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Participating Employers pursuant to any applicable statute , regulation, ordinance, resolution, plan, program , policy , agreement, understanding or other arrangement for the benefit of eligible employees and their beneficiaries. R . State . The term " State" shall mean the State of Florida. Section 102 . PARTICIPATING EMPLOYERS , A . Approval . The Master Trustees shall be the sole judge of whether an Employer is eligible to become a Participating Employer. The Master Trustees may delegate the ministerial authority for membership approval to the Administrator. Be Trust Joinder Agreement. Each Employer makes its election to become a Participating Employer by executing a Trust Joinder Agreement in such form and intent as provided by the Master Trustees . By executing the Trust Joinder Agreement, the Employer agrees to be bound by all the terms and provisions of this Agreement, the Trust Joinder Agreement and all rules and regulations adopted by the Master Trustees under this Agreement . C . Continuing as a Participating Employ. A Participating Employer shall be entitled to continue to be a Participating Employer as determined from time to time by the Master Trustees, Section 103 . MANAGEMENT OF ASSETS OF THE MASTER TRUST FUND . A . Authority of Master Trustees . Except as set forth in subsections B , C , D, or E of this Section, and except as otherwise provided by law, the Master Trustees shall have exclusive authority and discretion to manage and control the assets of the Master Trust Fund held by them pursuant to the guidelines established by the Master Trustees in the Investment Policy . Be Investment Managers . The Master Trustees, from time to time, may appoint one ( 1 ) or more independent Investment Managers ("Investment Manager"), pursuant to a written investment management agreement with each, describing the powers and duties of the Investment Manager to invest and manage all or a portion of the Master Trust Fund . The Investment Manager shall have the power to direct the management, acquisition or disposition of that portion of the Master Trust Fund for which the Investment Manager is responsible . The Master Trustees shall be responsible for ascertaining that each Investment Manager, while acting in that capacity, satisfies the following requirements : 1 . The Investment Manager is either ( i) registered as an investment adviser under the Investment Advisers Act of 1940 , as amended ; ( ii) a bank as defined in that Act; ( iii ) an insurance company qualified to perform the services described herein under the laws of more than one state ; or (iv) a pooled investment program for governmental entities created pursuant to Section 163 . 01 , Florida Statutes ; and 2 . The Investment Manager has acknowledged in writing to the Master Trustees that it is a fiduciary with respect to the Plan or Plans with assets in the portion of 4 MADI_625405.4