Investment management agreements must bind asset managers to compliance, trustee approvals, reporting, and activity restrictions. The investment management agreement must bind the asset management company to comply with the Regulations and reproduce its duties, including those under regulation 22. It must require trustees' prior written approval for offer documents and related disclosures, mandate provision of information and periodic reports to trustees and the Board, and impose restrictions limiting activities to fund management, forbidding acquisition of trust assets that create encumbrances or unlimited liability, prohibiting use of trust property for the company's losses or guarantees, and empowering trustees, with Board approval, to dismiss the asset management company on specified events.