Common use of Exercise of power Clause in Contracts

Exercise of power. The primary responsibility for exercising the powers and responsibilities set forth in and administering all aspects of this Agreement shall be with the Governing Board, the Chief Investment Officer as specifically set forth in this Agreement, and the Lead Agent with respect to the custody of Portfolio Assets, money and investments on behalf of the Participants pursuant to a Custody Agreement. The Governing Board shall perform any and all of its duties under this Agreement through the Chief Investment Officer, and every decision made or action taken by the Chief Investment Officer in the name of the Governing Board shall be for and on behalf of the Governing Board acting on behalf of all the Participants. The Participants hereby expressly authorize, and the Governing Board hereby expressly authorizes the Chief Investment Officer, to take such actions in the name of and on behalf of the Governing Board as it shall deem to be in the best interests of the Participants taken as a whole. In addition to any requirements under the applicable Laws, the Governing Board shall require the Chief Investment Officer to be bonded upon such terms as it deems appropriate. If the office of the Chief Investment Officer becomes vacant or if the Chief Investment Officer is replaced, the Governing Board shall promptly notify in writing, by facsimile or by Email, all the other Participants. If the office of the Chief Investment Officer becomes vacant, the Governing Board shall fill such vacancy in accordance with applicable Laws as quickly as practicable.

Appears in 5 contracts

Samples: Municipal Cooperation Agreement, Municipal Cooperation Agreement, Municipal Cooperation Agreement

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