Concering Investment Activity
Resolution of the Board of Directors of the National Association of Criminal Defense Lawyers Concering Investment Activity
November 9, 1996
RESOLVED that the NACDL selects Lexington Management Corp. as its investments manager. The Executive Director is authorized to transfer the Association's investment portfolio to Lexington, for investment in its Worldwide Balanced Fund, with the following conditions and restrictions:
1. Up to seventy-five percent of the NACDL portfolio may consist of equity issues, at the discretion of Lexington Management Corp.
2. Total fees paid for management of the portfolio and all trading costs shall not excced one per cent of the portfolio value per year.
3. Lexington Management Corporation shall provide monthly written reports on the Association's portfolio, which shall be reviewed by the Executive Director and the NACDL investments committee. A report to the Board on investment activity shall be made at least annually.
This resolution replaces all prior NACDL Board directions on the Association's investment activity.