The Trustee shall have the following categories of responsibilities:
A. 
Consistent with any Investment Policy determined by the Township or, if investments are directed by Participants, consistent with Participant direction, to invest, manage, and control the Plan assets subject, however, to the direction of an Investment Manager if the Township should appoint such manager as to all or a portion of the assets of the Plan in accordance with the managers provisions.
B. 
At the direction of the Administrator, to pay benefits required under the Plan which are to be paid to participants, or, in the event of their death, to their beneficiaries.
C. 
To maintain records of receipts and disbursements and furnish to the Township and/or Administrator for each Fiscal Year a written annual report per § 58-34.
D. 
If there shall be more than one Trustee, they shall act by a majority of their number, but may authorize one or more of them to sign papers on their behalf.
A. 
The Trustee shall invest and reinvest the Trust Fund to keep the Trust Fund invested without distinction between principal and income and in such securities or property, real or personal, wherever situated, as the Trustee shall deem advisable, including, but not limited to, stocks, common or preferred, bonds and other evidences of indebtedness or ownership, and real estate or any interest therein. The Trustee shall at all times in making investments of the Trust Fund consider, among other factors, the short- and long-term financial needs of the Plan on the basis of information furnished by the Township. In making such investments, the Trustee shall not be restricted to securities or other property of the character expressly authorized by the applicable law for trust investments; however, the Trustee shall give due regard to any applicable limitations imposed by the Code or the Act so that at all times this Plan may qualify as a qualified Pension Plan and Trust.
B. 
The Trustee may employ a bank or trust company pursuant to the terms of its usual and customary bank agency agreement, under which the duties of such bank or trust company shall be of a custodial, clerical and record keeping nature.
C. 
The Trustee may from time to time with the consent of the Township transfer to a common, collective or pooled trust maintained by any corporate Trustee hereunder all or such part of the Trust Fund as the Trustee may deem advisable, and such part or all of the Trust Fund so transferred shall be subject to all the terms and provisions of the common, collective or pooled trust fund which contemplate the commingling for investment purposes of such trust assets with trust assets of other trusts. The Trustee may, from time to time, with the consent of the Township, withdraw from such common, collective, or pooled trust fund all or such part of the Trust Fund as the Trustee may deem advisable.
The Trustee, in addition to all powers and authorities under common law, statutory authority, including the Act, and other provisions of the Plan, shall have the following powers and authorities, to be exercised in the Trustee's sole discretion:
A. 
To purchase or subscribe for any securities or other property and to retain the same conjunction with the purchase of securities;
B. 
To sell, exchange, convey, transfer, grant options to purchase, or otherwise dispose of any securities or other property held by the Trustee, by private contract or at public auction. No person dealing with the Trustee shall be bound to see to the application of the purchase money or to inquire into the validity, expediency, or propriety of any such sale or other disposition, with or without advertisement;
C. 
To vote upon any stocks, bonds, or other securities; to give general or special proxies or powers of attorney with or without power of substitution; to exercise any conversion privileges, subscription rights or other options, and to make any payments incidental thereto; to oppose, or to consent to, or otherwise participate in, corporate reorganizations or other changes affecting corporate securities, and to delegate discretionary powers, and to pay any assessments or charges in connection therewith; and generally to exercise any of the powers of an owner with respect to stocks, bonds, securities or other property;
D. 
To cause any securities or other property to be registered in the Trustee's own name or in the name of one or more of the Trustee's nominees, and to hold any investments in bearer form, but the books and records of the Trustee shall at all times show that all such investments are part of the Trust Fund;
E. 
To keep portion of the Trust Fund in cash or cash balances as the Trustee may, from time to time, deem to be in the best interests of the Plan, without liability for interest thereon;
F. 
To accept and retain for such time as the Trustee may deem advisable any securities or other property received or acquired as Trustee hereunder, whether or not such securities or other property would normally be purchased as investments hereunder;
G. 
To make, execute, acknowledge, and deliver any and all documents of transfer and conveyance and any and all other instruments that may be necessary or appropriate to carry out the powers herein granted;
H. 
With the written consent of the Township, to settle, compromise, or submit to arbitration any claims, debts, or damages due or owing to or from the Plan, to commence or defend suits or legal or administrative proceedings, and to represent the Plan in all suits and legal and administrative proceedings;
I. 
To employ suitable agents and counsel and to pay their reasonable expenses and compensation, and such agent or counsel may or may not be agent or counsel for the Township;
J. 
To apply for and procure from responsible insurance companies, to be selected by the Administrator, as an investment of the Trust Fund such annuity or other contract (on the life of any Participant) as the Administrator shall deem proper and which is allowable under the Act; to exercise, at any time or from time to time, whatever rights and privileges may be granted under such annuity or other contract; to collect, receive, and settle for the proceeds of all such annuity or other contract as and when entitled to do so under the provisions thereof;
K. 
To invest funds of the Trust in time deposits or savings accounts bearing a reasonable rate of interest in the trustee's bank;
L. 
To invest in Treasury Bills and other forms of United States government obligations;
M. 
To deposit monies in federally insured savings accounts or certificates of deposit in banks or savings and loan associations;
N. 
To do all such acts and exercise all such rights and privileges, although not specifically mentioned herein, as the Trustee may deem necessary to carry out the purposes of the Plan.
At the direction of the Administrator, the Trustee shall, from time to time, in accordance with the terms of the Plan, make payments out of the Trust Fund. The Trustee shall not be responsible in any way for the application of such payments.
The Trustee shall be paid such reasonable compensation as shall from time to time be agreed upon in writing by the Township and the Trustee. An individual serving as Trustee who already receives full-time pay from the Township shall not receive compensation from this Plan. In addition, the Trustee shall be reimbursed for any reasonable expenses, including reasonable counsel fees incurred by it as Trustee. Such compensation and expenses shall be paid from the Trust Fund unless paid or advanced by the Township. All taxes of any kind and all kinds whatsoever that may be levied or assessed under existing or future laws upon, or in respect of, the Trust Fund or the income thereof, shall be paid from the Trust Fund.
Within 60 days after the later of the Anniversary Date or receipt of the Township's contribution for each Fiscal Year, the Trustee shall furnish to the Township and Administrator a written statement of account with respect to the Fiscal Year for which such contribution was made setting forth:
A. 
The net income, or loss, of the Trust Fund;
B. 
The gains, or losses, realized by the Trust Fund upon sales or other disposition of the assets;
C. 
The increase, or decrease, in the value of the Trust Fund;
D. 
All payments and distributions made from the Trust Fund; and
E. 
Such further information as the Trustee and/or Administrator deems appropriate. The Township, forthwith upon its receipts of each statement of account, shall acknowledge receipt thereof in writing and advise the Trustee and/or Administrator of its approval or disapproval thereof. Failure by the Township to disapprove any such statement of account within 30 days after its receipt thereof shall be deemed an approval thereof. The approval by the Township of any statement of account shall be binding as to all matters embraced therein as between the Township and the Trustee to the same extent as if the account of the Trustee had been settled by judgment or decree in action for a judicial settlement of its account in court of competent jurisdiction in which the Trustee, the Township and all persons having or claiming an interest in the Plan were parties; provided, however, that nothing herein contained shall deprive the trustee of his right to have accounts judicially settled if the Trustee so desires.
A. 
The Trustee may resign at any time by delivering to the Township, at least 30 days before its effective date, a written notice of his resignation.
B. 
The Township may remove the Trustee by mailing by registered or certified mail, addressed to such Trustee at his last known address, at least 30 days before its effective date, a written notice of his removal.
C. 
Upon death, resignation, incapacity, or removal of any Trustee, a successor may be appointed by the Township; and such successor, upon accepting such appointment in writing and delivering same to the Township, shall, without further act, become vested with all the estate, rights, powers, discretion, and duties of his predecessor with like respect as if he were originally named as Trustee herein. Until such a successor is appointed, the remaining Trustee or Trustees shall have full authority to act under the terms of the Plan.
D. 
The Township may designate one or more successors prior to the death, resignation, incapacity, or removal of a Trustee. In the event a successor is so designated by the Township and accepts such designation, the successor shall, without further act, become vested with all the estate, rights, powers, discretion and duties of his predecessor with the like effect as if he were originally named as Trustee herein immediately upon the death, resignation, incapacity, or removal of his predecessor.
E. 
Whenever any Trustee hereunder ceases to serve as such, he shall furnish to the Township and Administrator a written statement of account with respect to the portion of the Fiscal Year during which he served as Trustee. Any such statement of account should be rendered to the Township no later than the due date of the annual statement of account for the Fiscal Year. No successor to the Trustee shall have any duty or responsibility to investigate the acts or transactions of any predecessor who has rendered all statements of account required by this subsection.