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it is necessary that each plaintiff (i) ratify, affirm and <br />approve said Memorandum of Understanding and the compromise <br />and settlement provided for thereby, (ii) authorize the pay- <br />ment and delivery by Settling Defendants to plaintiffs' Agent <br />of the net settlement amount on a lump sum basis, without <br />responsibility on the part of Settling Defendants for the <br />allocation or distribution of such settlement amount as among <br />the plaintiffs, and (iii) authorize the execution and delivery <br />of a Covenant Not to Sue, dismissals of the pending actions, <br />and such other <br />as is required <br />settlement <br />writings and the taking of such other action <br />in order to effectuate said compromise and <br />6 Acceptance of the compromise and settlement <br />provided for in said Memorandum of Understanding is in the <br />best interests of this entity <br />NOW, THEREFORE, BE IT RESOLVED by the governing <br />body of this entity as follows <br />1 Said Memorandum of Understanding for Settlement <br />of West Coast Pipe Cases Between All Plaintiffs and Certain <br />Defendants dated May 5, 1967, and the compromise and settle- <br />ment provided for thereby, are hereby ratified, affirmed and <br />approved <br />2 The designation of TRUST DEPARTMENT, BANK OF <br />AMERICA, NT & SA, 300 Montgomery Street, San Francisco, <br />California 9)-1102, as Agent for all plaintiffs is hereby <br />ratified, affirmed and approved <br />3 Payment and delivery by the Settling Defendants <br />to plaintiffs' Agent of the settlement amount of <br />21,275,000 <br />represented by the cash amount and the notes hereinabove <br />referred to, without responsibility on the part of Settling <br />Defendants for the allocation or distribution of said <br />2 <br />