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Board Committees

Initially, the Investment Company will have the following Board committees:  an Audit Committee; an Asset-Liability and Investment Committee; a Compliance Committee; and an Executive Committee.


Audit Committee

The primary responsibilities of the Audit Committee will include:

·         monitoring Investment Company management and staff compliance with laws, regulations and Board policies;

·         selecting and appointing the Investment Company’s independent registered public accounting firm;

·         meeting annually, or more frequently, with the Investment Company’s independent registered public accounting firm to ensure the Investment Company’s financial reporting and accounting controls    are adequate;

·         supervising the audit function to verify that the Investment Company’s internal and external auditors are independent of Investment Company management and objective in their findings;

·         working with the Investment Company’s auditors to verify that the Investment Company has comprehensive audit coverage;

·         meeting, as needed, with Investment Company examiners and without management to review and discuss findings;

·         monitoring management performance in the correction of deficiencies noted in audit or regulatory examinations; and

·         evaluating procedures and controls of the Investment Company’s operations.

 

Asset-Liability and Investment Committee

The primary responsibilities of the Asset-Liability and Investment Committee will be to:

·         review and recommend changes to Asset-Liability and Investment Committee policies;

·         oversee actions relating to interest rate risk and liquidity risk;

·         approve management strategies regarding interest risk exposure, investment securities, derivatives transactions, deposit programs and lending activities; and

·         approve trading strategies and review trading positions in securities.

 

 

Compliance Committee

The primary responsibilities of the Compliance Committee will be to:

·         formulate a compliance plan;

·         monitor systems to ensure compliance;

·         establish a system of internal controls, independent testing and auditing to ensure compliance with the BSA;

·         establish procedures to ensure effective identification and monitoring of high risk accounts and areas; and

·         determine the frequency of employee and Board training.

 

Executive Committee

The primary responsibilities of the Executive Committee will be to:

·         ensure that the Board of Directors is functioning in accordance with the Investment Company’s articles of incorporation, bylaws and other legal requirements;

·         review the Investment Company’s policies and procedures;

·         review all committee reports and prepare the agenda for the Board of Directors meetings;

·         handle issues that require immediate response when a meeting of the full Board of Directors is not possible; and

·         make recommendations to the full Board of Directors on such issues as facilities, legal, insurance and corporate matters, director criteria, restructuring, nominations and other general issues that may arise between Board meetings.

 

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