Common use of Non-Liability of Trustees and Shareholders Clause in Contracts

Non-Liability of Trustees and Shareholders. Any obligation of the Fund hereunder shall be binding only upon the assets of the Fund, as provided in the Agreement and Declaration of Fund of the Fund, and shall not be binding upon any trustee, officer, employee, agent or shareholder of the Fund. Neither the authorization of any action by the Trustees or the shareholders of the Fund, nor the execution of this Agreement on behalf of the Fund shall impose any liability upon any trustee or any shareholder. Nothing in this Agreement shall protect any trustee against any liability to which such trustee would otherwise be subject by willful misfeasance, bad faith or gross negligence in the performance of his duties, or reckless disregard of his obligations and duties under this Agreement.

Appears in 8 contracts

Samples: Accounting and Bookkeeping Agreement (Stein Roe Floating Rate Income Fund), Accounting and Bookkeeping Agreement (Stein Roe Floating Rate Limited Liability Co), Accounting and Bookkeeping Agreement (Columbia Institutional Floating Rate Income Fund)

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