Exhibit a
Agreement and Declaration of Trust
AGREEMENT AND DECLARATION OF TRUST
OF
PHOENIX-OAKHURST INCOME & GROWTH FUND
THIS AGREEMENT AND DECLARATION OF TRUST is made and entered into as of the
date set forth below by the Trustees named hereunder for the purpose of forming
a Delaware business trust in accordance with the provisions hereinafter set
forth,
NOW, THEREFORE, the Initial Trustee hereby directs that the Certificate of
Trust be filed with Office of the Secretary of State of the State of Delaware,
and the Initial Trustee does hereby declare that the Trustees will hold in trust
all cash, securities and other assets that the Trust now possesses or may
hereafter acquire from time to time in any manner and manage and dispose of the
same upon the following terms and conditions for the benefit of the holders of
Shares in the Trust.
ARTICLE I
Name and Definitions
--------------------
Section 1. Name. This Trust shall be known as "Phoenix-Oakhurst Income and
Growth Fund" and the Trustees shall conduct the business of the Trust under that
name or any other name as they may from time to time determine.
Section 2. Definitions. Whenever used herein, unless otherwise required by the
context or specifically provided:
(a) "By-Laws" shall mean the By-Laws of the Trust as amended from time to
time, which By-Laws are expressly herein incorporated by reference as part of
the "governing instrument" within the meaning of the Delaware Act;
(b) "Certificate of Trust" means the certificate of trust, as amended or
restated from time to time, filed by the Trustees in the Office of the Secretary
of State of the State of Delaware in accordance with the Delaware Act;
(c) "Class" means a class of Shares of a Series of the Trust established in
accordance with the provisions of Article III hereof;
(d) "Commission" and "Principal Underwriter" shall have the meanings given
them in the 1940 Act;
(e) "Declaration of Trust" means this Agreement and Declaration of Trust, as
amended or restated from time to time;
(f) "Delaware Act" means the Delaware Business Trust Act, 12 Del. C. Sections
3801 et seq., as amended from time to time;
(g) "Initial Trustee" means the person or persons who have signed this
Declaration of Trust;
(h) "Manager" means a party furnishing services to the Trust pursuant to any
contract described in Article IV,
Section 9(a) hereof;
(i) "1940 Act" means the Investment Company Act of 1940 and the rules and
regulations thereunder, all as amended from time to time;
(j) "Person" means and includes individuals, corporations, partnerships,
trusts, associations, joint ventures, estates and other entities, whether or not
legal entities, and governments and agencies and political subdivisions thereof,
whether domestic or foreign;
(k) "Series" means each Series of Shares established and designated under or
in accordance with the provisions of Article III;
(l) "Shareholder" means a record owner of outstanding Shares;
(m) "Shares" means the Shares of beneficial interest into which the beneficial
interest in the Trust shall be divided from time to time and includes fractions
of Shares as well as whole Shares;
(n) "Trust" means the Delaware business trust established under the Delaware
Act by this Declaration of Trust and the filing of the Certificate of Trust in
the Office of the Secretary of State of the State of Delaware;
(o) "Trust Property" means any and all property, real or personal, tangible or
intangible, that is from time to time owned or held by or for the account of the
Trust; and
(p) "Trustees" means the Initial Trustee, and all other Persons who may from
time to time be duly elected or appointed to serve as Trustees in accordance
with the provisions hereof, in each case so long as such Person shall continue
in office in accordance with the terms of this Declaration of Trust, and
reference herein to a Trustee or the Trustees shall refer to such Person or
Persons in her or his or their capacity as trustees hereunder.
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ARTICLE II
Purpose of Trust
----------------
The purpose of the Trust is to conduct, operate and carry on the business of a
management investment company registered under the 1940 Act through one or more
Series investing primarily in securities, and to carry on such other business as
the Trustees may from time to time determine pursuant to their authority under
this Declaration of Trust.
ARTICLE III
Shares
------
Section 1. Division of Beneficial Interest. The beneficial interest in the
Trust may be divided into one or more Series. Each Series may be divided into
one or more Classes. Subject to the further provisions of this Article III and
any applicable requirements of the 1940 Act, the Trustees shall have full power
and authority, in their sole discretion, and without obtaining the approval of
the Shareholders of any Series or Class thereof, (i) to divide the beneficial
interest in the Trust or in each Series or Class thereof into Shares, with or
without par value as the Trustees shall determine, (ii) to issue Shares without
limitation as to number (including fractional Shares), to such Persons and for
such amount and type of consideration, including cash or securities, at such
time or times and on such terms as the Trustees may deem appropriate, (iii) to
establish and designate and to change in any manner any Series or Class thereof
and to fix such preferences, voting powers, rights, duties and privileges and
business purpose of each Series or Class thereof as the Trustees may from time
to time determine, which preferences, voting powers, rights, duties and
privileges may be senior or subordinate to (or in the case of business purpose,
different from) any existing Series or Class thereof and may be limited to
specified property or obligations of the Trust or profits and losses associated
with specified property or obligations of the Trust, (iv) to divide or combine
the Shares of any Series or Class thereof into a greater or lesser number, or
issue dividends in Shares with respect to Shares of any Series or Class, without
thereby materially changing the proportionate beneficial interest of the Shares
of such Series or Class in the assets held with respect to that Series or Class
thereof, (v) to classify or reclassify any issued Shares of any Series or Class
thereof into Shares of one or more Series or Classes thereof and (vi) to take
such other action with respect to the Shares as the Trustees may deem desirable.
Except as provided in this Declaration of Trust or in the resolution
establishing a Class or Series consistent with the requirements of the 1940 Act,
each Share of a Series of the Trust shall represent an equal beneficial interest
in the net assets of such Series, and each holder of Shares of a Series shall be
entitled to receive such holder's pro rata share of distributions of income and
capital gains, if any, made with respect to such Series. Upon redemption of the
Shares of any Series or Class thereof, the applicable Shareholder shall be
entitled to be paid solely out of, the funds and property of such Series of the
Trust.
All references to Shares in this Declaration of Trust shall be deemed to be
Shares of any or all Series or Classes thereof, except as the context otherwise
requires. All provisions herein
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relating to the Trust shall apply equally to each Series of the Trust and each
Class thereof, except as the context otherwise requires.
All Shares issued hereunder, including, without limitation, Shares issued in
connection with a dividend in Shares or a split or reverse split of Shares,
shall be fully paid and non-assessable. Except as otherwise provided by the
Trustees, Shareholders shall have no appraisal, preemptive or other right to
subscribe to any additional Shares or other securities issued by the Trust.
Section 2. Ownership of Shares. The Ownership of Shares of each Series and
Class shall be recorded separately on the books of the Trust or by one or more
transfer, sub-transfer or similar agents on behalf of the Trust. No certificates
certifying the ownership of Shares shall be issued except as the Trustees may
otherwise determine from time to time. The Trustees may make such rules as they
consider appropriate for the issuance of Share certificates, the transfer of
Shares of each Series (or Class) and similar matters. The record books of the
Trust as kept by the Trust or by one or more transfer, sub-transfer or similar
agents, as the case may be, shall be conclusive as to the identity of the
Shareholders of each Series (or Class) and as to the number of Shares of each
Series (or Class) held from time to time by each Shareholder.
Section 3. Transfer of Shares. Except as otherwise provided by the Trustees,
Shares shall be transferable on the books of the Trust only by the record holder
thereof or by his duly authorized agent upon delivery to the Trustees or the
Trust's transfer agent of a duly executed instrument of transfer, together with
a Share certificate if one is outstanding, and such evidence of the genuineness
of the execution and authorization thereof as may be required by the Trustees
and of such other matters as may be required by the Trustees. Upon such
delivery, and subject to any further requirements specified by the Trustees or
contained in the By-Laws, the transfer shall be recorded on the books of the
Trust. Until a transfer is so recorded, the Shareholder of record of Shares
shall be deemed to be the holder of such Shares for all purposes hereunder and
neither the Trustees nor the Trust, nor any transfer agent, Shareholder
servicing agent or similar agent, any officer, employee or agent of the Trust,
shall be affected by any notice of a proposed transfer.
Section 4. Investments in the Trust. Investments may be accepted by the
Trust from such Persons, at such times, on such terms, and for such
consideration as the Trustees from time to time may authorize.
Section 5. Status of Shares and Limitation of Personal Liability. Shares shall
be deemed to be personal property giving only the rights provided in this
instrument. Every shareholder by virtue of having become a Shareholder shall be
held to have expressly assented and agreed to the terms hereof. The death,
incapacity, dissolution, termination or bankruptcy of a Shareholder during the
existence of the Trust shall not operate to terminate the Trust, nor entitle the
representative of any such Shareholder to an accounting or to take any action in
court or elsewhere against the Trust or the Trustees, but entitles such
representative only to the rights of such Shareholder under this Trust.
Ownership of Shares shall not entitle the Shareholder to any title in or to the
whole or any part of the Trust Property or right to call for a partition or
division of the same or for an accounting, nor shall the ownership of Shares
constitute the Shareholders as
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partners. Neither the Trust nor the Trustees, nor any officer, employee or
agent of the Trust shall have any power to bind personally any Shareholder, nor,
except as specifically provided herein, to call upon any Shareholder for the
payment of any sum of money or assessment whatsoever other than such as the
Shareholder may at any time personally agree to pay. Except as specifically
provided herein, no Shareholder shall be personally liable for the debts,
liabilities, obligations or expenses incurred by, contracted for, or otherwise
existing with respect to, the Trust or by or on behalf of any Series or Class.
Every note, bond, contract or other undertaking issued by or on behalf of the
Trust or Trustees relating to the Trust or to a Series or Class may include a
recitation limiting the obligation represented thereby to the Trust or to one or
more Series and its respective assets (but the omission of such a recitation
shall not operate to bind any Shareholder or Trustee of the Trust).
Section 6. Establishment and Designation of Series (or Class). The Trustees
may establish and designate one or more Series or Classes in their sole
discretion without obtaining the approval of the Shareholders of any Series or
Class thereof (except as otherwise required by the 1940 Act). The establishment
and designation of any Series (or Class) of Shares shall be effective upon the
adoption by a majority of the then Trustees of a resolution that sets forth such
establishment and designation and the relative rights and preferences of such
Series (or Class), whether directly in such resolution or by reference to
another document including, without limitation, any registration statement of
the Trust, or as otherwise provided in such resolution.
Shares of each Series (or Class) established pursuant to this Article III,
unless otherwise provided in the resolution establishing such Series, shall have
the following relative rights and preferences:
(a) Assets Held with Respect to a Particular Series or Class. All
consideration received by the Trust for the issue or sale of Shares of a
particular Series or Class thereof, together with all assets in which such
consideration is invested or reinvested, all income, earnings, profits, and
proceeds thereof from whatever source derived, including, without limitation,
any proceeds derived from the sale, exchange or liquidation of such assets, and
any funds or payments derived from any reinvestment of such proceeds in whatever
form the same may be, shall irrevocably be held with respect to that Series (or
Class) for all purposes, and shall be so recorded upon the books of account of
the Trust. Such consideration, assets, income, earnings, profits and proceeds
thereof, from whatever source derived, including, without limitation, any
proceeds derived from the sale, exchange or liquidation of such assets, and any
funds or payments derived from any reinvestment of such proceeds, in whatever
form the same may be, are herein referred to as "assets held with respect to"
that Series (or Class thereof). In the event that there are any assets, income,
earnings, profits and proceeds thereof, funds or payments that are not readily
identifiable as assets held with respect to any particular Series (collectively
"General Assets"), the Trustees shall allocate such General Assets to, between
or among any one or more of the Series (and the Classes thereof) in such manner
and on such basis as the Trustees, in their sole discretion, deem fair and
equitable, and any General Assets so allocated to a particular Series (and the
Classes thereof) shall be assets held with respect to that Series and such
Classes. Each such allocation by the Trustees shall be conclusive and binding
upon the Shareholders of all Series and Classes for all purposes. Separate and
distinct records shall be
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maintained for each Series and the assets held with respect to each Series
shall be held and accounted for separately from the assets held with respect to
all other Series and the General Assets of the Trust not allocated to such
Series.
(b) Liabilities Attributable to a Particular Series (or Class). The assets of
the Trust held with respect to each particular Series (or Class thereof) shall
be charged exclusively with the liabilities of the Trust attributable to that
Series or Class and all expenses, costs, charges and reserves attributable to
that Series or Class. Any general liabilities of the Trust that are not readily
identifiable as being attributable to any particular Series (and the Classes
thereof) shall be allocated and charged by the Trustees to and among any one or
more of the Series (and the Classes thereof) in such manner and on such basis as
the Trustees in their sole discretion deem fair and equitable. All liabilities,
expenses, costs, charges, and reserves so charged to a Series (and the Classes
thereof) are herein referred to as "liabilities attributable to" that Series (or
Class thereof). Each allocation of liabilities, expenses, costs, charges and
reserves by the Trustees shall be conclusive and binding upon the Shareholders
of all Series and Classes for all purposes. All liabilities attributable to a
particular Series shall be enforceable against the assets held with respect to
such Series only and not against the assets of the Trust generally or against
the assets held with respect to any other Series. Notice of this limitation on
the liability of each Series shall be set forth in the Certificate of Trust or
in an amendment thereto prior to the issuance of any Shares of a Series. To the
extent that the Trustees, pursuant to Section 2 of Article VII hereof, include a
Class limitation on liability in any note, bond, contract, instrument,
certificate or undertaking made with respect to any Class, the parties to such
note, bond, contract, instrument, certificate or undertaking shall look only to
the assets attributable to such Class in satisfaction of the liabilities arising
thereunder and not to the assets attributable to any other Class of the
applicable Series.
(c) Dividends. Dividends and distributions on Shares of a particular Series or
any class thereof may be paid with such frequency as the Trustees in their sole
discretion may determine, which may be daily or otherwise pursuant to a standing
resolution or resolutions adopted only once or with such frequency as the
Trustees in their sole discretion may determine, to the holders of Shares of
that Series or Class, from such of the income and capital gains, accrued or
realized, from the assets belonging to that Series, or in the case of a Class,
belonging to that Series and allocable to that Class, as the Trustees in their
sole discretion may determine, after providing for actual and accrued
liabilities belonging to that Series or Class. All dividends and distributions
on Shares of a particular Series or Class thereof shall be distributed pro rata
to the holders of Shares of that Series or Class in proportion to the number of
Shares of that Series or Class held by such holders at the date and time of
record established for the payment of such dividends or distributions, except
that in connection with any dividend or distribution program or procedure and
when consistent with applicable law, the Trustees in their sole discretion may
determine that no dividend or distribution shall be payable on Shares as to
which the Shareholder's purchase order and/or payment have not been received by
the time or times established by the Trustees under such program or procedure.
Such dividends and distributions may be made in cash or Shares of that Series or
Class or a combination thereof as determined by the Trustees in their sole
discretion or pursuant to any program that the Trustees may have in effect at
the time for the election by each Shareholder of the mode of the making of such
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dividend or distribution to that Shareholder. The Trustees shall have full
discretion, to the extent not inconsistent with the 1940 Act, to determine which
items shall be treated as income and which items as capital; and each such
determination and allocation shall be conclusive and binding upon the
Shareholders.
(d) Fractions. Any fractional Share of a Series (or Class thereof) shall carry
proportionately all the rights and obligations of a whole Share of that Series
or Class, including rights with respect to voting, receipt of dividends and
distributions, redemption of Shares and termination of the Trust.
(e) Combination of Series. The Trustees shall have the authority, without the
approval of the Shareholders of any Series (or Class thereof), unless otherwise
required by applicable law, to combine the assets and liabilities attributable
to any two or more Series (or Classes) into assets and liabilities attributable
to a single Series or Class.
Section 7. Indemnification of Shareholders. If any Shareholder or former
Shareholder shall be exposed to liability by reason of a claim or demand
relating to such Person being or having been a Shareholder, and not because of
such Person's acts or omissions, the Shareholder or former Shareholder (or such
Person's heirs, executors, administrators, or other legal representatives or in
the case of a corporation or other entity, its corporate or other general
successor) shall be entitled to be held harmless from and indemnified out of the
assets of the Trust against all cost and expense reasonably incurred in
connection with such claim or demand, but only out of the assets held with
respect to the particular Series of Shares of which such Person is or was a
Shareholder and from or in relation to which such liability arose. The Trust
may, at its option and shall, upon request by the Shareholder, assume the
defense of any claim made against the Shareholder for any act or obligation of
the Trust and satisfy any judgment thereon from the assets held with respect to
the particular series.
ARTICLE IV
Trustees
--------
Section 1. Election of Trustees. Upon the issuance of beneficial interests of
the Trust, the initial shareholder of the Trust shall elect Trustees of the
Trust; to the extent that persons so elected are different from the Initial
Trustee, such persons shall replace the Initial Trustee as Trustees of the
Trust.
Section 2. Number, Election and Tenure. The number of Trustees shall initially
be one (1), who shall be Xxxxxx X. XxXxxxxxxx. After the initial election of
Trustees, the number of Trustees shall be eleven (11) or such other number as
shall, from time to time, be determined by the Trustees. Except as described
above with respect to the Initial Trustee, each Trustee shall serve during the
continued term of the Trust until she or he dies, resigns, is declared
incompetent by a court of appropriate jurisdiction, or is removed, or, if
sooner, until the next meeting of Shareholders called for the purpose of
electing Trustees and until the election and qualification of
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her or his successor. In the event that less than the majority of the Trustees
holding office have been elected by the Shareholders, to the extent required by
the 1940 Act, the Trustees then in office shall call a Shareholders' meeting for
the election of Trustees. Any Trustee may resign at any time by written
instrument signed by her or him and delivered to any officer of the Trust or to
the Secretary of any meeting of the Trustees. Such resignation shall be
effective upon receipt unless specified to be effective at some other time.
Except to the extent expressly provided in a written agreement with the Trust,
no Trustee resigning and no Trustee removed shall have any right to any
compensation for any period following her or his resignation or removal, or any
right to damages on account of such removal. Any Trustee may be removed with or
without cause at any meeting of Shareholders by a vote of two-thirds of the
outstanding Shares of the Trust or by a vote of two-thirds of the number of
Trustees prior to such removal.
Section 3. Vacancies. Any vacancy or anticipated vacancy resulting from any
reason, including without limitation the death, resignation, retirement, removal
or incapacity of any of the Trustees, or resulting from an increase in the
number of Trustees by the other Trustees may (but so long as there are at least
two remaining Trustees, need not unless required by the 0000 Xxx) be filled by a
majority of the remaining Trustees, subject to the provisions of Section 16(a)
of the 1940 Act, through the appointment in writing of such other person as such
remaining Trustees in their discretion shall determine and such appointment
shall be effective upon the written acceptance of the person named therein to
serve as a Trustee and agreement by such person to be bound by the provisions of
this Declaration of Trust, except to the extent that such appointment or such
acceptance provides that it shall be effective at a later date or upon the
occurrence of a later event.
Section 4. Effect of Death, Resignation, etc. of a Trustee. The death,
declination to serve, resignation, retirement, removal, or incapacity of one or
more Trustees, or all of them, shall not operate to annul the Trust or to revoke
any existing agency created pursuant to the terms of this Declaration of Trust.
Whenever there shall be fewer than the designated number of Trustees, until
additional Trustees are elected or appointed as provided herein to bring the
total number of Trustees equal to the designated number, the Trustees in office,
regardless of their number, shall have all the powers granted to the Trustees
and shall discharge all the duties imposed upon the Trustees by this Declaration
of Trust. As conclusive evidence of such vacancy, a written instrument
certifying the existence of such vacancy may be executed by an officer of the
Trust or by a majority of the Trustees then in office. In the event of the
death, declination, resignation, retirement, removal, or incapacity of all the
then Trustees within a short period of time and without the opportunity for at
least one Trustee being able to appoint additional Trustees to replace those no
longer serving, the Trust's Managers are empowered to appoint new Trustees
subject to the applicable provisions of the 1940 Act.
Section 5. Powers. Subject to the provisions of this Declaration of Trust, the
business of the Trust shall be managed by the Trustees; the Trustees shall have
full power and authority to do any and all acts and to make and execute any and
all contracts and instruments that they may consider necessary or appropriate in
connection with the management of the Trust, including the power to engage in
securities transactions of all kinds on behalf of the Trust. Without limiting
the foregoing, the Trustees may:
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(a) adopt By-Laws not inconsistent with this Declaration of Trust providing
for the regulation and management of the affairs of the Trust and may amend and
repeal them to the extent that such By-Laws do not reserve that right to the
Shareholders;
(b) elect and remove, with or without cause, such officers and appoint and
terminate such agents as they consider appropriate;
(c) appoint from their own number and establish and terminate one or more
committees consisting of two or more Trustees which may exercise the powers and
authority of the Board of Trustees to the extent that the Board of Trustees
determine;
(d) provide for the issuance and distribution of Shares by the Trust directly
or through one or more Principal Underwriters or otherwise;
(e) redeem, repurchase and transfer Shares pursuant to applicable law;
(f) operate as and carry out the business of an investment company, and
exercise all the powers necessary or appropriate to the conduct of such
operations;
(g) invest and reinvest cash, to hold cash uninvested, and to subscribe for,
invest in, reinvest in, purchase or otherwise acquire, own, hold, pledge, sell,
assign, transfer, exchange, distribute, purchase or write options on, lend,
enter into contracts for the future acquisition or delivery of, or otherwise
deal in or dispose of, securities, indices, currencies, commodities or other
property of every nature and kind, including, without limitation, all types of
bonds, debentures, stocks, negotiable or non-negotiable instruments,
obligations, evidences of indebtedness, certificates of deposit or indebtedness,
commercial paper, repurchase agreements, bankers' acceptances, and other
securities, commodities or contracts of any kind, issued, created, guaranteed,
or sponsored by any and all Persons, including, without limitation, states,
territories, and possessions of the United States and the District of Columbia
and any political subdivision, agency, or instrumentality thereof, the U.S.
Government or any foreign government or any political subdivision of the U.S.
Government or any foreign government, or any domestic or international
instrumentality, or by any bank or savings institution, or by any corporation or
organization organized under the laws of the United States or of any state,
territory, or possession thereof, or by any corporation or organization
organized under any foreign law, or in "when issued" contracts for any such
securities; to change the investments of the assets of the Trust; and to
exercise any and all rights, powers, and privileges of ownership or interest in
respect of any and all such investments of every kind and description,
including, without limitation, the right to consent and otherwise act with
respect thereto, with power to designate one or more Persons to exercise any of
said rights, powers, and privileges in respect of any of said instruments;
(h) sell, exchange, lend, pledge, mortgage, hypothecate, lease, or write
options (including options on futures contracts) with respect to or otherwise
deal in any property rights relating to any or all of the assets of the Trust or
any Series or Class thereof;
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(i) vote or give assent, or exercise any rights of ownership, with respect to
stock or other securities or property; and to execute and deliver proxies or
powers of attorney to such Person or Persons as the Trustees shall deem proper,
granting to such Person or Persons such power and discretion with relation to
securities or property as the Trustees shall deem proper;
(j) set record dates for the determination of Shareholders with respect to
various matters, which, for purposes of determining the Shareholders of any
Series (or Class) who are entitled to receive payment of any dividend or of any
other distribution shall be on or before the date for the payment of such
dividend or such other payment, as the record date for determining the
Shareholders of such Series (or Class) having the right to receive such dividend
or distribution; without fixing a record date, the Trustees may for distribution
purposes close the register or transfer books for one or more Series (or
Classes) at any time prior to the payment of a distribution; nothing in this
subsection shall be construed as precluding the Trustees from setting different
record dates for different Series (or Classes);
(k) exercise powers and rights of subscription or otherwise which in any
manner arise out of ownership of securities or other property;
(l) hold any security or property in a form not indicating any trust, whether
in bearer, unregistered or other negotiable form, or in its own name or in the
name of one or more custodians, sub-custodians, depositories, nominees or
otherwise;
(m) consent to or participate in any plan for the reorganization,
consolidation or merger of any corporation or issuer of any security or property
which is held in the Trust; to consent to any contract, lease, mortgage,
purchase or sale of property by such corporation or issuer; and to pay calls or
subscriptions with respect to any security or property held in the Trust;
(n) join with other security or property holders in acting through a
committee, depositary, voting trustee or otherwise, and in that connection to
deposit any security or property with, or transfer any security or property to,
any such committee, depositary or trustee, and to delegate to them such power
and authority with relation to any security or property (whether or not so
deposited or transferred) as the Trustees shall deem proper, and to agree to
pay, and to pay, such portion of the expenses and compensation of such
committee, depositary or trustee as the Trustees shall deem proper;
(o) compromise, arbitrate or otherwise adjust claims in favor of or against
the Trust or any matter in controversy, including, but not limited to, claims
for taxes;
(p) enter into joint ventures, general or limited partnerships and any other
combinations or associations;
(q) borrow funds or other property in the name of the Trust for the benefit of
one or more Series and in connection therewith issue notes or other evidences of
indebtedness;
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and to mortgage and pledge the Trust Property allocable to such
Series or any part thereof to secure any or all of such indebtedness;
(r) endorse or guarantee the payment of any notes or other obligations of any
Person; to make contracts of guaranty or suretyship, or otherwise assume
liability for payment thereof; and to mortgage and pledge the Trust Property or
any part thereof to secure any of or all of such obligations;
(s) purchase and pay for entirely out of Trust Property such insurance as the
Trustees may deem necessary or appropriate for the conduct of the business,
including, without limitation, insurance policies insuring the assets of the
Trust or payment of distributions and principal on its portfolio investments,
and insurance policies insuring the Shareholders, Trustees, officers, employees,
agents, investment advisers, principal underwriters, or independent contractors
of the Trust, individually against all claims and liabilities of every nature
arising by reason of holding Shares, holding, being in or having held any such
office or position, or by reason of any action alleged to have been taken or
omitted by any such Person as Trustee, officer, employee, agent, investment
adviser, principal underwriter, or independent contractor, including any action
taken or omitted that may be determined to constitute negligence, whether or not
the Trust would have the power to indemnify such Person against liability;
(t) adopt, establish and carry out pension, profit-sharing, Share bonus, Share
purchase, savings, thrift and other retirement, incentive and benefit plans and
trusts, including the purchasing of life insurance and annuity contracts as a
means of providing such retirement and other benefits, for any or all of the
Trustees, officers, employees and agents of the Trust;
(u) enter into contracts of any kind and description;
(v) interpret the investment policies, practices or limitations of any Series;
(w) establish a registered office and have a registered agent in the State of
Delaware;
(x) invest all or any portion of the assets of any Series in one or more other
investment companies, including investment by means of transfer of such assets
in exchange for an interest or interests in such investment company;
(y) subject to the 1940 Act, engage in any other lawful act or activity in
which a business trust organized under the Delaware Act may engage; and
(z) in general, carry on any other business in connection with or incidental
to any of the foregoing powers, do everything necessary, suitable or proper for
the accomplishment of any purpose or the attainment of any object or the
furtherance of any power hereinbefore set forth, either alone, through their
committees, officers and agents, or in association with others, and to do
every other act or thing incidental or appurtenant to or growing out of or
connected with the aforesaid business or purposes, objects or powers.
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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 Declaration of Trust, the presumption shall be in favor of a grant of power
to the Trustees. Unless otherwise specified herein or in the By-Laws or required
by law, any action by the Trustees shall be deemed effective if approved or
taken by a majority of the Trustees present at a meeting of Trustees at which a
quorum of Trustees is present, within or without the State of Delaware or in a
writing signed by a majority of Trustees then in office.
The foregoing clauses shall be construed as objects and powers, and the
foregoing enumeration of specific powers shall not be held to limit or restrict
in any manner the general power of the Trustees. Any action by one or more of
the Trustees in their capacity as such hereunder shall be deemed an action on
behalf of the Trust or the applicable Series, and not an action in an individual
capacity.
The Trust shall not be limited to investing in obligations maturing before the
possible termination of the Trust or one or more of its Series or Classes
thereof. The Trust shall not in any way be bound or limited by any present or
future law or custom in regard to investment by fiduciaries. The Trust shall not
be required to obtain any court order to deal with any assets of the Trust or
take any other action hereunder.
Section 6. Payment of Expenses by the Trust. The Trustees are authorized to
pay or cause to be paid out of the principal or income of the Trust, or partly
out of the principal and partly out of income, as they deem fair, all expenses,
fees, charges, taxes and liabilities incurred or arising in connection with the
Trust, or in connection with the management thereof, including, but not limited
to, the Trustees compensation and such expenses and charges for the services of
the Trust's officers, employees, Manager, Principal Underwriters, auditors,
counsel, custodians, transfer agents, Shareholder servicing agents, and such
other agents or independent contractors and such other expenses and charges as
the Trustees may deem necessary or proper to incur, which expenses, fees,
charges, taxes and liabilities shall be allocated in accordance with Article
III, Section 6 hereof.
Section 7. Payment of Expenses by Shareholders. The Trustees shall have the
power to cause each Shareholder, or each Shareholder of any particular Series or
Class, to pay directly, at such intervals as the Trustees may determine, in
advance or arrears, for charges of the Trust's transfer agent, Shareholder
servicing or similar agent, in an amount or at a rate fixed from time to time by
the Trustees, by setting off such charges due from such Shareholder from
declared but unpaid dividends owed such Shareholder and/or by reducing the
number of Shares in the account of such Shareholder by that number of full
and/or fractional Shares which represents the outstanding amount of such charges
due from such Shareholder.
Section 8. Ownership of Assets of the Trust. The assets of the Trust shall be
held separate and apart from any assets now or hereafter held in any capacity
other than as Trustee hereunder by the Trustees. Title to all of the assets of
the Trust shall at all times be considered as vested in the Trust, except that
the Trustees shall have power to cause legal title to any Trust
12
Property to be held by or in the name of one or more of the Trustees, or in
the name of any other Person as nominee, on such terms as the Trustees may
determine. The right, title and interest of the Trustees in the Trust Property
shall vest automatically in each Person who may hereafter become a Trustee. Upon
the resignation, removal or death of a Trustee, she or he shall automatically
cease to have any right, title or interest in any of the Trust Property, and the
right, title and interest of such Trustee in the Trust Property shall vest
automatically in the remaining Trustees. Such vesting and cessation of title
shall be effective whether or not conveyancing documents have been executed and
delivered.
Section 9. Service Contracts.
-----------------
(a) Subject to such requirements and restrictions as may be set forth under
federal and/or state law and in the By-Laws, including, without limitation, at
the date hereof the requirements of Section 15 of the 1940 Act, or any successor
provision, the Trustees may, at any time and from time to time, contract for
exclusive or nonexclusive advisory, management and/or administrative services
for the Trust or for any Series (or Class thereof) with any corporation, trust,
association or other organization; and any such contract may contain such other
terms as the Trustees may determine, including, without limitation, authority
for the Manager to delegate certain or all of its duties under such contracts to
qualified investment advisers and administrators and to determine from time to
time without prior consultation with the Trustees what investments shall be
purchased, held, sold or exchanged and what portion, if any, of the assets of
the Trust shall be held uninvested and to make changes in the Trust's
investments, or such other activities as may specifically be delegated to such
party.
(b) The Trustees may also, at any time and from time to time, contract with
any corporation, trust, association or other organization, appointing it
exclusive or nonexclusive distributor or Principal Underwriter for the Shares of
one or more of the Series (or Classes thereof) or other securities to be issued
by the Trust. Every such contract shall comply with such requirements and
restrictions as may be set forth under federal and/or state law and in the
By-Laws, including, without limitation, at the date hereof the requirements of
Section 15 of the 1940 Act, or any successor provision; and any such contract
may contain such other terms as the Trustees may determine.
(c) The Trustees are also empowered, at any time and from time to time, to
contract with any corporations, trusts, associations or other organizations,
appointing it or them the custodian, transfer agent and/or Shareholder servicing
agent for the Trust or one or more of its Series (or Classes). Every such
contract shall comply with such requirements and restrictions as may be set
forth under federal and/or state law and in the By-Laws or stipulated by
resolution of the Trustees. The Trustees are empowered, at any time and from
time to time, to retain subagents (foreign or domestic) in connection with any
service provider to the Trust or one or more of its Series (or Classes).
(d) Subject to applicable law, the Trustees are further empowered, at any time
and from time to time, to contract with any entity to provide such other
services, including without limitation accounting and pricing services, to the
Trust or one or more of the Series (or
13
Classes thereof), as the Trustees determine to be in the best interests of the
Trust and the applicable Series (or Class).
(e) The fact that:
(i) any of the Shareholders, Trustees, or officers of the Trust is a
Shareholder, director, officer, partner, trustee, employee, Manager, adviser,
Principal Underwriter, distributor, or affiliate or agent of or for any
corporation, trust, association, or other organization, or for any parent or
affiliate of any organization, with which an advisory, management or
administration contract, or principal underwriter's or distributor's contract,
or transfer, Shareholder servicing or other type of service contract may have
been or may hereafter be made, or that any such organization, or any parent or
affiliate thereof, is a Shareholder or has an interest in the Trust, or that
(ii) any corporation, trust, association or other organization with which
an advisory, management or administration contract or principal underwriter's or
distributor's contract, or transfer, Shareholder servicing or other type of
service contract may have been or may hereafter be made also has an advisory,
management or administration contract, or principal underwriter's or
distributor's contract, or transfer, Shareholder servicing or other service
contract with one or more other corporations, trusts, associations, or other
organizations, or has other business or interests, shall not affect the validity
of any such contract or disqualify any Shareholder, Trustee or officer of the
Trust from voting upon or executing the same, or create any liability or
accountability to the Trust or its Shareholders, provided approval of each such
contract is made pursuant to the requirements of the 1940 Act.
Section 10. Trustees and Officers as Shareholders. Any Trustee, officer or
agent of the Trust may acquire, own and dispose of Shares to the same extent as
if he were not a Trustee, officer or agent; and the Trustees may issue and sell
and cause to be issued and sold Shares to, and redeem such Shares from, any such
Person or any firm or company in which such Person is interested, subject only
to the general limitations contained herein or in the By-Laws relating to the
sale and redemption of such Shares.
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ARTICLE V
Shareholders' Voting Powers and Meetings
----------------------------------------
Section 1. Voting Powers, Meetings, Notice and Record Dates. The Shareholders
shall have power to vote only (i) for the election or removal of Trustees to the
extent and as provided in Article IV, Section 2, and (ii) with respect to such
additional matters relating to the Trust as may be required by applicable law,
this Declaration of Trust, the By-Laws or any registration of the Trust with the
Commission (or any successor agency) or as the Trustees may consider necessary
or desirable. Each Shareholder shall be entitled to one vote for each dollar of
net asset value (determined as of the applicable record date) of each Share
owned by such Shareholder (number of Shares owned times net asset value per
Share) on any matter on which such Shareholder is entitled to vote and each
fractional dollar amount shall be entitled to a proportionate fractional vote.
Notwithstanding any other provision of this Declaration of Trust, on any matter
submitted to a vote of the Shareholders, all Shares of the Trust then entitled
to vote shall be voted in aggregate, except (i) when required by the 1940 Act,
Shares shall be voted by individual Series or Class; and (ii) when the matter
affects the interests of one or more Series or Classes, only holders of Shares
of the one or more affected Series or Classes shall be entitled to vote thereon.
There shall be no cumulative voting in the election of Trustees. Shares may be
voted in person or by proxy. A proxy may be given in writing. The By-Laws may
provide that proxies may also, or may instead, be given by any electronic or
telecommunications device or in any other manner. Notwithstanding anything else
contained herein or in the By-Laws, in the event a proposal by anyone other than
the officers or Trustees of the Trust is submitted to a vote of the Shareholders
of one or more Series or Classes thereof or of the Trust, or in the event of any
proxy contest or proxy solicitation or proposal in opposition to any proposal by
the officers or Trustees of the Trust, Shares may be voted only in person or by
written proxy at a meeting. Until Shares are issued, the Trustees may exercise
all rights of Shareholders and may take any action required by law, this
Declaration of Trust or the By-Laws to be taken by the Shareholders. Meetings of
the Shareholders shall be called and notice thereof and record dates therefor
shall be given and set as provided in the By-Laws.
Section 2. Quorum and Required Vote. Except when a larger quorum is required
by applicable law, by the By-Laws or by this Declaration of Trust, (i)
thirty-three and one-third percent (33_%) of the Shares entitled to vote shall
constitute a quorum at a Shareholders' meeting and (ii) when any one or more
Series (or Classes) is to vote as a single class separate from any other Shares,
thirty-three and one-third percent (33_%) of the Shares of each such Series (or
Class) entitled to vote shall constitute a quorum at a Shareholders' meeting of
that Series (or Class). Except when a larger vote is required by any provision
of this Declaration of Trust or the By-Laws or by applicable law, when a quorum
is present at any meeting, a majority of the Shares voted shall decide any
questions and a plurality of the Shares voted shall elect a Trustee, provided
that where any provision of law or of this Declaration of Trust requires that
the holders of one or more Series (or Classes) shall vote separately, then a
majority of the Shares of such Series (or Classes) voted on the matter (or a
plurality with respect to the election of a Trustee) shall decide that matter
with respect to such Series (or Classes).
15
Section 3. Additional Provisions. The By-Laws may include further provisions
for Shareholders' votes and meetings and related matters.
ARTICLE VI
Net Asset Value, Distributions and Redemptions
----------------------------------------------
Section 1. Determination of Net Asset Value, Net Income, and Distributions.
Subject to applicable law and Article III, Section 6 hereof, the Trustees, in
their absolute discretion, may prescribe and shall set forth in the By-Laws or
in a duly adopted resolution of the Trustees such bases and time or times for
determining the net asset value of the Shares of any Series or Class, the net
income attributable to the Shares of any Series or Class, or the declaration and
payment of dividends and distributions on the Shares of any Series or Class, as
they may deem necessary or desirable from time to time.
Section 2. Redemptions and Repurchases.
---------------------------
(a) The Trust shall purchase such Shares as are offered by any Shareholder for
redemption, upon the presentation of a proper instrument of transfer together
with a request directed to the Trust or a Person designated by the Trust that
the Trust purchase such Shares or in accordance with such other procedures for
redemption as the Trustees may from time to time authorize; and the Trust will
pay therefor the net asset value thereof (minus any applicable redemption or
service fee or deferred sales load) as determined by the Trustees (or on their
behalf), in accordance with any applicable provisions of the By-Laws and
applicable law.
(b) The redemption price may in any case or cases be paid wholly or partly in
kind if the Trustees determine that such payment is advisable in the interest of
the remaining Shareholders of the Series or Class for which the Shares are being
redeemed or if such payment is made in accordance with procedures established by
the Trustees. The fair value, selection and quantity of securities or other
property so paid or delivered as all or part of the redemption price may be
determined by or under authority of the Trustees. In no case shall the Trust be
liable for any delay of any Person in transferring securities selected for
delivery as all or part of any payment in kind.
(c) The holders of Shares shall upon demand disclose to the Trustees in
writing such information with respect to direct and indirect ownership of Shares
as the Trustees deem necessary to comply with the provisions of the Internal
Revenue Code of 1986, as amended (or any successor statute thereto), or to
comply with the requirements of any other taxing or regulatory authority.
(d) Subject to the requirements of the 1940 Act, the Board of Trustees may
cause the Trust to redeem, at the price and in the manner provided in this
Article VI, Shares of any Series or Class held by any Person (i) if such Person
is no longer qualified to hold such Shares in accordance with such
qualifications as may be established by the Trustees, (ii) if the net
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asset value of such Shares is below the minimum investment amount determined
by the Trustees or (iii) if otherwise deemed by the Trustees to be in the best
interest of the Trust or any Series (or Class) thereof.
(e) Shares redeemed shall, upon redemption, be deemed to be retired and
restored to the status of unissued shares.
ARTICLE VII
Compensation and Limitation of Liability of Trustees
----------------------------------------------------
Section 1. Compensation. The Trustees as such shall be entitled to reasonable
compensation from the Trust, and they may fix the amount of such compensation.
Nothing herein shall in any way prevent the employment of any Trustee for
advisory, management, legal, accounting, investment banking or other services
and payment for the same by the Trust.
Section 2. Indemnification and Limitation of Liability. A Trustee, when acting
in such capacity, shall not be personally liable to any Person, other than the
Trust or a Shareholder to the extent provided in this Article VII, for any act,
omission or obligation of the Trust, of such Trustee or of any other Trustee.
The Trustees shall not be responsible or liable in any event for any neglect or
wrongdoing of any officer, agent, employee, Manager or Principal Underwriter of
the Trust. The Trust (i) may indemnify an agent of the Trust or any Person who
is serving or has served at the Trust's request as an agent of another
organization in which the Trust has any interest as a shareholder, creditor or
otherwise and (ii) shall indemnify each Person who is, or has been, a Trustee,
officer or employee of the Trust and any Person who is serving or has served at
the Trust's request as a director, officer, trustee, or employee of another
organization in which the Trust has any interest as a shareholder, creditor or
otherwise, in the case of (i) and (ii), to the fullest extent consistent with
the 1940 Act and in the manner provided in the By-Laws; provided that such
indemnification shall not be available to any of the foregoing Persons in
connection with a claim, suit or other proceeding by any such Person against the
Trust or a Series (or Class) thereof.
All persons extending credit to, contracting with or having any claim against
the Trust or the Trustees shall look only to the assets of the appropriate
Series (or Class thereof if the Trustees have included a Class limitation on
liability in the agreement with such person as provided below), or, if the
Trustees have yet to establish Series, of the Trust for payment under such
credit, contract or claim; and neither the Trustees nor the Shareholders, nor
any of the Trust's officers, employees or agents, whether past, present or
future, shall be personally liable therefor.
Every note, bond, contract, instrument, certificate or undertaking and every
other act or thing whatsoever executed or done by or on behalf of the Trust or
the Trustees by any of them in connection with the Trust shall conclusively be
deemed to have been executed or done only in or with respect to his or their
capacity as Trustee or Trustees, and such Trustee or Trustees shall not be
personally liable thereon. At the Trustees' discretion, any note, bond,
contract, instrument,
17
certificate or undertaking made or issued by the Trustees or by any officer or
officers may give notice that the Certificate of Trust is on file in the Office
of the Secretary of State of the State of Delaware and that a statutory
limitation on liability of Series exists and such note, bond, contract,
instrument, certificate or undertaking may, if the Trustees so determine, recite
that the same was executed or made on behalf of the Trust by a Trustee or
Trustees in such capacity and not individually or by an officer or officers in
such capacity and not individually and that the obligations of such instrument
are not binding upon any of them or the Shareholders individually but are
binding only on the assets and property of the Trust or a Series thereof, and
may contain such further recital as such Person or Persons may deem appropriate
including, without limitation, a requirement, in any note, bond, contract,
instrument, certificate or undertaking made with respect to one or more Classes
of any Series that the parties thereto look only to the assets of such Class or
Classes in satisfaction of the liabilities arising thereunder. The omission of
any such notice or recital shall in no way operate to bind any Trustees,
officers or Shareholders individually.
Section 3. Trustee's Good Faith Action, Expert Advice, No Bond or Surety. The
exercise by the Trustees of their powers and discretions hereunder shall be
binding upon everyone interested. A Trustee shall be liable to the Trust and to
any Shareholder solely for her or his own willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of the
office of Trustee, and shall not be liable for errors of judgment or mistakes of
fact or law. The Trustees may take advice of counsel or other experts with
respect to the meaning and operation of this Declaration of Trust, and shall be
under no liability for any act or omission in accordance with such advice nor
for failing to follow such advice. The Trustees shall not be required to give
any bond as such, nor any surety if a bond is required.
Section 4. Insurance. The Trustees shall be entitled and empowered to the
fullest extent permitted by law to purchase with Trust assets insurance for
liability and for all expenses reasonably incurred or paid or expected to be
paid by a Trustee, officer, employee or agent of the Trust in connection with
any claim, action, suit or proceeding in which she or he becomes involved by
virtue of her or his capacity or former capacity with the Trust.
ARTICLE VIII
Miscellaneous
-------------
Section 1. Liability of Third Persons Dealing with Trustees. No Person dealing
with the Trustees shall be bound to make any inquiry concerning the validity of
any transaction made or to be made by the Trustees or to see to the application
of any payments made or property transferred to the Trust or upon its order.
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Section 2. Termination of Trust or Series.
------------------------------
(a) Unless terminated as provided herein, the Trust shall continue without
limitation of time. The Trust may be terminated at any time by vote of a
majority of the Shares of each Series entitled to vote, voting separately by
Series, or by the Trustees by written notice to the Shareholders. Any Series of
Shares or Class thereof may be terminated at any time by vote of a majority of
the Shares of such Series or Class entitled to vote or by the Trustees by
written notice to the Shareholders of such Series or Class. At any time
following such termination the Trustees may thereafter establish a new Series or
Class with the same designation.
(b) Upon the requisite Shareholder vote or action by the Trustees to terminate
the Trust or any one or more Series of Shares or any Class thereof, after paying
or otherwise providing for all charges, taxes, expenses and liabilities, whether
due or accrued or anticipated, of the Trust or of the particular Series or any
Class thereof as may be determined by the Trustees, the Trust shall in
accordance with such procedures as the Trustees consider appropriate reduce the
remaining assets of the Trust or of the affected Series or Class to
distributable form in cash or Shares (if any Series remain) or other securities,
or any combination thereof, and distribute the proceeds to the Shareholders of
the Series or Classes involved, ratably according to the dollar value of Shares
of such Series or Class held by the several Shareholders of such Series or Class
on the date of distribution. Thereupon, the Trust or any affected Series or
Class shall terminate and the Trustees and the Trust shall be discharged of any
and all further liabilities and duties relating thereto or arising therefrom,
and the right, title and interest of all parties with respect to the Trust or
such Series or Class shall be canceled and discharged.
(c) Upon termination of the Trust, following completion of winding up of its
business, the Trustees shall cause a certificate of cancellation of the Trust's
Certificate of Trust to be filed in accordance with the Delaware Act, which
certificate of cancellation may be signed by any one Trustee.
Section 3. Reorganization.
---------------
(a) Notwithstanding anything else herein, the Trustees may, without the
approval of Shareholders unless such approval is required by applicable law, in
order to change the form or jurisdiction of organization of the Trust or for any
other purpose (i) cause the Trust or any Series to merge or consolidate with or
into, or sell substantially all of its assets to, one or more trusts (or series
thereof to the extent permitted by law), partnerships, associations,
corporations or other business entities (including trusts, partnerships,
associations, corporations or other business entities created by the Trustees to
accomplish such merger or consolidation), (ii) cause the Shares (or any portion
thereof) to be exchanged under or pursuant to any state or federal statute to
the extent permitted by law or (iii) cause the Trust to reorganize under the
laws of any state or other political subdivision of the United States, if such
action is determined by the Trustees to be in the best interests of the Trust.
Any agreement of merger or consolidation or exchange or certificate of merger
may be signed by a majority of the Trustees and facsimile signatures conveyed by
electronic or telecommunication means shall be valid.
19
(b) Pursuant to and in accordance with the provisions of Section 3815(f) of
the Delaware Act, and notwithstanding anything to the contrary contained in this
Declaration of Trust, an agreement of merger or consolidation approved by the
Trustees in accordance with this Section 3 may effect any amendment to the
governing instrument of the Trust or effect the adoption of a new trust
instrument of the Trust if the Trust is the surviving or resulting trust in the
merger or consolidation.
(c) The Trustees may, without the approval of Shareholders
unless such approval or vote is required by applicable law, create one or more
business trusts to which all or any part of the assets, liabilities, profits or
losses of the Trust or any Series or Class thereof may be transferred and may
provide for the conversion of Shares in the Trust or any Series or Class thereof
into beneficial interests in any such newly created trust or trusts or any
series or classes thereof.
Section 4. Amendments. Except as specifically provided in this section, the
Trustees may, without the approval of Shareholders, restate, amend or otherwise
supplement this Declaration of Trust. Shareholders shall have the right to vote
(i) on any amendment to their right to indemnity under Article III, Section 7
hereof, (ii) on any amendment to the limitation on personal liability under
Article III, Section 5 hereof, (iii) on any amendment that would affect their
right to vote granted in Article V, Section 1 hereof, (iv) on any amendment to
this Section 4 of Article VIII, (v) on any amendment that may be required to be
approved by Shareholders by applicable law or by the Trust's registration
statement filed with the Commission, and (vi) on any amendment submitted to them
by the Trustees. Any amendment required or permitted to be submitted to the
Shareholders that, as the Trustees determine, shall affect the Shareholders of
one or more Series (or Classes thereof) in a manner different from other Series
(or Classes) shall be authorized by a vote of the Shareholders of each Series or
Class affected and no vote of Shareholders of a Series or Class not affected
shall be required. Notwithstanding anything else herein, no amendment hereof
shall limit the rights to insurance provided by Article VII, Section 4 with
respect to any acts or omissions of Persons covered thereby prior to such
amendment nor shall any such amendment limit the rights to indemnification
referenced in Article VII, Section 2 hereof as provided in the By-Laws with
respect to any actions or omissions of Persons covered thereby prior to such
amendment. The Trustees may, without the approval of Shareholders, restate,
amend, or otherwise supplement the Certificate of Trust as they deem necessary
or desirable.
Section 5. Filing of Copies, References, Headings. The original or a copy of
this instrument and of each restatement and/or amendment hereto shall be kept at
the office of the Trust where it may be inspected by any Shareholder. Anyone
dealing with the Trust may rely on a certificate by an officer of the Trust as
to whether or not any such restatements and/or amendments have been made and as
to any matters in connection with the Trust hereunder; and, with the same effect
as if it were the original, may rely on a copy certified by an officer of the
Trust to be a copy of this instrument or of any such restatements and/or
amendments. In this instrument and in any such restatements and/or amendments,
references to this instrument, and all expressions such as "herein", "hereof"
and "hereunder", shall be deemed to refer to this instrument as amended or
affected by any such restatements and/or amendments. Headings are
20
placed herein for convenience of reference only and shall not be taken as a
part hereof or control or affect the meaning, construction or effect of this
instrument. Whenever the singular number is used herein, the same shall include
the plural; and the neuter, masculine and feminine genders shall include each
other, as applicable. This instrument may be executed in any number of
counterparts each of which shall be deemed an original.
Section 6. Applicable Law.
---------------
(a) The Trust is created under, and this Declaration of Trust is to be
governed by, and construed and enforced in accordance with, the laws of the
state of Delaware. The Trust shall be of the type commonly called a business
trust, and without limiting the provisions hereof, the Trust specifically
reserves the right to exercise any of the powers or privileges afforded to
business trusts or actions that may be engaged in by business trusts under the
Delaware Act, and the absence of a specific reference herein to any such power,
privilege or action shall not imply that the Trust may not exercise such power
or privilege or take such actions.
(b) Notwithstanding the first sentence of Section 6(a) of this Article VIII,
there shall not be applicable to the Trust, the Trustees or this Declaration of
Trust (x) the provisions of section 3540 of Title 12 of the Delaware Code or (y)
any provisions of the laws (statutory or common) of the state of Delaware (other
than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the
filing with any court or governmental body or agency of trustee accounts or
schedules of trustee fees and charges, (ii) affirmative requirements to post
bonds for trustees, officers, agents or employees of a trust, (iii) the
necessity for obtaining a court or other governmental approval concerning the
acquisition, holding or disposition of real or personal property, (iv) fees or
other sums applicable to trustees, officers, agents or employees of a trust, (v)
the allocation of receipts and expenditures to income or principal, (vi)
restrictions or limitations on the permissible nature, amount or concentration
of trust investments or requirements relating to the titling, storage or other
manner of holding of trust assets, or (vii) the establishment of fiduciary or
other standards or responsibilities or limitations on the acts or powers of
trustees that are inconsistent with the limitations or liabilities or
authorities and powers of the Trustees set forth or referenced in this
Declaration of Trust.
Section 7. Provisions in Conflict with Law or Regulations.
-----------------------------------------------
(a) The provisions of the Declaration of Trust are severable, and if the
Trustees shall determine, with the advice of counsel, that any of such
provisions is in conflict with the 1940 Act, the regulated investment company
provisions of the Internal Revenue Code of 1986, as amended (or any successor
statute thereto), and the regulations thereunder, with the Delaware Act or with
other applicable laws and regulations, the conflicting provision shall be deemed
never to have constituted a part of the Declaration of Trust; provided, however,
that such determination shall not affect any of the remaining provisions of the
Declaration of Trust or render invalid or improper any action taken or omitted
prior to such determination.
(b) If any provision of the Declaration of Trust shall be held invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall
attach only to such provision in such jurisdiction and shall not in any manner
affect such
21
provision in any other jurisdiction or any other provision of the Declaration
of Trust in any jurisdiction.
Section 8. Business Trust Only. It is the intention of the Trustees to
create a business trust pursuant to the Delaware Act. It is not the intention of
the Trustees to create a general partnership, limited partnership, joint stock
association, corporation, bailment, or any form of legal relationship other than
a business trust pursuant to the Delaware Act. Nothing in this Declaration of
Trust shall be construed to make the Shareholders, either by themselves or with
the Trustees, partners or members of a joint stock association.
22
IN WITNESS WHEREOF, the Trustee named below does hereby make and enter into
this Declaration of Trust as of June 23, 2000.
TRUSTEE
--------------------
Xxxxxx X. XxXxxxxxxx
23
