BYLAWS OF XXXXXXX INVESTMENT FUNDS
ARTICLE 1
Agreement and Declaration of Trust
and Principal Office
1.1. Agreement and Declaration of Trust. These Bylaws shall be
subject to the Agreement and Declaration of Trust (also referred to as the
Master Trust Agreement), as from time to time in effect (the Declaration of
Trust), of XXXXXXX INVESTMENT FUNDS, the Massachusetts business trust
established by the Declaration of Trust (the Trust).
1.2. Principal Office of the Trust. The principal office of the
Trust shall be located in Tacoma, Washington. The Board of Trustees may at
any time establish branch or subordinate offices at any place or places where
the Trust intends to do business.
ARTICLE 2
Trustees
2.1. Vacancies. Vacancies in the Board of Trustees may be filled by a
majority of the remaining Trustees, though less than a quorum, or by a sole
remaining Trustee, unless the Board of Trustees calls a shareholders meeting
for the purposes of electing Trustees provided, however, that immediately
after filling such vacancy, at least two-thirds of the Trustees then holding
office have been elected to such office by the holders of the outstanding
voting securities of the Trust. In the event that at any time less than a
majority of the Trustees holding office at that time were so elected by the
holders of the outstanding voting securities of the Trust, the Board of
Trustees shall forthwith cause to be held as promptly as possible, and in any
event within sixty (60) days, a meeting of such holders for the purpose of
electing Trustees to fill any existing vacancies in the Board of Trustees,
unless such period is extended by order of the United States Securities and
Exchange Commission.
The selection and nomination of the Trustees who are not interested
persons of the Trust (as that term is defined in the Investment Company Act
of 1940) shall be, and is, committed to the discretion of such independent
Trustees.
2.2. Regular Meetings. Regular meetings of the Board of Trustees
may be held at such places and at such times as the Trustees may from time
to time determine each Trustee present at such determination shall be deemed
to be a party calling the meeting and no call or notice will be required to
such Trustee provided that notice of the first regular meeting following any
such determination shall be given to absent Trustees.
2.3. Special Meetings. Special meetings of the Board of Trustees may
be called by the Chairman of the Board or by two or more Trustees and held at
such place and time designated in the call of the meeting, sufficient notice
thereof being given to each Trustee.
2.4. Notice. For any special meeting or to the extent advance notice
is required for a regular meeting of the Board of Trustees, it shall be
sufficient notice to a Trustee of such meeting to send notice by mail at least
forty-eight (48) hours or by telegram, facsimile, e-mail, telephone or
in-person at least twenty-four (24) hours before the meeting to the Trustee at
his or her usual or last known business or residence address. Notice of a
meeting need not be given to any Trustee who either before or after the
meeting signs a written waiver of notice, a consent to holding the meeting,
or an approval of the minutes of the meeting. All such waivers, consents,
and approvals shall be filed with the records of the meeting. Notice of a
meeting shall also be deemed given to any Trustee who attends the meeting
without protesting prior thereto or at its commencement the lack of notice to
him. Neither notice of a meeting nor a waiver of a notice need specify the
purposes of the meeting.
2.5. Quorum. At any meeting of the Trustees a majority of the
Trustees then in office shall constitute a quorum. Every act or decision done
or made by a majority of the Trustees present at a meeting duly held at which
a quorum is present shall be regarded as the act of the Board of Trustees.
Any meeting may be adjourned from time to time by a majority of the votes cast
upon the question, whether or not a quorum is present, and the meeting may be
held as adjourned without further notice.
2.6. Participation by Telephone. One or more members of the Board of
Trustees or of any committee of the Board of Trustees may participate in a
meeting thereof by means of a conference telephone or similar communications
equipment allowing all persons participating in the meeting to hear each other
at the same time. Participation by such means shall constitute presence in
person at a meeting.
2.7. Fees and Compensation of Trustees. Trustees and members of
committees may receive such compensation, if any, for their services and
such reimbursement of expenses as may be fixed or determined by resolution
of the Board of Trustees. This Section 7 of Article 2 shall not be construed
to preclude any Trustee from serving the Trust in any other capacity as an
officer, agent, employee, or otherwise and receiving compensation for those
services.
2.8. Chairman. The Board of Trustees may elect a Chairman for the
purpose of presiding at meetings of the Board of Trustees. The Chairman may
not be an interested person of the Trust within the meaning of 2(a)19) of
the Investment Company Act of 1940, as amended (Interested Person), and shall
not be deemed to be an officer of the Trust. The Chairman may be a voting
member of any one or more committees of the Board of Trustees. The Chairman
shall exercise and perform such other powers and duties as may be from time
to time assigned to the Chairman by the Board of Trustees or prescribed by
these Bylaws. The Chairman may delegate his or her powers and duties to
Trustees or officers of the Trust that he or she deems appropriate, provided
that such delegation is consistent with applicable legal and regulatory
requirements. The Chairman shall hold office until the next annual meeting
of the Trustees and until his or her successor is chosen and qualified, or
until he or she sooner dies, resigns, is removed or becomes disqualified.
The following individual will preside over any meeting of the Board of
Trustees in the following order if present (1) Chairman of the Board of
Trustees, (2) Chairman of the Nominating and Governance Committee, (3)
Chairman of the Investment Committee, (4) Chairman of the Audit Committee
and (5) as determined by the Trustees in attendance.
2.9. Resignations. Any Trustee may resign at any time by written
instrument signed by him or her and delivered to the Chairman of the Board,
the President or the Secretary (other than to himself or herself) or to a
meeting of the Board of 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 or resolution
of the Board of Trustees, no Trustee resigning shall have any right to any
compensation for any period following his or her resignation.
ARTICLE 3
Officers
3.1. Enumeration Qualification. The officers of the Trust shall be a
President, a Treasurer, a Secretary, and such other officers, including Vice
Presidents, if any, as the Trustees from time to time may in their discretion
appoint. The officers of the Trust shall also include a Chief Compliance
Officer, whose designation and compensation shall be approved by a majority of
the Trustees, including a majority of the independent Trustees. The Trust may
also have such agents as the Trustees from time to time may in their
discretion appoint. Any officer may, but need not be, a Trustee or
shareholder. Any two or more offices may be held by the same person.
3.2. Election. The President, the Treasurer and the Secretary shall
be elected annually by the Trustees at a meeting held within the first four
months of the Trusts fiscal year. The meeting at which the officers are
elected shall be known as the annual meeting of Trustees. Other officers, if
any, may be elected or appointed by the Trustees at said meeting or at any
other time. Vacancies in any office may be filled at any time.
3.3. Tenure. The President, the Treasurer and the Secretary shall hold
office until the next annual meeting of the Trustees and until their
respective successors are chosen and qualified, or in each case until he sooner
dies, resigns, is removed or becomes disqualified. Each other officer shall
hold office and each agent shall retain authority at the pleasure of the
Trustees, subject to Section 13 of Article 3.
3.4. Powers. Subject to the other provisions of these Bylaws, each
officer shall have, in addition to the duties and powers herein and in the
Declaration of Trust set forth, such duties and powers as are commonly incident
to the office occupied by him as if the Trust were organized as a
Massachusetts business corporation and such other duties and powers as the
Trustees may from time to time designate.
3.5. Subordinate Officers. The Board of Trustees may appoint and may
empower the President to appoint such other officers as the business of the
Trust may require, each of whom shall hold office for such period, have such
authority and perform such duties as are provided in these Bylaws or as the
Board of Trustees may from time to time determine.
3.6. Vacancies in Offices. A vacancy in any office because of death,
resignation, removal, disqualification or other cause shall be filled in the
manner prescribed in these Bylaws for regular appointment to that office.
3.7. President. Unless the Trustees otherwise provide, the President
shall be the chief executive officer. The President shall have the general
powers and duties of management usually vested in the office of president of
a corporation except to the extent that such powers and duties are assigned
to the Chairman. The President shall have such other powers and duties as
may be prescribed by the Board of Trustees or these Bylaws.
3.8. Chief Compliance Officer. The Chief Compliance Officer shall
have the general powers and duties usually vested in the office of chief
compliance officer. The Chief Compliance Officer shall have such other powers
and duties as may be prescribed by the Board of Trustees or these Bylaws,
subject to approval by a majority of the independent Trustees.
3.9. Vice President. The Vice President, or if there be more than one
Vice President, the Vice Presidents in the order determined by the Trustees
(or if there be no such determination, then in the order of their election)
shall, upon proper delegation from the President or in the absence of the
President or in the event of his or her inability or refusal to act, perform
the duties of the President, and when so acting, shall have all the powers of
and be subject to all the restrictions upon the President. The Vice
President(s) shall have such other powers and duties as may be prescribed by
the Board of Trustees or these Bylaws.
3.10. Treasurer. The Treasurer shall be the chief financial and
accounting officer of the Trust, and shall, subject to the provisions of the
Declaration of Trust and to any arrangement made by the Trustees with a
custodian, investment adviser or manager, or transfer, shareholder servicing
or similar agent, be in charge of the valuable papers, books of account and
accounting records of the Trust. The Treasurer shall have such other powers
and duties as may be prescribed by the Board of Trustees or these Bylaws.
3.11. Assistant Treasurer. The Assistant Treasurer, or if there shall
be more than one, the Assistant Treasurers in the order determined by the
Trustees (or if there be no such determination, then in the order of their
election), shall, upon proper delegation from the Treasurer or in the absence
of the Treasurer or in the event of his or her inability or refusal to act,
perform the duties of the Treasurer, and when so acting, shall have all the
powers of and be subject to all the restrictions upon the Treasurer. The
Assistant Treasurer(s) shall have such other powers and duties as may be
prescribed by the Board of Trustees or these Bylaws.
3.12. Secretary. The Secretary shall record or cause to be recorded
all proceedings of the shareholders and the Trustees in books to be kept
therefor, which books or a copy thereof shall be kept at the principal office
of the Trust. The Secretary shall have such other powers and duties as may
be prescribed by the Board of Trustees or these Bylaws.
3.13. Assistant Secretary. The Assistant Secretary, or if there be
more than one, the Assistant Secretaries in the order determined by the
Trustees (or if there be no such determination, then in the order of their
election), shall, upon proper delegation from the Secretary or in the absence
of the Secretary or in the event of his or her inability or refusal to act,
perform the duties of the Secretary, and when so acting, shall have all the
powers of and be subject to all the restrictions upon the Secretary. In the
absence of the Secretary from any meeting of the shareholders or Trustees, an
Assistant Secretary, or if there be none or if he is absent, a temporary
secretary chosen at such meeting, shall record the proceedings thereof in the
aforesaid books. The Assistant Secretary(s) shall have such other duties and
powers as may be prescribed by the Board of Trustees or these Bylaws.
3.14. Resignations and Removals. Any officer may resign at any time
by written instrument signed by him and delivered to the Chairman of the
Board, the President or the Secretary (other than to himself or herself) or
to a meeting of the Board of Trustees. Such resignation shall be effective
upon receipt unless specified to be effective at some other time. The
Trustees may remove any officer elected by them with or without cause, provided
that the Chief Compliance Officer may be removed by action (and only with
approval) of the Trustees including a majority of independent Trustees. Except
to the extent expressly provided in a written agreement with the Trust or
resolution of the Board of Trustees, no officer resigning or removed shall
have any right to any compensation for any period following his or her
resignation or removal, or any right to damages on account of such removal.
ARTICLE 4
Meetings of Shareholders
4.1. Place of Meetings. Meetings of shareholders shall be held at
any place within or outside the State of Washington designated by the Board
of Trustees. In the absence of any such designation, shareholders meetings
shall be held at the principal executive office of the Trust.
4.2. Call of Meeting. There shall be no annual meetings of the
shareholders except as required by law. Special meetings of the shareholders
of the Trust or of any Series or Class may be called at any time by the
Trustees or by the President or the Secretary for the purpose of taking action
upon any matter requiring the vote or authority of the shareholders of the
Trust or of any Series or Class as herein provided or provided in the
Declaration of Trust or upon any other matter as to which such vote or
authority is deemed by the Trustees or the President to be necessary or
desirable. If the meeting is a meeting of shareholders of any Series or Class,
but not a meeting of all shareholders of the Trust, then only a special
meeting of shareholders of such Series or Class need be called and, in such
case, only shareholders of such Series or Class shall be entitled to notice of
and to vote at such meeting.
4.3. Notice of Shareholder Meeting. All notices of meetings of
shareholders shall be sent or otherwise given in accordance with Section 4 of
this Article 4 not less than seven (7) nor more than one hundred twenty (120)
days before the date of the meeting. The notice shall specify (i) the place,
date and hour of the meeting, and (ii) the general nature of the business to
be transacted. The notice of any meeting at which Trustees are to be elected
also shall include the name of any nominee or nominees whom at the time of
the notice are intended to be presented for election.
4.4. Manner of Giving Notice Affidavit of Notice. Notice of any
shareholders meeting shall be given either personally or by first-class mail
or telegraphic or other written communication, charges prepaid, addressed to
the shareholder at the address of that shareholder appearing on the books of
the Trust or its transfer agent or given by the shareholder to the Trust for
the purpose of notice. If no such address appears on the Trusts books or is
given, notice shall be deemed to have been given if sent to that shareholder
by first-class mail or telegraphic or other written communication to the
Trusts principal executive office, or if published at least once in a
newspaper of general circulation in the county where that office is located.
Notice shall be deemed to have been given at the time when delivered
personally or deposited in the mail or sent by telegram or other means of
written communication.
If any notice addressed to a shareholder at the address of that
shareholder appearing on the books of the Trust is returned to the Trust by
the United States Postal Service marked to indicate that the Postal Service
is unable to deliver the notice to the shareholder at that address, all
future notices or reports shall be deemed to have been duly given without
further mailing if these shall be available to the shareholder on written
demand of the shareholder at the principal executive office of the Trust for
a period of one year from the date of the giving of the notice.
An affidavit of the mailing or other means of giving any notice of
any shareholders meeting shall be executed by the Secretary, Assistant
Secretary or any transfer agent of the Trust giving the notice and shall be
filed and maintained in the minute book of the Trust.
4.5. Adjourned Meeting Notice. Any shareholders meeting, whether or
not a quorum is present, may be adjourned from time to time by the vote of
the majority of the shares represented at that meeting, either in person or
by proxy.
When any shareholders meeting is adjourned to another time or place,
notice need not be given of the adjourned meeting at which the adjournment is
taken, unless a new record date of the adjourned meeting is fixed or unless
the adjournment is for more than sixty (60) days from the date set for the
original meeting, in which case the Board of Trustees shall set a new record
date. To the extent that notice of an adjourned meeting is to be provided,
notice of any such adjourned meeting shall be given to each shareholder of
record entitled to vote at the adjourned meeting in accordance with the
provisions of Sections 3 and 4 of this Article 4. At any adjourned meeting,
the Trust may transact any business which might have been transacted at the
original meeting.
4.6. Voting. The shareholders entitled to vote at any shareholders
meeting shall be determined in accordance with the provisions of the
Declaration of Trust, as in effect at such time. Any shareholder may vote
part of the shares in favor of the proposal and refrain from voting the
remaining shares or vote them against the proposal, but if the shareholder
fails to specify the number of shares which the shareholder is voting
affirmatively, it will be conclusively presumed that the shareholders
approving vote is with respect to the total shares that the shareholder is
entitled to vote on such proposal.
4.7. Waiver of Notice Consent of Absent Shareholders. The
transactions of the shareholders meeting, however called and noticed and
wherever held, shall be as valid as though had at a meeting duly held after
regular call and notice if a quorum be present either in person or by proxy
and if either before or after the meeting, each person entitled to vote who
was not present in person or by proxy signs a written waiver of notice or a
consent to a holding of the meeting or an approval of the minutes. The
waiver of notice or consent need not specify either the business to be
transacted or the purpose of any shareholders meeting.
Attendance by a person at a meeting shall also constitute a waiver of
notice of that meeting, except when the person objects at the beginning of the
meeting to the transaction of any business because the meeting is not lawfully
called or convened and except that attendance at a meeting is not a waiver of
any right to object to the consideration of matters not included in the notice
of the meeting if that objection is expressly made at the beginning of the
meeting.
4.8. Shareholder Action by Written Consent Without a Meeting. Any
action which may be taken at any shareholders meeting may be taken without a
meeting and without prior notice if a consent in writing setting forth the
action so taken is signed by the holders of outstanding shares representing
the minimum number of shares required by Section 5.5 of the Declaration of
Trust. All such consents shall be filed with the Secretary of the Trust and
shall be maintained in the Trusts records. Any shareholder giving a written
consent or the shareholders proxy holders or a transferee of the shares or a
personal representative of the shareholder or their respective-proxy-holders
may revoke the consent by a writing received by the Secretary of the Trust
before written consents of the number of shares required to authorize the
proposed action have been filed with the Secretary.
If the consents of all shareholders entitled to vote have not been
solicited in writing and if the unanimous written consent of all such
shareholders shall not have been received, the Secretary shall give prompt
notice of the action approved by the shareholders without a meeting. This
notice shall be given in the manner specified in Section 4 of this Article 4.
In the case of approval of (i) contracts or transactions in which a Trustee
has a direct or indirect financial interest, (ii) indemnification of agents
of the Trust, and (iii) a reorganization of the Trust, the notice shall be
given at least ten (10) days before the consummation of any action authorized
by that approval.
4.9. Record Date for Shareholder Notice Voting and Giving Consents.
If the Board of Trustees does not fix a record date for purposes of
determining the shareholders who are entitled to vote or act at a meeting
or take other action
(a) The record date for determining shareholders entitled to
notice of or to vote at a shareholders meeting shall be at the close of
business on the business day next preceding the day on which notice is given
or if notice is waived, at the close of business on the business day next
preceding the day on which the meeting is held.
(b) The record date for determining shareholders entitled to give
consent to action in writing without a meeting, (i) when no prior action by
the Board of Trustees has been taken, shall be the day on which the first
written consent is given, or (ii) when prior action of the Board of Trustees
has been taken, shall be at the close of business on the day on which the
Board of Trustees adopt the resolution relating to that action or the
seventy-fifth day before the date of such other action, whichever is later.
4.10. Proxies. Every person entitled to vote for Trustees or on any
other matter shall have the right to do so either in person or by one or more
agents authorized by a written proxy signed by the person and filed with the
Secretary of the Trust. A proxy with respect to Shares held in the name of
two or more persons shall be valid if executed by any one of them unless at
or prior to exercise of the proxy the Trust receives a specific written notice
to the contrary from any one of them. A proxy shall be deemed validly executed
if the shareholders name is placed on the proxy (whether by manual signature,
typewriting, telegraphic transmission or otherwise) by the shareholder or the
shareholders attorney-in-fact. A proxy purporting to be executed by or on
behalf of a Shareholder shall be deemed valid unless challenged at or prior
to its exercise and the burden of proving invalidity shall rest on the
challenger. A validly executed proxy which does not state that it is
irrevocable shall continue in full force and effect unless (i) revoked by the
person executing it before the vote pursuant to that proxy by a writing
delivered to the Trust stating that the proxy is revoked or by a subsequent
proxy executed by or attendance at the meeting and voting in person by the
person executing that proxy or (ii) written notice of the death or incapacity
of the maker of that proxy is received by the Trust before the vote pursuant
to that proxy is counted provided however, that no proxy shall be valid after
the expiration of eleven (11) months from the date of the proxy unless
otherwise provided in the proxy. The revocability of a proxy that states on
its face that it is irrevocable shall be governed by the provisions of the
Business Corporation Act of the Commonwealth of Massachusetts.
4.11. Inspectors of Election. Before any shareholders meeting, the
Board of Trustees may appoint any persons other than nominees for office to
act as inspectors of election at the meeting or its adjournment. If no
inspectors of election are so appointed, the chairman of the meeting may,
and on the request of any shareholder or a shareholders proxy shall, appoint
inspectors of election at the meeting. The number of inspectors shall be
either one (1) or three (3). If inspectors are appointed at a meeting on
the request of one or more shareholders or proxies, the holders of a
majority of shares or their proxies present at the meeting shall determine
whether one (1) or three (3) inspectors are to be appointed. If any
person appointed as inspector fails to appear or fails or refuses to act,
the chairman of the meeting may and on the request of any shareholder or a
shareholders proxy, shall appoint a person to fill the vacancy.
These inspectors shall
(a) Determine the number of shares outstanding and the voting
power of each, the shares represented at the meeting, the existence of a
quorum and the authenticity, validity and effect of proxies
(b) Receive votes, ballots or consents
(c) Hear and determine all challenges and questions in any
way arising in connection with the right to vote
(d) Count and tabulate all votes or consents
(e) Determine when the polls shall close
(f) Determine the result and
(g) Do any other acts that may be proper to conduct the election
or vote with fairness to all shareholders.
4.12. Chairman. In the absence of specific instructions from the
Chairman of the Board Trustees, an officer of the Trust shall preside at all
meetings of shareholders.
ARTICLE 5
Committees
5.1. General. The Trustees, by vote of a majority of the Trustees
then in office, may elect from their number an Executive Committee or other
committees and may delegate thereto some or all of their powers except those
which by law, by the Declaration of Trust, or by these Bylaws may not be
delegated. Except as the Trustees may otherwise determine, any such
committee may make rules for the conduct of its business, but unless otherwise
provided by the Trustees or in such rules, its business shall be conducted so
far as possible in the same manner as is provided by these Bylaws for the
Trustees themselves. All members of such committees shall hold such offices
at the pleasure of the Trustees. The Trustees may abolish any such committee
at any time. Any committee to which the Trustees delegate any of their powers
or duties shall keep records of its meetings and shall report its action to
the Trustees. The Trustees shall have power to rescind any action of any
committee, but no such rescission shall have retroactive effect.
ARTICLE 6
Reports and Records
6.1. General. The Trustees and officers shall render reports at the
time and in the manner required by the Declaration of Trust or any applicable
law. Officers and committees shall render such additional reports as they
may deem desirable or as may from time to time be required by the Trustees.
6.2. Inspection by Shareholders. The Trustees shall from time to
time determine whether and to what extent, and at what times and places, and
under what conditions and regulations the accounts and books of the Trust or
any Series shall be open to the inspection of the shareholders and no
shareholder shall have any right to inspect any account or book or document
of the Trust except as conferred by law or otherwise by the Trustees or by
resolution of the shareholders.
6.3. Inspection by Trustees. Every Trustee shall have the
absolute right at any reasonable time to inspect all books, records, and
documents of every kind and the physical properties of the Trust. This
inspection by a Trustee may be made in person or by an agent or attorney and
the right of inspection includes the right to copy and make extracts of
documents.
ARTICLE 7
Seal
7.1. General. The seal of the Trust shall consist of a flat-faced
die with the word Massachusetts, together with the name of the Trust and the
year of its organization cut or engraved thereon, but, unless otherwise
required by the Trustees, the seal shall not be necessary to be placed on, and
its absence shall not impair the validity of, any document, instrument or
other paper executed and delivered by or on behalf of the Trust.
ARTICLE 8
Issuance of Share Certificates
8.1. Share Certificates. In lieu of issuing certificates for shares,
the Trustees or the transfer agent may either issue receipts therefor or may
keep accounts upon the books of the Trust for the record holders of such
shares, who shall in either case be deemed, for all purposes hereunder, to be
the holders of certificates for such shares as if they had accepted such
certificates and shall be held to have expressly assented and agreed to the
terms hereof.
The Trustees may at any time authorize the issuance of share
certificates either in limited cases or to all shareholders. In that event,
a shareholder may receive a certificate stating the number of shares owned by
him, in such form as shall be prescribed from time to time by the Trustees.
Such certificate shall be signed by the President or a Vice President and by
the Treasurer or Assistant Treasurer. Such signatures may be facsimiles if
the certificate is signed by a transfer agent, or by a registrar, other than
a Trustee, officer or employee of the Trust. In case any officer who has
signed or whose facsimile signature has been placed on such certificate
shall cease to be such officer before such certificate is issued, it may be
issued by the Trust with the same effect as if he were such officer at the
time of its issue.
8.2. Loss of Certificates. In case of the alleged loss or destruction
or the mutilation of a share certificate, a duplicate certificate may be
issued in place thereof, upon such terms as the Trustees shall prescribe.
8.3. Issuance of New Certificate to Pledgee. A pledgee of shares
transferred as collateral security shall be entitled to a new certificate
if the instrument of transfer substantially describes the debt or duty that
is intended to be secured thereby. Such new certificate shall express on its
face that it is held as collateral security, and the name of the pledgor
shall be stated thereon, who alone shall be liable as a shareholder, and
entitled to vote thereon.
8.4. Discontinuance of Issuance of Certificates. The Trustees may at
any time discontinue the issuance of share certificates and may, by written
notice to each shareholder, require the surrender of shares certificates to
the Trust for cancellation. Such surrender and cancellation shall not affect
the ownership of shares in the Trust.
ARTICLE 9
Dealings with Trustees and Officers
9.1. General. Any Trustee, officer or other agent of the Trust may
acquire, own and dispose of shares of the Trust to the same extent as if he
were not a Trustee, officer or agent and the Trustees may accept subscriptions
to shares or repurchase shares from any firm or company in which any Trustee,
officer or other agent of the Trust may have an interest.
ARTICLE 10
General Matters
10.1. Fiscal Year. The fiscal year of the Trust shall be fixed by
resolution of the Trustees.
10.2. Execution of Papers. Except as the Trustees may generally or
in particular cases authorize the execution thereof in some other manner, all
deeds, leases, contracts, notes and other obligations made by the Trustees
shall be signed by the President, any Vice President, the Treasurer or any
other appropriate officer and need not bear the seal of the Trust.
10.3. Writings. To the fullest extent permitted by applicable laws
and regulations
(a) all requirements in these Bylaws that any action be taken by
means of any writing, including, without limitation, any written instrument,
any written consent or any written agreement, shall be deemed to be satisfied
by means of any electronic record in such form that is acceptable to the
Trustees and
(b) all requirements in these Bylaws that any writing be signed
shall be deemed to be satisfied by any electronic signature in such form that
is acceptable to the Trustees.
10.4. Severability. The provisions of these Bylaws are severable. If
the Trustees determine, with the advice of counsel, that any provision hereof
conflicts with the 1940 Act, the regulated investment company or other
provisions of the Internal Revenue Code or with other applicable laws and
regulations the conflicting provision shall be deemed never to have
constituted a part of these Bylaws provided, however, that such determination
shall not affect any of the remaining provisions of these Bylaws or render
invalid or improper any action taken or omitted prior to such determination.
If any provision hereof shall be held invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall attach only to such
provision only in such jurisdiction and shall not affect any other provision
of these Bylaws.
10.5. Headings. Headings are placed in these Bylaws for convenience
of reference only and in case of any conflict, the text of these Bylaws rather
than the headings shall control.
ARTICLE 11
Amendments to the Bylaws
11.1. General. These Bylaws may be amended or repealed, in whole or
in part, by a majority of the Trustees then in office at any meeting of the
Trustees, or by one or more writings signed by such a majority.
The foregoing Bylaws were adopted by the Board of Trustees on November 18,
2008.
Xxxxxxx X. Xxxxx
Secretary
