Board of Trustees of the Trust. Without limiting the right of the Board of Trustees of the Trust to issue directives, the Board of Trustees shall take into consideration any views or opinions that may be expressed by the Adviser of Sub-Adviser in formulating policies, procedures and directives. The Sub-Adviser shall not be obligated to conform its activities to any directive of the Board of Trustees of the Trust to the extent that compliance with such directive would be in contravention of any law, rule or regulation applicable to the Sub-Adviser.
Board of Trustees of the Trust. This Amended and Restated Agreement may be terminated at any time, without penalty, by a majority of the Independent Trustees or by persons having voting rights in respect of the Trust by the vote stated in Section 11.
Board of Trustees of the Trust. The initial Fund Year shall commence on December 1, 2000, and end on December 31, 2001, and each subsequent Fund Year shall commence on J anuary 1 and end on December 31 unless ot herwise provided by the Board of Trustees of the Trust. A Fund Year may be a period of greater or fewer than twelve (12) months if it is the first or last such year of the Fund or a year involving a change in the commencement or termination date of the Fund Year. The Fund Year and the Fiscal Year shall be the same. In c urr e d Cl a i m s means all medical, indemnity, legal, investigative, and other related expenses on all reported claims and all incurred but not reported claims as determined by the actuary for the Fund Year. N et Contr ib ut ion s means actual Contributions paid in each Fund Year by each Member to the Trust modified by the experience modification factor (as calculated according to the NCCI experience modification formula) less the Discount Amount. Final Contributions may be greater than the aggregate Net Contributions of all of the Members.
