Article XIV: Indemnification

All serving Directors, Officers or employees of the Fund shall not be held liable against all expenses and liabilities. It includes counsel fees, reasonably incurred, or imposed upon that party in connection with any proceeding to which that person becomes involved by reason of holding office or being employed by the Fund except in such cases wherein the Director, Officer or employee is adjudged guilty of willful misfeasance or malfeasance in the performance of his or her duties.