Exhibit 24(b)(9)
ADMINISTRATIVE SERVICES CONTRACT
AGREEMENT, made by and between SCM Portfolio Fund, Inc., a
Georgia Corporation, (hereinafter called "Fund") and SCM Associates Inc., a
Georgia Corporation, (hereinafter called "Administrator").
WITNESSETH:
WHEREAS, the Fund is engaged in the business of investing and
reinvesting its assets and properties in various stocks and securities and the
Administrator engages in the business of providing investment company
administrative services.
NOW THEREFORE, in consideration of the mutual covenants herein
contained, each of the parties hereto intending to be legally bound, it is
agreed as follows:
1. The Fund hereby employs the Administrator to render
administrative services to the Fund subject to the supervision and direction of
the Board of Directors of the Fund. The Administrator hereby accepts such
employment and agrees, during the period of this agreement, to render the
services and assume the obligations set forth for the compensation provided. The
Administrator shall, for all purposes herein, be deemed to be an independent
contractor, and shall, unless otherwise expressly provided and authorized, have
no authority to act for or represent the Fund in any way, or in any way be
deemed to be an agent of the Fund.
2. The Administrator shall provide for the Fund the services
of fund accounting, calculating the daily net asset value as required by the
Investment Company Act of 1949 and other federal rules, filing reports,
providing information for preparation of state and federal tax returns, and
providing various services to the shareholders of the Fund.
3. As compensation for the service to be rendered to the Fund
by the Administrator under the provisions of this Agreement, the Fund shall pay
to the Administrator monthly a fee equal to one-twelfth of twenty-five one
hundredths of one per cent per month (the equivalent of .25 of one per cent per
annum), of the daily average net assets of 'the Fund during the month.
4. The Fund shall bear expenses and salaries necessary and
incidental to the conduct of its business, including but not in limitation of
the foregoing, the expenses incurred for annual meetings and Board of Directors
meetings, reports and notifications to shareholders, bonds and insurance, taxes,
registration fees, custodian and transfer agent fees, legal and audit fees, and
any out of pocket expenses such as but not limited to supplies, printing, and
postage.
5. This Agreement may be terminated at any time upon 60 days'
prior written notice without payment of any penalty by the Fund's Board of
Directors or by vote of a majority
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of the outstanding voting securities of the Fund. Upon the termination of this
Agreement the obligation of all parties shall cease and terminate as of the date
of such termination except for any obligation to respond for breach of this
Agreement committed prior to such termination and except for the obligation of
the Fund to pay the fee provided herein prorated to the date of termination.
6. It is expressly understood and agreed that the services to
be rendered by the Administrator to the Fund under the provisions of this
Agreement are not to be deemed to be exclusive, and the Administrator shall be
free to render similar or different services to others as long as its ability to
render the services provided for in this Agreement shall not be impaired
thereby.
7. This Agreement shall continue in effect until the 23rd of
January, 1999.
IN WITNESS WHEREOF, the parties have duly caused this
Agreement to be signed by their respective authorized officers on the 6th day of
December, 1997.
SCM PORTFOLIO FUND, INC.
Attest: /s/ Xxxxxxx X. Xxxxx By:/s/ Xxxxxxx X. XxXxxxxxxx
President
SCM ASSOCIATES, INC.
Attest: /s/ Xxxxxxx X. Xxxxx By:/s/ Xxxxxxx X. XxXxxxxxxx
President
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