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EXHIBIT 1(b)
SUMMIT INVESTMENT TRUST
AMENDMENT NO. 2 TO AGREEMENT AND DECLARATION OF TRUST
Pursuant to Article VII, Section 7.3 of the Agreement and Declaration
of Trust of Summit Investment Trust (the "Trust") and resolutions adopted by the
Board of Trustees of the Trust at a meeting held on June 18, 1997, the Agreement
and Declaration of Trust of the Trust dated March 8, 1994 was amended as set
forth below.
FIRST: Article IV, Section 4.1(b) of the Agreement and
Declaration of Trust was amended to read as follows:
(b) Classes of Shares. The Trustees shall have the authority,
without action or approval of the Shareholders, from time to time to
divide the Shares of any Sub-Trust into classes and to fix and
determine the different rights and preferences as between the Shares of
separate classes within a particular Sub-Trust as to purchase price,
right of redemption and the price, terms and manner of redemption,
dividends and other distributions and rights on liquidation, conversion
rights, voting rights and such other rights as the Trustees may
determine, and may designate the specific classes of shares of each
Sub-Trust. The fact that a Sub-Trust shall have initially been
established and designated without any specific establishment or
designation of classes (i.e., that all Shares of such Sub-Trust are
initially of a single class), or that a Sub-Trust shall have more than
one established and designated class, shall not limit the authority of
the Trustees to establish and designate separate classes, or one or
more further classes, of said Sub-Trust without approval of the holders
of the initial class thereof, or previously established and designated
class or classes thereof, provided that the Trustees shall have
determined that the establishment and designation of such further
separate classes would not adversely affect the rights of the holders
of the initial or previously established and designated class or
classes. All such determinations by the Trustees shall be conclusive
and binding for all purposes and upon all Shareholders. The division of
Shares into classes and the terms and conditions pursuant to which the
Shares of the classes will be issued, must be made in compliance with
the 1940 Act. The establishment and designation of any class of Shares
of a Sub-Trust shall be effective upon the execution by a majority of
the then Trustees of an instrument setting forth such establishment and
designation and the relative rights and preferences of the Shares of
such class.
The Board of Trustees may, without shareholder approval, exchange
shares of one class of a Sub-Trust for shares of
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another class of such Sub-Trust, provided that (i) the Board has
determined that such exchange will not adversely affect the rights of
any shareholder of the exchanging class or the class into which the
exchanging class is moving; and (ii) the Board has determined that the
exchange will not change the proportionate beneficial interest that the
exchanging shareholder has in the Fund; and (iii) in advance of the
exchange, the exchanging shareholders are notified that such exchange
will take place. At any time that there are no Shares outstanding of a
particular class of a Sub-Trust previously established and designated,
the Trustees may by an instrument executed by a majority of their
number abolish that particular class of a Sub-Trust and the
establishment and designation thereof.
IN WITNESS WHEREOF, the undersigned has executed this instrument this
11 day of July, 1997.
/s/ Xxxxx X. Xxxxxxxx
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Name: Xxxxx X. Xxxxxxxx
Title: Secretary
State of Ohio )
) ss:
County of Xxxxxxxx )
I HEREBY CERTIFY that on this 11 day of July, 1997, before me, the
subscriber, a Notary Public of the State of Ohio, personally appeared Xxxxx X.
Xxxxxxxx, to me known to be the person described in and who executed the
foregoing instrument and acknowledged that he executed the same of his own free
act and deed.
WITNESS my hand and notarial seal this 11 day of July, 1997.
/s/ Xxxxxxxxx X. Plants
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Notary Public
My Commission expires: NOTARIAL SEAL
STATE OF OHIO
XXXXXXXXX X. PLANTS
NOTARY PUBLIC, STATE OF OHIO
MY COMMISSION EXPIRES OCT. 1, 2001
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