Responsibilities of the Trust

The Trust is subject to the following responsibilities:

(a)A fiduciary duty toward the funds and purposes of the Trust;

(b)The preparation of an annual audit report which is to be submitted to I Maga'lahen Guåhan [the Governor] and I Liheslaturan Guåhan [the Legislature] within sixty

(60)days after the end of each fiscal year; and

(c)Establish guidelines relative to the Abatement of Taxes as provided in Section 21 of Public Law 20-151.