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OR I q 2 q PG I 0 q 5 c the state, counties, municipal i ties, school districts, special districts Dr other governmental entities. The Board of Trustees shall be the sole judge of whether or not an applicant for membership shall be eligible to participate in the Fund. Section 3. Reporting The Board of Trustees shall be responsible for and shall cause to be prepared and filed such annual or other periodic aU'di ts, reports and disclosures as may be required from time to time pursuant to applicable federal and state statutes and rules and regulations, including, but not limited to, periodic payroll audits', periodic summary loss reports, periodic statements of financial condition, certified audits, appropriate' applications filed by prospective new members, reports as to financial standings, payroll records, reports relating to coverage, experience, loss and comp~nsation payments, summary loss data statements, periodic status reports, and any other such reports as may be required from time to time to accomplish the purpose of the Fund or to satisfy the requirements of appropriate governmental agencies. . section 4. Trustees' Liabilities The Trustees and their agents and employees shall not be liable for any act of omission or commission taken pursuant to this Agreement unless such act constitutes a willful breach of fiduciary duties nor shall any Trustee be liable for any act of omission or commission by any other Trustee or by any employee or agent of the Fund. The Fund hereby agrees to save, hold harmless and indemnify the Trustees and their agents and employees for any loss, damage or expense incurred by said persons or entities while acting in their official capacity unless such action constitutes a willful breach of fiduciary duties. c Section 5. Reliance on Counsel's opinion The Board of Trustees may employ and consult with legal counsel concerning any questions which may arise with reference -to the duties and powers of the Board of Trustees or with reference to any other matter pertaining to this Agreement or the Trust created thereby; and the opinion of such counsel shall be full and complete authorization and protection from liability arising out of or in respect to any action taken or suffered by the Board of Trustees or an individual Trustee acting hereunder in good faith and in accordance with the opinion of such counsel. Section 6. By-laws, Rules and Regulations The Board of Trustees may adopt and enforce such by-laws, rules and regulations as between the members of the Fund and the Fund governing the operation of the Fund as are consistent with the terms of this Agreement and as are reasonably necessary to accomplish the purposes of the Fund. ARTICLE V - POWERS AND DUTIES OF THE ADMINISTRATOR Section 1. Responsibilities The Administrator shall serve as Secretary-Treasurer of the Fund and shall have the power and authority to, implement the directives of the Board of Trustees and the policy matters set forth by the Board of Trustees as they relate to the on-going operation and supervision of the Fund, the by-laws, rules and regulations established by the Board of Trustees, the provisions of this Agreement, and applicable federal and state statutes and rules and regulations. Section 2. Contributions c The Administrator shall deposit to the account or accounts []