40. Notice of Meeting of Board of Directors

Notice of the time and place for the holding of a meeting of the Board shall be given in the manner provided in this By-law to every Director of the Fund not less than 10 days before the time when the meeting is to be held if sent by mail and not less than 24 hours if sent by telephonic, electronic or other communication facilities, unless all of the Directors consent in writing to waive notice of meetings of the Board for a period not exceeding 12 months from the date of the consent in writing signed by all Directors. Notice of a meeting shall not be necessary if all of the Directors are present, and no one objects to the holding of the meeting, or if those absent have waived notice of or have otherwise signified their consent to the holding of such meeting. Notice of an adjourned meeting is not required if the time and place of the adjourned meeting is announced at the original meeting. A notice of meeting of Directors need not specify the purpose of or the business to be transacted at the meeting except where the Act requires such purpose or business to be specified, including any proposal to: 40.1. submit to the Members any question or matter requiring the approval of Members; 40.2. fill a vacancy among the Directors or in the office of public accountant or appoint additional Directors; 40.3. issue debt obligations except as authorized by the Directors; 40.4. approve any annual financial statements; 40.5. adopt, amend or repeal by-laws; or 40.6. establish contributions to be made, or dues to be paid by Members.