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GP-08 - Wright Local 445 Letter of Governing Instructions 0107

GP-08 - Wright Local 445 Letter of Governing Instructions 0107

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Published by: Albany Times Union on Nov 14, 2009
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11/13/2009

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SCANN£D
1 } \ ~
-
~ 1 ~ 0 7
."'t
\1'"I\les\ors'
wng
ll
RECEIVED
JAN
-
':3
lOG?
GOVERN
MENTEX
HIBIT
GP
-8
Letter
of
GoverningInstructions
For
WrightInvestmentManagement
WRIGHT
INVESTORS
'
SERVICE.
INC.
440WheelersFannsRoadMilford.Connecticut
OM60
The
undersigned(the
"Client")
designates
Wright
lnvesrors'
Servic
e,
Inc,
(the
"Advi
sor
")
to
di-
.reelat
the
bank.
trust
company
or
othercustodian
ap
provedby
(he
Advi
sor
(the
"CuSLOJian"}
the
in-
vestmentofallpropertyintheClient'saccountasprovidedfor
inthis
Leiter
of
Governing
Instructions
forWrightInvestmentManagcrnern.
REPRESENTATIONS
AND
WARRANTIES;
The
Advisorisan
inv
estment
advisor
asthatterrnisdefinedinthe
Investment
Advisers
Act
of
1946
(the
"Act
")
and
registered
withthe
Securities
andEJI
changeCommissionas
provided
forin
that
ACI.
The
AdvisorisafiduciaryasdescribedintheEmployee
Rcrirerne
rulncorneSecurity
Act
of1974,as
amended
("ERlSA
").
withrespect
10
the
Client'saccount.
TheAdvisorwill
use
its
best
efforts
inthe
investmentmanagementoftheCIient'saccountbutisnot
li
able
forlossesresultingfromactionstakenor
omitted
unlesssuchactionsarcaviolationofthesecurities
l;.lWS
oftheUnited
Stales
orfailureto
dis-
chargethe
Advisor'stiduci
ilry
rcsponsibil
i
I
iesunder
ERISA.
The
Advisor
has
obtained
any
handrequired
un
der
Section
4
J
2
of
ERiSA
orany
other
applicable
law
and
will
continueany
suchbondfor
the
term
of
this
Agre
ement
and
will
provide
rhc
Client
with
evidence
of
suchcoverageupon
written
request.
PURCHASE
AND
SALE
OF
SECURITIES:
The
Client
appointsthe
Advisoragentfor
the
Client
and
authorizes
and
instructsthe
Advisor
to
purchase
andsc
11,
in
I
he
Advisor's
sole
andabsoluted
i
$-
cretion.Securities
for
the
Client'saccountwhich
the
Advisordeemsadvisable
and
whichconformtoany
written
investmentguidclinesorpoIiciesof
I
he
Client
which
are
attached
10
and
made
panof
thisAgreement,
Forpurposesof
this
Agreement.theterm
S
ccuriue
siocludes:
Stocks
andfixed
income
instruments
meet
ing
the:
quali
ty
requ
ircmcntsoftheAdvisor,
Funds
orinvestment
company
shares
man
aged
or
selected
by
the
Advisor.
Depositsinandfixcdincomeobligationsof anybankorfinancialcorporationoperating under
the
lawsof
the
United
Slates
orother
governments.and
Other
secu
rities
whichthe
Client
maydepositor
authorize
inwriting.
E:'vU
'LQYEE:llEJ\F.Fn·
&
or.osn
F.RJSA
ACCOUNTS
CONFIDENTIAL
WISO<0610
 
The
ClientrecognizesthatallinvestmentsaresubjecttovaryingdegreesofriskandthaltheAdvisormakesnorepresentationthatsecuritiesboughtwill
be
profitable.PastperformanceoftheAdvisorisnot
a
guarantee
uf
future
rcsu
I L ~
.
DEPOSITS
&WITHDRA
\VA
LS:
The
ClientwillnotifytheAdvisor
of
allcashandsecuritiesdepositedinorwithdrawnfromIhe
Client's
account.
The
Advisor,however,isauthorized
10
relyandactonlyuponwrittenororal
noii
fication
by
theCustodianofsuchdepositsorwithdrawals.
The
Advisorisauthorized.but
nOI
required,
(0
actontheClient'soralinstructionsexcepttheAdvisorisonlyauthorizedtoactontheClient'soralwithdrawalinstructionswhentheinstructionis
10
directtheCustodianto
pay
thewhhdrawaldirectlytotheClientoranaccountintheClient'sname.TheAdvisor
may
onlydirect
other
withdrawal
i
nstrucrions
byforwardingthcClient's
writtenauihorizarion
10
theCustodian.
BROKERSAND
COMMfSSION
COSTS:
The
AdvisorisauthorizedtoplaceSecuritiesordersfor
this
account
with
any
broker/dealer
that
theAdvisorconsiderssatisfactoryfor
rhc
executionofinvesuncnttransactionsforitsclients.
If
the
Cus-
todian
is
abroker/dealer
thattheAdvisorconsiders
satisfactory.
theClientauthorizes
the
Advisor
10
placebuyorsellorderswiththeCustodian.TheAdvisormaycombinepurchaseandsale
transactions
fortheClient'saccountwithsimilartransactionsforotheraccountsdirectedby
the
Advisorwhenever,in
the
discretion
of
the
Advisor,
il
isinthe
bestinterests
of
the
Client
nnd
other
clientsoftheAdvisor
bUIil
doesnotin
any
wayimpairthesegregationofthepropertyintheClient'saccount,TheClientrecognizes
Ihal
manyofthebroker/dealers
with
whomtheAdvisornormallyplaces
buy
or
sellordersalso
purchase
investmentservicesfromtheAdvisorfortheirownuseoronbehalfoftheircustomers,andthatsomebroker/dealersmay.inreciprocityforbrokerageplacedwiththembytheAdvisor,alsoprovidetheAdvisorwithspecializedserviceswhichareutilizedintheAdvisor'sinvest mentcollectionandanalyticalprocesses.
The
Ad-visormayplace
buy
orsciIordersforthisaccountwith
such
broker/dealersorwiththebroker/dealer,if
any,
whointroduced
theClient
tothe
Advisor,
provided
loal
such
broker/dealer
is
considered
by
lhc
Advisor
as
satisfactoryforthe
execution
ofinvestmenttransactionsforitsclients:thatthebrokeragecommissionchargesanddiscountsaresubstantiallythesameasthosemade
by
otherbroker/dealersutilizedbytheAdvisorandnotexcessiveinrelation
10
Ihe
rates
which
arc
generally
charged
forsimilartransactionsinthesecuritiesindustry;andthat,inthebestjudgmentoftheAdvisor,
the
bCSI
interestsofthe
Client
and
other
clients
arcnor
adversely
affected.
These
provisions
are
believedby
the
Advisorto
bein
fullcompliancewithSection28(e)ofthe
Securities
Exchange
Act
of
1934.
LIMITEDPOWER
OF
ATTORNEY:This
Agreementconstitutesa
continuing
PowerofAttorney
applying
andlimited
toany
andall
futuretransactionsrelating
to
the
Client's
account.
ThisPowerofAttorneydesignatestheAdvisorasAgent.subject
10I
heordersandinstruct
iOIlS
contained
inthisAgreement.ThisPower
of
Attorneyshallnotbeaffected
by
anychangeinthe
Cliems
organization,andshallcontinueineffecturuilthe
Advisorreceives
written
notificationfromthe
Client
thatthis
Power
ofAttorney
h015
beenrevoked.
The
Advisor
O1S
Agentwillalwaysactandbindtheundersigneduponthein
siruction
of
itspresidentor
ofanyone
ofitsofficersoremployees,asfromtimetolimedesignatedforthispurposebyitspresident,
VERIFICA
nON
OF
STATEMENTS:
The
Clieru
authorizestheAdvisor,
<JS
agentoftheClient,toreceive
inforrnarion
from
theCustodianforIhe
purpose
of
reconcilingreports
prepared
bythe
Custodianin
response
10
anytransactions
or
actionsby
Inc
Custodianfor,orpurportingtobefor.the
Clicnrs
account.
REPORTS:
Al
le01S1
quarterly
theAdvisorwillprovidetotheClientafinancial
report
oftheCli
ent's
accountwhichwillincludeallassetsin
the
accountas
of
t
he
end
ofthe
quarter
and
I
heirfairmarketvalue,aswellasalltransactionsinvolvingtheaccountduringthequarter.Atotherreasonable
limes,
CONFI
DENTIAL
WIS020611
:
~
....
,
..
'.
":r
 
theAdvisorwillprovide,at
the
Client's
request,additionalinformationandadvicetotheClientregardingthe
Client's
account.Thisinformationmaybeprovidedbymail.telephoneorinperson
and.
attheAdvisor's
discretion,
byclientserviceofficersandemployees
of
either
theAdvisoror
of
a
bankorotherfiduciaryorganization
compensated
bythe
Advisor
for
this
purpose.
PROXIES:
Except
as
provided
inthispar!lgraph,theAdvisorwiIIvoteallproxiesforsecuritiesheldintheClient's
account.
AttheClient's
request
theAdvisorwi
II
providethe
Cl
ient
with
a
proxyvotingrecordfor
securities
heldin
the
CI
ient
'
S
account.
If
theClient
or
anotherdesigneeisauthorizedtovote
the
proxies,
the
Clientwillprovide
the
Advisorwithverification
acceptable
totheAdvisor,
including
instructions.
that
the
Advisor
is
not
authorizedtovote
she
proxies.
ADVISOR'SFEE:
TheAdvisorwillchargea
fcc
foritsservicesprovidedunder
this
Agreementinaccordancewiththe
attached
schedule
of
feeslhaliscomputedonthebasisofthecashandmarketvalueofproperty
deposited
in
rhe
account
at
the
timetheCI
ierir'saccount
is
cstablished.Ge
n
erally,
when
a
ccounts
arcestablished
they
are
billedinadvanceproratathroughtheendof
the
ca
lendar
quarter
following
(he
quarter
in
which
theinitial
depositismade,Thereafter.accountsaregenerallybillcdquar
terly
inadvance,basedon
the
market
value
of
all
propertyintheClient'saccount
at
the
end
of
thepre
cedingcalendar
quarter,
in
accordance
with
the
Advisor's
current
scheduleoffees.Therewill
bea
pro-rated
chargefor
additional
deposits
of
cash
orSecurilicsmadeduring
(I
billingperiod.TheAdvisorwillbilltheCustodianforservicesprovided
10
theClient'saccountunless
otherwise
directedbytheClient.
The
Custodianwillpromptlypay
the
Advisor
lor
servicesprovidedtotheClient's
account
bycharging(he
Client's
account.Exceptasmaybepermittedbyruleororderoftheapplicablcs.latcregulatoryauthority,theAdvisorshallnotbecompensatedonthebasis
of
ashareofcapitalgainsuponorcapitalappreciation
of
thefundsorany
port
ionofthefundsoftheClient.TheAdvisorwillgivetheClient
90
days'written
notice
ofachange
in
thescheduleof
fees
applicabletotheClient'saccount.TIlenewfeeschedulewillautomatically
come
into
effectfor
the
Client'saccountillaccordancewiththe
9O-d3y
noticeprovisionunlesstheClientprovides
writtennotice
to
the
Advisor
thatthe
account
isnottocontinueunderthenewfeeschedule.
S P E C I ~ L
INSTRucrrONS:
TheClient
may
submitspecialinstructions
10
theAdvisorat
any
time.SpecialinstructionsbecomepartofthisAgreementonlyuponwrittenacceptancebytheAdvisor.ExceptasprovidedelsewhereinthisAgreement.(heAdvisor
is
authorized.butnotrequired.
10
actupontheClient'soralspecialinstructions.
ASSIGN1\-fENT:
ThisAgreementmay
not
be
assigned
by
either
partywithout
wriucn
consent
of
the
other
andcontemporaneous
wriuen
notification
of
theassignmentby
eitherparty
tothe
Custodian,
TERML'JATION:
Clientmayterminatethis Agreementwithoutpenallywithinfivebusinessdaysofsigning
it.
This
Agreem
ent
may
be;
terminatedbyeither
party
upon
wriuen
notic
e
to
the
other.
Upon
termination.
the
Clientwill
promptly
pay,or
cause
theCustodiantopay,anyfeesdue
10
theAdvisor.TheAdvisorwillrefundany
prepaid
fees
allocable
toperiods
after
the
dale
of
termination.TheAdvisorwill
direct
the
Custodian
todispose
of
thepropertyin
the
Client'saccountinaccordancewith
(he
Client's
written
directionsfordisposition
uf
theaccount.TheAdvisor
will
issuea
final
report
as
ofthe
ICl1TIi
nation
date
ofthe
account
whichwillcontain
01
least
such
informationas
iscontainedinits
quarterly
repons.
NOTICES:
The
Advisorisnotboundbyanynotice
of
ordemand
made
withrespecttothisAgreementunlesssuchnoticeordemandis
inwriting
totheAdvisorandsignedbytheClientortheClient'slegal representative.TheAdvisormayrelyconclusively andisprotectedinactinguponanywrittenororalnoticerequest,consent,instructionorotherinstrument reasonablybelievedbytheAdvisoringoodfauhto begenuineorsignedbytheproperpersonordulyaulhorizcdorproperlymade.
CONFI
DENTIAL
WIS020612

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