(A) (1) The Trustees may appoint one or more investment managers (an “Investment Manager”) each of whom is either:
(a) Registered as an investment adviser with the Securities and Exchange Commission under the Investment Advisers Act of 1940, being 15 U.S.C. §§ 80b-1 et seq.;
(b) A bank as defined in that Act; or
(c) An insurance company qualified to perform such services under the laws of more than one state, to manage all or any part of an investment fund.
(2) Each Investment Manager shall be a fiduciary under the trust and shall acknowledge that he or she is such a fiduciary in a writing delivered to the Trustees.
(B) Each Investment Manager shall have exclusive authority and responsibility for investment of the assets of the investment fund which it is retained to manage and shall have the power, without prior consultation with the Trustees, to manage, acquire or dispose of any investment fund asset which it has been retained to manage, and to direct the Trustees with respect to the acquisition, retention, disposition or management of such assets. An Investment Manager may have or retain the physical custody or indicia of ownership of any assets, as determined by the Trustees. In the event the Trustees have employed a depository, pursuant to § 32.036, to have physical custody or indicia of ownership of any assets, the Investment Manager may direct the depository with respect to the acquisition, retention, disposition or management of such assets and the depository shall be protected in relying thereon in the same manner as the Trustees. The Trustees shall not be liable for following directions of an Investment Manager, or for failing to take any action in the absence of directions from an Investment Manager, or for any act or omission of an Investment Manager; or be under any obligation to invest, review or otherwise manage any asset of the investment fund managed by an Investment Manager; except as provided in the Employee Retirement Income Security Act of 1974, being 29 U.S.C. §§ 1001 et seq., as from time to time amended (“ERISA”). Any directions of an Investment Manager to the Trustees or a Depository shall either be in writing or made orally and confirmed in writing as soon as practicable thereafter. Pending receipt of directions from an Investment Manager, any cash received by the Trustees or a Depository from time to time may be retained in cash.
(Ord. MET 86-13, passed 5-30-1986)