agreements waivers, releases, and settlements.
(in) Any other provisions of this agreement notwithstanding, the
Trustees shall not engage in any act of self—dealing as defined in Section
4941(d) of the Internal Revenue Code of 1954, or corresponding provisions of
any subsequent federal tax laws; nor retain any excess business holdings as
defined in Section 4943(c) of the Internal Revenue Code of 1954, or
corresponding provisions of any subsequent federal tax laws; nor make any
investments in such manner as to incur tax liability under Section 4944 of
the Internal Revenue Code of 1954, or corresponding provisions of any
subsequent federal tax laws; nor make any taxable expenditures as defined in
Section 4945(d) of the Internal Revenue Code of 1954, or corresponding
provisions of any subsequent federal tax laws.
7. Successor trustees. The Trustees shall serve at the pleasure of
the Board of Directors of SPCS. Any Trustee may resign his office at any
time without leave of court. Vacancies existing in the office of Trustee,
for whatever cause, shall be filled by such Board of Directors, but the
Trustees may act notwithstanding the existence of any vacancy so long as
there shall continue to be at least two Trustees in office. The resignation
or removal of a Trustee and the appointment of a successor Trustee shall be
made by an instrument in writing. Every successor Trustee shall have the
same powers and duties as those conferred upon the Trustees named in this
agreement.
8. Bond and compensation. No Trustee shall be required to furnish
any bond or surety. Each Trustee shall serve without compensation for his
services hereunder, but all expenses of this trust or of any Trustee acting
hereunder shall be paid by the Trustees from the trust fund.
9. Accounting by trustees. The Trustees shall render accounts of
their transactions to SPCS at least annually, and SPCS may approve such
accounts by an instrument in writing delivered to the Trustees. In the
absence of the filing in writing with the Trustees by SPCS of exceptions or
objections to any such account within 60 days, SPCS shall be deemed to have
approved such account; and in such case or upon the written approval of SPCS
of any such account, the Trustees shall be released, relieved, and discharged
with respect to all matters and things set forth in such account as though
such account had been settled by the decree of a court of competent
jurisdiction. No person other than SPCS may require an accounting or bring
any action against the Trustees with respect to this trust. The Trustees may
at any time initiate legal action or proceedings for the settlement of their
accounts and, except as otherwise required by law, the only necessary party
defendant to any such action or proceedings shall be SPCS.
10. Liability of trustees. No Trustee shall be answerable for loss
in investments made in good faith. No Trustee shall be liable for the acts
or omissions of any other Trustee, or of any accountant, agent, counsel, or
custodian selected with reasonable care. Each Trustee shall be fully
protected in acting upon any instrument, certificate, or paper, believed by
him to be genuine and to be signed or presented by the proper person or
persons, and no Trustee shall be under any duty to make any investigation or