Section 11

Custodians of Securities

11.1
One or more Custodians of Securities shall be appointed by the Executive Committee, by the Executive Vice President and Treasurer or any other officer designated by the Executive Vice President and Treasurer with the concurrence of the Executive Committee, or by the investment management company established under these Bylaws. Each Custodian shall have custody of all securities of the Institute turned over by the Institute to the Custodian and shall, on the instructions of the Executive Vice President and Treasurer or any other such duly-designated officer, or any officer or officers of such company or any investment manager designated by the company for this purpose, purchase, sell, exchange, and transfer securities for the account of the Institute. On like instructions, a Custodian may sell and transfer or subscribe upon any subscription rights attaching to any of said securities, and may deposit or exchange any of said securities under any reorganization or protective plan affecting any of them, and may assent or dissent or take any other action in connection with any such plan, and may execute all other documents appropriate in connection with any of the foregoing powers or with the collection of any income from any securities held by the Custodian of Securities hereunder. All transfers or other documents connected with the power conferred by this Section shall be signed in the name of the Institute by a Custodian of Securities and no person or corporation dealing with said Custodian, whether in connection with the transfer of securities or otherwise, shall have the duty to ascertain whether or not the required instructions have been obtained. Nothing in this Section contained, however, shall relieve the Risk and Audit Committee of any duty it may have to determine whether or not the provisions of this Section have been complied with.