Common use of Limit of Authority Clause in Contracts

Limit of Authority. Unless otherwise expressly limited by the resolution of appointment or by subsequent action by the Fund, the appointment of DST as Transfer Agent will be construed to cover the full amount of authorized stock of the class or classes for which DST is appointed as the same will, from time to time, be constituted, and any subsequent increases in such authorized amount. In case of such increase the Fund will file with DST: A. If the appointment of DST was theretofore expressly limited, a certified copy of a resolution of the Board of Directors of the Fund increasing the authority of DST; B. A certified copy of the amendment to the Articles of Incorporation of the Fund authorizing the increase of stock; C. A certified copy of the order or consent of each governmental or regulatory authority required by law to consent to the issuance of the increased stock, and an opinion of counsel that the order or consent of no other governmental or regulatory authority is required; D. Opinion of counsel for the Fund, as such opinion(s) have been filed with the Fund's Registration Statement or notices required under Rule 24f-2 under the 1940 Act, stating: (1) The status of the additional shares of stock of the Fund under the Securities Act of 1933, as amended, and any other applicable federal or state statute; and (2) That the additional shares are validly issued, fully paid and nonassessable.

Limit of Authority. Unless otherwise expressly limited by the resolution of appointment or by subsequent action by the Fund, the appointment of DST as Transfer Agent will be construed to cover the full amount of authorized stock of the class or classes for which DST is appointed as the same will, from time to time, be constituted, and any subsequent increases in such authorized amount. In case of such increase the Fund will file with DST: A. If the appointment of DST was theretofore expressly limited, a certified copy of a resolution of the Board of Directors of the Fund increasing the authority of DST; B. A certified copy of the amendment to the Articles of Incorporation of the Fund authorizing the increase of stock; C. A certified copy of the order or consent of each governmental or regulatory authority required by law to consent to the issuance of the increased stock, and an opinion of counsel that the order or consent of no other governmental or regulatory authority is required; D. Opinion of counsel for the Fund, as such opinion(s) have been filed with Fund (who may be the Fund's Registration Statement or notices required under Rule 24f-2 under the 1940 Act, ’s Secretary and Vice President) stating: (1) The status of the additional shares of stock of the Fund under the Securities Act of 1933, as amended, and any other applicable federal or state statute; and (2) That the additional shares are are, or when issued will be, validly issued, fully paid and nonassessable.