BY-LAWS of NATIONAL RETAIL FUND III A Delaware Statutory Trust Dated as of March 27, 2008 INTRODUCTIONNational Retail Fund • April 9th, 2008 • National Retail Fund III
Agreement and Declaration of Trust. These by-laws shall be subject to the Agreement and Declaration of Trust, as from time to time in effect (the “Declaration of Trust”), of the National Retail Fund III, a Delaware statutory trust (the “Trust”). In the event of any inconsistency between the terms hereof and the terms of the Declaration of Trust, the terms of the Declaration of Trust shall control. Terms defined in the Declaration of Trust and not otherwise defined herein are used herein with the meanings set forth or referred to in the Declaration of Trust.
