Exhibit 23L(1)
SUBSCRIPTION AGREEMENT
Veracity Funds
0000 Xxxxxxxxx Xxxxxx Xxxxx
Xxxxx 0000
Xxxxxxxxxx, XX 00000
Ladies and Gentlemen:
The undersigned person ("Subscriber") hereby subscribes for and agrees to
acquire from Veracity Funds (the "Trust"), a statutory business trust organized
under the laws of the State of Delaware and operating as an open-end management
investment company, in consideration of a cash contribution of fifty thousand
dollars ($50,000.00), the following number of shares of no par value common
stock (the "Shares") of the below-listed series of the Trust at the price of
twenty dollars ($20.00) per share:
VERACITY SMALL CAP VALUE FUND- 2,500 SHARES
In respect of Subscriber's agreement to acquire the Shares, Subscriber hereby
makes the following warranties and representations to the Trust:
1. Subscriber expressly acknowledges and agrees that the Shares are issued
in reliance upon the exemption from registration contained in Section
4(2) of the Securities Act of 1933 (the "Securities Act"), and that the
Shares will or may also be issued in reliance upon the exemptions from
registration contained in relevant sections of the Delaware Securities
Act and/or comparable exemptions contained in the securities laws of
other jurisdictions to the extent applicable, and that the transfer of
the Shares are likely to be restricted or limited as a condition to the
availability of such exemptions.
2. The Shares are being purchased for investment for the account of the
undersigned and without the intent of participating directly or
indirectly in a distribution of such Shares, and the Shares will not be
transferred except in a transaction that is in compliance with any and
all applicable securities laws.
3. Subscriber has been supplied with, or has had access to, all
information, including financial statements and other financial
information, relating to the Trust, to which a reasonable investor
would attach significance in making investment decisions, and has had
the opportunity to ask questions of, and receive answers from,
knowledgeable individuals concerning the Trust and the Shares.
4. Subscriber understands that no registration statement or prospectus
with respect to the Trust or the Shares is yet effective, and
Subscriber has made his own inquiry and analysis with respect to the
Trust and the Shares.
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5. Subscriber personally, or together with his authorized
representative(s), has such knowledge and experience in financial and
business matters so as to be capable of evaluating the merits and risks
of an investment in the Trust and the Shares.
6. Subscriber is financially able to bear the economic risk of this
investment, can afford to hold the shares for an indefinite period and
can afford a complete loss of this investment
Dated as of the 23rd day of March, 2004.
SUBSCRIBED BY:
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Xxxx X. Xxxxxxxx
XXX Account
ACCEPTED BY
VERACITY FUNDS
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By: Xxxxxxx X. Xxxxx
Its: President
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