Common use of Powers of Trustees Clause in Contracts

Powers of Trustees. Subject to such fundamental policies the Fund as may be adopted and be in effect from time to time, the Trustees shall invest and reinvest, to the extent they deem proper, the Fund's assets, together with any increment thereto, or income derived therefrom, in securities of whatsoever nature and by whomsoever issued, the income from which is exempt from Federal income tax. To the extent that the Fund's assets are not so invested, the Trustees may invest the same in the following, all of which are collectively referred to as "short term investments:" (i) obligations issued or guaranteed by the United States government, its agencies or instrumentalities; (ii) certificates of deposit, bankers' acceptances, and other short term debt obligations of United States and Canadian banks and their foreign branches; (iii) commercial paper; and (iv) other short term debt securities; in each case regardless of whether such short term investments shall bear income which is exempt from Federal income taxes but, provided, that no such investments shall contravene any fundamental policy of the Fund then in effect and shall in any event mature not later than twelve months from their respective dates of issue. Except as hereinabove or hereafter specified in this Paragraph 4, the Trustees shall not in any respect be limited in their powers of investment, such investments to be made in their sole discretion irrespective of any statute, court decision, rule or regulation now or hereafter in effect restricting the class of investment or reinvestments for trustees generally. Without limiting the generality of the foregoing in any manner, the Trustees are expressly authorized and empowered, in their absolute discretion: (a) to retain in cash and keep unproductive of income such portion of the Fund's assets as they may deem advisable; (b) to sell, exchange, convey, transfer, or dispose of, and also to loan or grant options with respect to, any property or cash at any time held by them, and to make any sale or other disposition by private contract, by public auction or otherwise, for cash, property or upon credit, or partly for cash or property and partly upon credit, as they may deem best, and no person dealing with the Trustees shall be bound to see to the application of the proceeds thereof or to inquire into the validity, expediency, or propriety of any such sale or other disposition; (c) to compromise, compound, and settle any debt, claim or obligation due to or from them as Trustees hereunder and to reduce or change the rate of interest thereon, to extend or otherwise modify, or to foreclose upon default or otherwise enforce, any such debt, claim or obligation; (d) to vote themselves, or by proxy, any securities with voting rights held by them; to exercise and options appurtenant to any other securities for the conversion thereof into other securities, or to exercise or sell any rights or warrants to subscribe for additional securities, and to make any and all necessary payments therefor; to join in or to dissent from and to oppose the reorganization, recapitalization, consolidation, liquidation, sale or merger of corporations, other entities or properties in which they be interested as Trustees, and to accept and hold any such securities which may be issued in connection therewith, all upon such terms and conditions as they may deem advisable; (e) to make, execute, acknowledge, and deliver any and all necessary papers, documents, agreements and instruments; (f) to enforce any right, obligation or claim and in general to protect in any way the interests of the Fund, either before or after default, and where they shall consider such action for the best interests of the Fund, to abstain from the enforcement of any right, obligation, or claim and to abandon any property which at any time may be held by them or in which they may have an interest; (g) to borrow or raise money for the purposes of the Fund, upon such terms and conditions as the Trustees may deem desirable or proper, and for any sum so borrowed, to issue their promissory notes as Trustees and to secure the repayment thereof by pledging all or any part of the Fund's assets; and no person lending money to the Trustees shall be bound to see the application of the money lent or to inquire into the validity, expediency, or propriety of any such borrowing; (h) to receive, purchase, hold, apportion, sell, distribute and otherwise acquire and dispose of securities, cash and other assets; (i) to collect, receive, invest, apportion, and distribute, any and all income of the Fund; (j) to cause any securities or other assets from time to time held by them to be registered in, or transferred into, the name of the Fund or into their names as Trustees, or the name of their nominee or nominees, or to retain them unregistered or in form permitting transfer by delivery, but the books and records of the Trustees shall at all times show that all such securities or other assets are part of the Fund; and (k) to do all such acts, take all such proceedings, and exercise all such rights and privileges, although not hereinbefore specifically mentioned, with relation to the assets of the Fund as if they were the absolute owners thereof, which they may deem necessary or proper for the best interests of the Fund.

Powers of Trustees. Subject to such fundamental those policies of the Fund as may be adopted and be in effect from time to time, the Trustees shall invest and reinvest, to the extent they deem proper, the Fund's assets, together with any increment thereto, or income derived therefrom, in securities of whatsoever nature and by whomsoever issued, the income from which is exempt from Federal income tax. To issued and to the extent that the Fund's assets are not so invested, invested the Trustees may invest the same in the following, all of which are collectively referred to as "short short-term investments":" (i) obligations issued or guaranteed by the United States government, its agencies or instrumentalities; (ii) certificates of deposit, bankers' acceptances, and other short short-term debt obligations of United States and Canadian banks and their foreign branches; (iii) commercial paper; and (iv) other short short-term debt securities; in each case regardless securities all of whether such short term investments shall bear income which is exempt from Federal income taxes but, provided, that no such investments shall contravene any fundamental policy of the Fund then in effect and shall in any event mature not later than twelve months from their respective dates of issue. Except as hereinabove herein above or hereafter specified in this Paragraph 4, the Trustees shall not in any respect be limited in their powers of investment, such investments to be made in their sole discretion irrespective of any statute, court decision, rule or regulation now or hereafter in effect restricting the class of investment or reinvestments for trustees generally. Without limiting the generality of the foregoing in any manner, manner the Trustees are expressly authorized and empowered, in their absolute discretion: (a) to retain in cash and keep unproductive of income such portion of the Fund's assets as they may deem advisable; (b) to sell, exchange, convey, transfer, or dispose of, and also to loan or grant options with respect to, any property or cash at any time held by them, and to make any sale or other disposition by private contract, by public auction or otherwise, for cash, property or upon credit, or partly for cash or property and partly upon credit, as they may deem best, and no person dealing with the Trustees shall be bound to see to the application of the proceeds thereof or to inquire into the validity, expediency, or propriety of any such sale or other disposition; (c) to compromise, compound, and settle any debt, claim or obligation due to or from them as Trustees hereunder and to reduce or change the rate of interest thereon, to extend or otherwise modify, or to foreclose upon default or otherwise enforce, any such debt, claim or obligation; (d) to vote themselves, or by proxy, any securities with voting rights held by them; to exercise and any options appurtenant to any other securities for the conversion thereof into other securities, or to exercise or sell any rights or warrants to subscribe for additional securities, and to make any and all necessary payments therefor; to join in or to dissent from and to support or oppose the reorganization, recapitalization, consolidation, liquidation, sale or merger of corporations, or other entities or properties in which they may be interested as Trustees, and to accept and hold any such securities which may be issued in connection therewith, all upon such terms and conditions as they may deem advisable; (e) to make, execute, acknowledge, and deliver any and all necessary papers, documents, agreements and instrumentsinstruments for the implementation of the powers herein enumerated; (f) to enforce any right, obligation or claim and in general to protect in any way the interests of the Fund, either before or after default, and where they shall consider such action for the best interests of the Fund, to abstain from the enforcement of any right, obligation, or claim and to abandon any property which at any time may be held by them or in which they may have an interest; (g) to borrow or raise money for the purposes of the Fund, upon such terms and conditions as the Trustees may deem desirable or proper, and for any sum so borrowed, to issue their promissory notes as Trustees and to secure the repayment thereof by pledging all or any part of the Fund's assets; and no person lending money to the Trustees shall be bound to see to the application of the money lent or to inquire into the validity, expediency, or propriety of any such borrowing; (h) to receive, purchase, hold, apportion, sell, distribute distribute, and otherwise acquire and dispose of securities, cash and other assets; (i) to collect, receive, invest, apportion, and distribute, any and all income of the Fund; (j) to cause any securities or other assets from time to time held by them to be registered in, or transferred into, the name of the Fund or into their names as Trustees, or the name of their nominee or nominees, or to retain them unregistered or in form permitting transfer by delivery, but the books and records of the Trustees shall at all times show that all such securities or other assets are part of the Fund; and (k) to do all such acts, take all such proceedings, and exercise all such rights and privileges, although not hereinbefore specifically mentioned, with relation to the assets of the Fund as if they were the absolute owners thereof, which they may deem necessary or proper for the best interests of the Fund.

Powers of Trustees. Subject to such fundamental those policies of the Fund as may be adopted and be in effect from time to time, the Trustees shall invest and reinvest, to the extent they deem proper, the Fund's assets, together with any increment thereto, or income derived therefrom, in securities of whatsoever nature and by whomsoever issued, the income from which is exempt from Federal income tax. To the extent that the Fund's assets are not so invested, the Trustees may invest the same in the following, all of which are collectively referred to as "short term investments:" (i) obligations issued or guaranteed by the United States government, its agencies or instrumentalities; (ii) certificates of deposit, bankers' acceptances, and other short term debt obligations of United States and Canadian banks and their foreign branches; (iii) commercial paper; and (iv) other short term debt securities; in each case regardless of whether such short term investments shall bear income which is exempt from Federal income taxes but, provided, that no such investments shall contravene any fundamental policy of the Fund then in effect and shall in any event mature not later than twelve months from their respective dates of issue. Except as hereinabove or hereafter otherwise specified in this Paragraph 4, the Trustees shall not in any respect be limited in their powers of investment, such investments to be made in their sole discretion irrespective of any statute, court decision, rule or regulation now or hereafter in effect restricting the class of investment or reinvestments for trustees generally. Without limiting the generality of the foregoing in any manner, the Trustees are expressly authorized and empowered, in their absolute discretion: (a) to retain in cash and keep unproductive of income such portion of the Fund's assets as they may deem advisable; (b) to sell, exchange, convey, transfer, or dispose of, and also to loan or grant options with respect to, any property or cash at any time held by them, and to make any sale or other disposition by private contract, by public auction or otherwise, for cash, property or upon credit, or partly for cash or property and partly upon credit, as they may deem best, and no person dealing with the Trustees shall be bound to see to the application of the proceeds thereof or to inquire into the validity, expediency, expediency or propriety of any such sale or other disposition; (c) to compromise, compound, and settle any debt, claim or obligation due to or from them as Trustees hereunder and to reduce or change the rate of interest thereon, to extend or otherwise modify, or to foreclose upon default or otherwise enforce, any such debt, claim or obligation; (d) to vote themselves, or by proxy, any securities with voting rights held by them; to exercise and any options appurtenant to any other securities for the conversion thereof into other securities, or to exercise or sell any rights or warrants to subscribe for additional securities, and to make any and all necessary payments therefor; to join in or to dissent from and to support or oppose the reorganization, recapitalization, consolidation, liquidation, sale or merger of corporations, or other entities or properties in which they may be interested as Trustees, and to accept and hold any such securities which may be issued in connection therewith, all upon such terms and conditions as they may deem advisable; (e) to make, execute, acknowledge, and deliver any and all necessary papers, documents, agreements and instrumentsinstruments for the implementation of the powers herein enumerated; (f) to enforce any right, obligation or claim and in general to protect in any way the interests of the Fund, either before or after default, and where they shall consider such action for the best interests of the Fund, to abstain from the enforcement of any right, obligation, or claim and to abandon any property which at any time may be held by them or in which they may have an interest; (g) to borrow or raise money for the purposes of the Fund, upon such terms and conditions as the Trustees may deem desirable or proper, and for any sum so borrowed, to issue their promissory notes as Trustees and to secure the repayment thereof by pledging all or any part of the Fund's assets; and no person lending money to the Trustees shall be bound to see to the application of the money lent or to inquire into the validity, expediency, or propriety of any such borrowing; (h) to receive, purchase, hold, apportion, sell, distribute distribute, and otherwise acquire and dispose of securities, cash and other assets; (i) to collect, receive, invest, apportion, and distribute, any and all income of the Fund; (j) to cause any securities or other assets from time to time held by them to be registered in, or transferred into, the name of the Fund or into their names as Trustees, or the name of their nominee or nominees, or to retain them unregistered or in form permitting transfer by delivery, but the books and records of the Trustees shall at all times show that all such securities or other assets are part of the Fund; and (k) to do all such acts, take all such proceedings, and exercise all such rights and privileges, although not hereinbefore specifically mentioned, with relation to the assets of the Fund as if they were the absolute owners thereof, which they may deem necessary or proper for the best interests of the Fund. Any document necessary or appropriate to effectuate or implement any act or agreement of the Trustees or any such Trustee or committee of Trustees may be executed by any Trustee and when so executed such document shall constitute a valid, binding and enforceable act or agreement of the Trustees and the Fund. Without further inquiry as to the authority of a Trustee to bind the Fund, persons or entities may rely upon the execution of any document by any Trustee as constituting the valid, binding and enforceable act or agreement of the Trustees and the Fund.

Powers of Trustees. Subject to such fundamental those policies of the Fund as may be adopted and be in effect from time to time, the Trustees shall invest and reinvest, to the extent they deem proper, the Fund's assets, together with any increment thereto, or income derived therefrom, in securities of whatsoever nature and by whomsoever issued, the income from which is exempt from Federal income tax. To issued and to the extent that the Fund's assets are not so invested, invested the Trustees may invest the same in the following, all of which are collectively referred to as "short short-term investments:" (i) obligations issued or guaranteed by the United States government, its agencies or instrumentalities; (ii) certificates of deposit, bankers' acceptances, and other short short-term debt obligations of United States and Canadian banks and their foreign branches; (iii) commercial paper; and (iv) other short short-term debt securities; in each case regardless securities all of whether such short term investments shall bear income which is exempt from Federal income taxes but, provided, that no such investments shall contravene any fundamental policy of the Fund then in effect and shall in any event mature not later than twelve months from their respective dates of issue. Except as hereinabove herein above or hereafter specified in this Paragraph 4, the Trustees shall not in any respect be limited in their powers of investment, such investments to be made in their sole discretion irrespective of any statute, court decision, rule or regulation now or hereafter in effect restricting the class of investment or reinvestments for trustees generally. Without limiting the generality of the foregoing in any manner, manner the Trustees are expressly authorized and empowered, in their absolute discretion.: (a) to retain in cash and keep unproductive of income such portion of the Fund's assets as they may deem advisable;: (b) to sell, exchange, convey, transfer, or dispose of, and also to loan or grant options with respect to, any property or cash at any time held by them, and to make any sale or other disposition by private contract, by public auction or otherwise, for cash, property or upon credit, or partly for cash or property and partly upon credit, as they may deem best, and no person dealing with the Trustees shall be bound to see to the application of the proceeds thereof or to inquire into the validity, expediency, or propriety of any such sale or other disposition; (c) to compromise, compound, and settle any debt, claim or obligation due to or from them as Trustees hereunder and to reduce or change the rate of interest thereon, to extend or otherwise modify, or to foreclose upon default or otherwise enforce, any such debt, claim or obligation; (d) to vote themselves, or by proxy, any securities with voting rights held by them; to exercise and any options appurtenant to any other securities for the conversion thereof into other securities, or to exercise or sell any rights or warrants to subscribe for additional securities, and to make any and all necessary payments therefor; to join in or to dissent from and to support or oppose the reorganization, recapitalization, consolidation, liquidation, sale or merger of corporations, or other entities or properties in which they may be interested as Trustees, and to accept and hold any such securities which may be issued in connection therewith, all upon such terms and conditions as they may deem advisable; (e) to make, execute, acknowledge, and deliver any and all necessary papers, documents, agreements and instrumentsinstruments for the implementation of the powers herein enumerated; (f) to enforce any right, obligation or claim and in general to protect in any way the interests of the Fund, either before or after default, and where they shall consider such action for the best interests of the Fund, to abstain from the enforcement of any right, obligation, or claim and to abandon any property which at any time may be held by them or in which they may have an interest; (g) to borrow or raise money for the purposes of the Fund, upon such terms and conditions as the Trustees may deem desirable or proper, and for any sum so borrowed, to issue their promissory notes as Trustees and to secure the repayment thereof by pledging all or any part of the Fund's assets; and no person lending money to the Trustees shall be bound to see to the application of the money lent or to inquire into the validity, expediency, or propriety of any such borrowing; (h) to receive, purchase, hold, apportion, sell, distribute distribute, and otherwise acquire and dispose of securities, cash and other assets; (i) to collect, receive, invest, apportion, and distribute, any and all income of the Fund; (j) to cause any securities or other assets from time to time held by them to be registered in, or transferred into, the name of the Fund or into their names as Trustees, or the name of their nominee or nominees, or to retain them unregistered or in form permitting transfer by delivery, but the books and records of the Trustees shall at all times show that all such securities or other assets are part of the Fund; and (k) to do all such acts, take all such proceedings, and exercise all such rights and privileges, although not hereinbefore specifically mentioned, with relation to the assets of the Fund as if they were the absolute owners thereof, which they may deem necessary or proper for the best interests of the Fund.

Powers of Trustees. Subject to such fundamental those policies of the Fund as may be adopted and be in effect from time to time, the Trustees shall invest and reinvest, to the extent they deem proper, the Fund's assets, together with any increment thereto, or income derived therefrom, in securities of whatsoever nature and by whomsoever issued, the income from which is exempt from Federal income tax. To issued and to the extent that the Fund's assets are not so invested, invested the Trustees may invest the same in the following, all of which are collectively referred to as "short short-term investments":" (i) obligations issued or guaranteed by the United States government, its agencies or instrumentalities; (ii) certificates of deposit, bankers' acceptances, and other short short-term debt obligations of United States and Canadian banks and their foreign branches; (iii) commercial paper; and (iv) other short short-term debt securities; in each case regardless securities all of whether such short term investments shall bear income which is exempt from Federal income taxes but, provided, that no such investments shall contravene any fundamental policy of the Fund then in effect and shall in any event mature not later than twelve months from their respective dates of issue. Except as hereinabove herein above or hereafter specified in this Paragraph 4, the Trustees shall not in any respect be limited in their powers of investment, such investments to be made in their sole discretion irrespective of any statute, court decision, rule or regulation now or hereafter in effect restricting the class of investment or reinvestments for trustees generally. Without limiting the generality of the foregoing in any manner, manner the Trustees are expressly authorized and empowered, in their absolute discretion: (a) to retain in cash and keep unproductive of income such portion of the Fund's assets as they may deem advisable;: (b) to sell, exchange, convey, transfer, or dispose of, and also to loan or grant options with respect to, any property or cash at any time held by them, and to make any sale or other disposition by private contract, by public auction or otherwise, for cash, property or upon credit, or partly for cash or property and partly upon credit, as they may deem best, and no person dealing with the Trustees shall be bound to see to the application of the proceeds thereof or to inquire into the validity, expediency, or propriety of any such sale or other disposition; (c) to compromise, compound, and settle any debt, claim or obligation due to or from them as Trustees hereunder and to reduce or change the rate of interest thereon, to extend or otherwise modify, or to foreclose upon default or otherwise enforce, any such debt, claim or obligation; (d) to vote themselves, or by proxy, any securities with voting rights held by them; to exercise and any options appurtenant to any other securities for the conversion thereof into other securities, or to exercise or sell any rights or warrants to subscribe for additional securities, and to make any and all necessary payments therefor; to join in or to dissent from and to support or oppose the reorganization, recapitalization, consolidation, liquidation, sale or merger of corporations, or other entities or properties in which they may be interested as Trustees, and to accept and hold any such securities which may be issued in connection therewith, all upon such terms and conditions as they may deem advisable; (e) to make, execute, acknowledge, and deliver any and all necessary papers, documents, agreements and instrumentsinstruments for the implementation of the powers herein enumerated; (f) to enforce any right, obligation or claim and in general to protect in any way the interests of the Fund, either before or after default, and where they shall consider such action for the best interests of the Fund, to abstain from the enforcement of any right, obligation, or claim and to abandon any property which at any time may be held by them or in which they may have an interest; (g) to borrow or raise money for the purposes of the Fund, upon such terms and conditions as the Trustees may deem desirable or proper, and for any sum so borrowed, to issue their promissory notes as Trustees and to secure the repayment thereof by pledging all or any part of the Fund's assets; and no person lending money to the Trustees shall be bound to see to the application of the money lent or to inquire into the validity, expediency, or propriety of any such borrowing; (h) to receive, purchase, hold, apportion, sell, distribute distribute, and otherwise acquire and dispose of securities, cash and other assets; (i) to collect, receive, invest, apportion, and distribute, any and all income of the Fund; (j) to cause any securities or other assets from time to time held by them to be registered in, or transferred into, the name of the Fund or into their names as Trustees, or the name of their nominee or nominees, or to retain them unregistered or in form permitting transfer by delivery, but the books and records of the Trustees shall at all times show that all such securities or other assets are part of the Fund; and (k) to do all such acts, take all such proceedings, and exercise all such rights and privileges, although not hereinbefore specifically mentioned, with relation to the assets of the Fund as if they were the absolute owners thereof, which they may deem necessary or proper for the best interests of the Fund.