Exhibit L(1)
PURCHASE AGREEMENT
Counsellors Cash Reserve Fund, Inc. (the "Fund"), a corporation
organized under the laws of the State of Maryland, and Counsellors Securities
Inc. ("Counsellors Securities Inc. ("Counsellors Securities "), a corporation
organized under the laws of the State of New York, hereby agree as follows:
1. The Fund offers Counsellors Securities and Counsellors Securities
hereby purchases 100,000 shares of the Fund having a par value of $.001 per
share (the "Shares") at a price of $1.00 per Share. Counsellors Securities
hereby acknowledges receipt of one certificate representing the 100,000 shares
and the Fund hereby acknowledges receipt from Counsellors Securities of
$100,000.00 in full payment for the Shares.
2. Counsellors Securities represents and warrants to the Fund that
the Shares are being acquired for investment purposes and not for the purpose of
distributing them
3. Counsellors Securities agrees that if it redeems any Shares
before Five years after the date of this Agreement, it will pay to the Fund an
amount equal to the number resulting from multiplying the Fund's total
unamortized organizational expenses by a fraction, the numerator of which is
equal to the number of Shares redeemed and the denominator of which is equal to
the aggregate number of Shares outstanding at the time of such redemption.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the 17th day of April, 1985.
COUNSELLORS CASH RESERVE FUND, INCL
By: Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx
President
ATTEST:
/s/ Xxxxxx Xxxxxxxx
Secretary
COUNSELLORS SECURITIES, INC.
By: /s/ signature illegible
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ATTEST:
/s/ Xxxxxx Xxxxxxxx
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