(A) The Board of Trustees shall have exclusive authority and discretion to manage and control the assets of the plan subject to the remaining parts of this section.
(B) The Plan Administrator may appoint an Investment Manager to direct the investment and reinvestment of any portion or portions of the Trust Fund. In such case, the Plan Administrator shall by written notice direct the segregation of such portion or portions of the Trust Fund in a separate investment account or investment accounts to be invested at the direction of such Investment Manager.
(C) Any such Investment Manager shall either be registered as an investment adviser under the Investment Advisers Act of 1940; be a bank, as defined in that Act; or be an insurance company qualified to perform investment management services under the laws of more than one state. If investment of the Trust Fund is to be directed in whole or in part by an Investment Manager, the Plan Administrator shall deliver to the participants a copy of the instruments appointing the Investment Manager and evidencing the Investment Manager' s acceptance of such appointment, an acknowledgment by the Investment Manager that it is a fiduciary of the plan, and a certificate evidencing the Investment Manager' s current registration under said Act.
(D) The Trustees shall follow the directions of the Investment Manager regarding the investment and reinvestment of the Trust Fund, or such portion thereof as shall be under management by the Investment Manager and shall exercise its powers hereunder as directed by the Investment Manager. The Trustees shall be under no duty or obligation to review any investment to be acquired, held or disposed of pursuant to such directions nor to make any recommendations with respect to the disposition or continued retention of any such investment or the exercise or nonexercise of the powers hereunder. The Trustees shall have no liability or responsibility for acting pursuant to the direction of, or failing to act in the absence of any direction from the Investment Manager, unless the Trustees know that by such action or failure to act the Trustees would be committing or participating in a breach of fiduciary duty by the Investment Manager.
(E) The Investment Manager at any time and from time to time may issue orders for the purchase or sale of securities directly to a broker; and in order to facilitate such transaction, the Trustees upon request shall execute and deliver appropriate trading authorizations. Written notification of the issuance of each such order shall be given promptly to the Trustees by the Investment Manager, and the execution of each such order shall be confirmed by written advice to the Investment Manager by the broker. Such notification shall be authority for the Trustees to pay for securities purchased against receipt thereof and to deliver securities sold against payment therefor, as the case may be.
(F) In the event that an Investment Manager should resign or be removed by the Plan Administrator, the Trustees shall manage the investment of the Trust Fund pursuant to the provisions hereunder unless and until another Investment Manager shall be appointed with respect thereto as provided in this section.
(G) The accounts, books and records of the Trustees shall reflect the segregation, pursuant to the provisions of this section, of any portion or portions of the Trust Fund in a separate investment account or accounts
(Ord. CO-01-17, passed 8-27-01)