumption shall be in favor of a grant of power to the operation Trustees. The enumeration of any specific power in this Trust Instrument shall not be construed as limiting the Trust provided for herein to be taken by aforesaid power. The powers of the Trustees may be taken by exercised without order of or resort to any other person under authority granted by court. Except for the Trustees whether or not specifically as statednamed herein, and unless specifically so stated appointed pursuant to the contrary. A specific statement indicating that the Trustees may delegate any authority shall not give rise to any contrary implication with respect to any provision Section 3.2 of this Trust Agreement. Without limiting the foregoingArticle III, or appointed to fill vacancies pursuant to Section 3.4 of this Article III, the Trustees shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders. Such a meeting shall be held on a date fixed by the Trustees. In the event that less than a majority of the Trustees holding office have been elected by Shareholders, the Trustees then in addition to all powers granted by law shall have power and authority:office will call a Shareholders’ meeting for the election of Trustees.

Management of the Trust. Subject The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Trust Instrument. The Trustees shall have power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths, territories, dependencies, colonies, or possessions of the United States of America, and in any foreign jurisdiction and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Trust AgreementInstrument, the business and affairs of the Trust presumption shall be managed by in favor of a grant of power to the Trustees, and they . The enumeration of any specific power in this Trust Instrument shall have all not be construed as limiting the aforesaid power. The powers necessary and desirable to carry out that responsibility. Action by of the Trustees may be taken exercised without order of or resort to any court. Except for the Trustees appointed to fill vacancies pursuant to Section 3.3 hereof, the Trustees shall be elected by majority vote the Shareholders owning of record a plurality of the Trustees Shares voting at a meeting at which a quorum (which of Shareholders. The number of Trustees shall be the Trustees in office on the date hereof until changed by the Trustees. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office) , provided that the number of Trustees shall be present, no less than 3 or by more than 14. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his term unless the Trustee is specifically removed pursuant to Section 3.2(b) and (d) hereof at the time of decrease. An individual nominated as a consent in writing signed by a majority Trustee shall be at least 21 years of age at the time of nomination and not under legal disability. Trustees need not own Shares and may succeed themselves in office. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Trust Agreement providing for the conduct of the business of the Trust and may amend and repeal them to the extent that they do not reserve that right to any Shareholders; they may elect and remove such officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number and terminate any one or more committees; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, set, or otherwise provide for the setting of, record dates, and in general delegate such authority to do any or all things which the Trustees may do in the operation of the business of the Trust as they consider desirable to any officers of the Trust and committees of the Trustees and to any agent or employee, custodian or underwriter. Any action relating to the operation of the Trust provided for herein to be taken by the Trustees may be taken by any other person under authority granted by the Trustees whether or not specifically as stated, and unless specifically so stated to the contrary. A specific statement indicating that the Trustees may delegate any authority shall not give rise to any contrary implication with respect to any provision of this Trust Agreement. Without limiting the foregoing, the Trustees in addition to all powers granted by law shall have power and authority:.

Management of the Trust. Subject The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Trust Instrument. The Trustees shall have power to conduct the business of the Trust and each Series and carry on its and their operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths, territories, dependencies, colonies, or possessions of the United States of America, and in any foreign jurisdiction and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust and any Series although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust or a Series, as the case may be, made by the Trustees in good faith shall be conclusive. In construing the provisions of this Trust AgreementInstrument, the business presumption shall be in favor of a grant of power to the Trustees. The enumeration of any specific power in this Trust Instrument shall not be construed as limiting the aforesaid power. The powers of the Trustees may be exercised without order of or resort to any court. Except for the Trustees named herein, or Trustees appointed to fill vacancies pursuant to Section 3.3 hereof, the Trustees shall be elected by the Shareholders owning of record a plurality of the Shares of all Series and affairs Classes voting at a meeting of Shareholders. Prior to a public offering of Shares there may be a sole Trustee. The initial Trustee of the Trust shall be managed by Sxxxx Xxxxxxxxx. Thereafter, the Trustees, and they shall have all powers necessary and desirable to carry out that responsibility. Action by the number of Trustees may be taken by majority vote of the Trustees at a meeting at which a quorum (which shall be determined by a written instrument signed by a majority of the Trustees then in office) , provided that the number of Trustees shall be present, no less than 3 or by more than 14. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his term unless the Trustee is specifically removed pursuant to Section 3.2(b) and (d) hereof at the time of decrease. An individual nominated as a consent in writing signed by a majority Trustee shall be at least 21 years of age at the time of nomination and not under legal disability. Trustees need not own Shares and may succeed themselves in office. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Trust Agreement providing for the conduct of the business of the Trust and may amend and repeal them to the extent that they do not reserve that right to any Shareholders; they may elect and remove such officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number and terminate any one or more committees; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, set, or otherwise provide for the setting of, record dates, and in general delegate such authority to do any or all things which the Trustees may do in the operation of the business of the Trust as they consider desirable to any officers of the Trust and committees of the Trustees and to any agent or employee, custodian or underwriter. Any action relating to the operation of the Trust provided for herein to be taken by the Trustees may be taken by any other person under authority granted by the Trustees whether or not specifically as stated, and unless specifically so stated to the contrary. A specific statement indicating that the Trustees may delegate any authority shall not give rise to any contrary implication with respect to any provision of this Trust Agreement. Without limiting the foregoing, the Trustees in addition to all powers granted by law shall have power and authority:.

Management of the Trust. Subject The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Trust Instrument. The Trustees shall have power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths, territories, dependencies, colonies, or possessions of the United States of America, and in any foreign jurisdiction and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Trust AgreementInstrument, the business and affairs presumption shall be in favor of a grant of power to the Trustees. The enumeration of any specific power in this Trust Instrument shall not be construed as limiting the aforesaid power. The powers of the Trustees may be exercised without order of or resort to any court. Except for the Trustees named herein, or Trustees appointed to fill vacancies pursuant to Section 3.3 hereof, the Trustees shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders. Prior to a public offering of Shares there may be a sole Trustee. The initial Trustee of the Trust shall be managed by Lxxxx Xxxxxxx. Thereafter, the Trustees, and they shall have all powers necessary and desirable to carry out that responsibility. Action by the number of Trustees may be taken by majority vote of the Trustees at a meeting at which a quorum (which shall be determined by a written instrument signed by a majority of the Trustees then in office) , provided that the number of Trustees shall be present, no less than 3 or by more than 14. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his term unless the Trustee is specifically removed pursuant to Section 3.2(b) and (d) hereof at the time of decrease. An individual nominated as a consent in writing signed by a majority Trustee shall be at least 21 years of age at the time of nomination and not under legal disability. Trustees need not own Shares and may succeed themselves in office. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Trust Agreement providing for the conduct of the business of the Trust and may amend and repeal them to the extent that they do not reserve that right to any Shareholders; they may elect and remove such officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number and terminate any one or more committees; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, set, or otherwise provide for the setting of, record dates, and in general delegate such authority to do any or all things which the Trustees may do in the operation of the business of the Trust as they consider desirable to any officers of the Trust and committees of the Trustees and to any agent or employee, custodian or underwriter. Any action relating to the operation of the Trust provided for herein to be taken by the Trustees may be taken by any other person under authority granted by the Trustees whether or not specifically as stated, and unless specifically so stated to the contrary. A specific statement indicating that the Trustees may delegate any authority shall not give rise to any contrary implication with respect to any provision of this Trust Agreement. Without limiting the foregoing, the Trustees in addition to all powers granted by law shall have power and authority:.

Management of the Trust. Subject to the provisions of this Trust Agreement, the business and affairs of the Trust shall be managed by the Trustees, and they shall have all powers necessary and desirable to carry out that responsibility. Action by the Trustees may be taken by majority vote of the Trustees at a meeting at which a quorum (which shall be a majority of the Trustees then in office) shall be present, or by a consent in writing signed by a majority of the Trustees in office. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Trust Agreement providing for the conduct of the business of the Trust and may amend and repeal them to the extent and that they do not reserve that right to any Shareholders; they may elect and remove such officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number and terminate any one or more committees; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares shares by the Trust, through one or more principal underwriters or otherwise, set, or otherwise provide for the setting of, record dates, and in general delegate such authority to do any or all things which the Trustees may do in the operation of the business of the Trust as they consider desirable to any officers of the Trust and committees of the Trustees and to any agent or employee, custodian or underwriter. Any action relating to the operation of the Trust provided for herein to be taken by the Trustees may be taken by any other person under authority granted by the Trustees whether or not specifically as stated, and unless specifically so stated to the contrary. A specific statement indicating that the Trustees may delegate any authority shall not give rise to any contrary implication with respect to any provision of this Trust Agreement. Without limiting the foregoing, the Trustees in addition to all powers granted by law shall have power and authority: