ProComp System Funding Powers Sample Clauses

ProComp System Funding Powers. The Trustees shall have such powers as may be necessary to discharge their responsibilities in managing and controlling the funding of the ProComp System. The Trustees shall have full and complete authority and control with respect to the these powers unless such authority or control is allocated or delegated by the Trustees in accordance with the procedures set forth in subparagraphs (b) and (c) below. Any determination by the Trustees in the exercise of these powers shall be binding on all persons. In addition to such other powers as are conferred by law or are set forth elsewhere in this Agreement, the powers of the Trustees in connection with the funding of the ProComp System shall include, but shall not be limited to, the following: (a) To employ such actuaries, consultants, accountants, counsel or other persons as they deem necessary or desirable in connection with the administration of the Trust and to employ one or more persons to render advice with regard to any responsibility or power of the Trustees. The costs of such services and other administrative expenses shall be paid by the Trust in accordance with the ProComp Agreement to the extent not paid by the District. (b) To designate in writing persons who are not Trustees to carry out fiduciary or nonfiduciary responsibilities or duties of the Trustees, and in the event of such a designation the Trustees shall not be liable for any act or omission of such a person. (c) To allocate fiduciary or nonfiduciary responsibilities or duties among Trustees provided a Trustee to whom such responsibility or duty is allocated consents thereto. Those persons to whom such responsibilities have not been allocated shall not be liable for any act or omission of those persons to whom such responsibilities have been allocated. (d) To construe and interpret the Trust Agreement and ProComp Agreement. (e) To receive from the District, the Association, and the Teachers such information as shall be necessary to monitor administration of the ProComp System. (f) To furnish the District and the Association such annual reports with respect to the administration of the Trust as are reasonable and appropriate. (g) To maintain such bank accounts as they deem appropriate for the administration of the Trust; provided, however, all checks, drafts, vouchers or other withdrawals of funds from the Trust shall be signed by at least one District Trustee and one Association Trustee, or if the Trustees unanimously so provide by contrac...