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Paragraph 4 Delegation

Original text. Later amendments are not shown.

Where the Trustees make any delegation under this Scheme they shall do so on terms that:

(a)

the Investment Manager shall comply with the terms of his delegated authority;

(b)

the Investment Manager shall not do anything which the Trustees do not have power to do;

(c)

the Trustees may with reasonable notice revoke the delegation or vary any of its terms in a way which is consistent with the terms of this Scheme; and

(d)

the Trustees shall give directions to the Investment Manager as to the manner in which he is to report to them all sales and purchases of investments made on their behalf.