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•• Section 4.2 Distribution of Trust Property: Distributions of the Trust Prop - Only shall be made to, or on behalf of, the Public Employer or Public Employer Trustee, in accordance with the terms of the Deferred Compensation Plans. Qualified Pians or Employer Trusts The Trustees of the Retirement Trust shall be fully protected in making payments in accordance with the directions of the Pubic Employers, Public Employer Trustees or other Trusteed the Employer Trusts wlhout ascertaining whether such payments are in compliance wrth the provisions of the Deferred Compensation or Qualified Plans, of the agreements creating the Employer Trusts Section 4.3 Execution of Instruments: The Trustees may unanimously cIngnale any one or more of the Trustees to execute any instrument or docu merit on behalf of all, including but not limited to the signing or endorsement ol any check and the signing M any applicati0ns, insurance and other con- tracts. and the Acton of such designated Trustee of Trustees shall have tare same force and effect as if taken by all the Trustees ARTICLE V. DUTY OF CARE AND LIABILITY OF TRUSTEES Section 5.1 Duty of Care: In exercising ;ho powers hereinbefore granted to the Trustees. the Trustees Shall perform all acts within their authonly for the exclusive putpose of prov:ang benefits for the Public Employers in connec. tion with Deterred Compensai un Plans and Public Employer Truslees pursuant to Qualified Plans, and shall perform such acts with the care• skill. prudence and diligence in the circumstances then prevailing that a prudent person act :ng in a like capacity and familiar with such mallers would use to the conduct of an enterprise of a like character and with like ams Section 6.2 Liability: The Trustees shall not be liable for any mistake of judg- menl or other action taken in good faith, and for any action taken or omitted in tel:ance In good faith upon the books of account or other records of the Retirement Trust upon the opinion of counsel, or upon reports made to the Retirement Trust by any of its officers, employees or agents or by the Invest, ment Adviser 0r any sub investment adviser, accountants, appraisers or other experts or ConSultants selected with reasonable care by the Trustees_ officers or employees of the RePrenreni Trust The Trustees shall also not be liable tot any Toss sustained by the Trust Property by reason of any investment made in good faith and :n accordance wilt) the standard of care set forth in Section 51 Section 5.3 Bond: No Trustee shalt be obf:gated to give any bond Of other secunly for the performance of any of his of her cubes hereunder ARTICLE VI. ANNUAL REPORT TO SHAREHOLDERS The Trustees shall annually submit to the Public Employers and Public Employer Truslees a wnnen report of the transactions Of the Retirement Trust, including finan tial statements which shall be ceridiod by independent public accountants Cha sen by the Trustees ARTICLE VII. DURATION OR AMENDMENT OF RETIREMENT TRUST Section 7.1 Withdrawal: A Public Employer of Public Employer Trustee may. at any time withdraw from this Retirement Trust by delivering to the Board of Trustees a written statement of withdrawal. In such statement the Public Employer or Public Employer Trustee shall acknowledge that the Trust Prop eny allocable to the Public Employer is derived from compensation deferred by employees of such Public Employer pursuant to its Deferred Compensa ton Plan of from conlr butions to the accounts of Employees pursuant to a Qualified Plan, and Shall designate the financial insMulion to which Such properly shall be transferred by the Trustees of the Retirement Trust or by the Trustee of the Employer Trust Section 7.2 Duration: The Retirement Trust shall continue until terminated by the vote of a majority of the Peuhc Employers each Casting one vole Upon termination, all of the Trust Properly shall be pa,d out to the Puu:c Empftyots, Pubic Employer Trustees of the Trustees d the Employer Trusts as appiopnaie Section 7.3 Amendment: The Retirement Trust may be amended by the vote of a majonly of the Public Employers. each Casting one vote Section 7.4 Procedure: A resolution to terminate or amend the Retirement Trust or to remove a trustee shall be subm4led to a vote of the Pubic EmpJ0yers it. (i) a majority of the Trustees so d ract. or, (u) a petition requesting a vote signed by not less than 25wb of the Public Employersis submitted to the Trustees ARTICLE VIII. MISCELLANEOUS Section 8.1 Governing Law: Except as otherwise regwred by state or local law. this Declaration of Trust and the Retirement Trust hereby Created shad be Construed and regulated by the laws of the District of Columbia Section 8.2 Counterparts: This Declaration may be executed by the Public Employers and Trustees in two or more coonlerparls each of wn,Ch shay be deemed an original but all of which together shall consi,juie one and the same ins'.rument