 | Board of Visitors minutes November 30, 1984 |  |
SECTION 702. Certain Rights of the Paying Agent.
(a) The Paying Agent may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction consent, order, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.
(b) The Paying Agent may rely and shall be protected in acting or refraining from acting upon any telephonic instructions received by a person identifying himself as an employee or agent of the proper party or parties and reasonably believed by the Paying Agent to be authorized to do so.
(c) The permissive right of the Paying Agent to do things set forth in this Series Resolution shall not be construed as a duty.
(d) The Paying Agent may consult with counsel and the written advice of such counsel or any opinion of counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.
(e) The Paying Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond or other paper or document, but the Paying Agent, in its sole discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.
(f) The Paying Agent may perform any duties hereunder either directly or by or through agents or attorneys, and the Paying Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.
(g) The University shall compensate the Paying Agent for the performance of its duties hereunder in accordance with its fee schedule heretofore submitted to the University.
| Board of Visitors minutes November 30, 1984 | |