Laserfiche WebLink
<br />for determining how the dividend or distribution shall be used in accordance with <br />applicable Minnesota law. <br />ARTICLE X. LIABILITY AND INSURANCE <br />10.1 Member Liability. Unless otherwise specified in this Agreement, no Participating Member shall be <br />liable for the acts or omissions of another Member. Nothing in this Agreement shall be construed <br />as a waiver of a Participating Mem <br />Chapter 466. <br />10.2 Trustee Liability. <br />10.2.1 Limitations. No Trustees shall be held liable for: <br />(a)Mistakesin judgment or other actionsmade, taken, or omitted by theTrusteein <br />good faith; <br />(b) Any action made, taken, or omitted by any Pool agent, employee, or independent <br />contractor selectedby the Trustees with reasonable care; <br />(c) Any loss incurred through investment or failure to invest Pool funds; or <br />(d) Any action taken or omitted by another Trustee. <br />No Trustee shall be required to give a bond or other security to guarantee the faithful <br />performance of their duties except as required by this Agreement or by law. <br />10.2.2 Defend and Hold Harmless. Pool assets shall be used to defend and hold harmless any <br />Trustee for actions taken by the Trustee within the scope of their authority. The Board of <br />Trustees shall purchase insurance providing fiduciary liability coverage for the Trustees. <br />10.2.3 Duties. The Trustees shall discharge their duties solely in the interest of the Pool and: <br />(a) For the exclusive purpose of providing benefits to Covered Persons and defraying <br />the reasonable expense of administering the Pool and the Plan(s); <br />(b) With the care, skill, prudence, and diligence under the then prevailing <br />circumstances that a prudent person in a like capacity and familiar with such <br />matters would use in conducting an enterprise of a like character and aims; and <br />(c) In accordance with the documents and instruments governing the Pool and <br />Plan(s) insofar as such documents and instruments are consistent with the law. <br />ARTICLE XI. DISPUTE RESOLUTION <br />11.1 Informal Dispute Resolution. The Board of Trustees shall seek to resolve any dispute between the <br />Pool and any Participating Member, or a dispute amongst Members, through informal discussion. <br />Such efforts shall be facilitated by the Chairperson, or, if the Chairperson has a conflict of interest <br />due to the nature of the dispute, by an alternate Officer or Trustee. <br />Page 18 of 24 <br /> <br /> <br />