EXHIBIT l(1)
PURCHASE AGREEMENT
Counsellors New York Tax Exempt Fund, Inc. (the "Fund"), a
corporation organized under the laws of the State of Maryland, and 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 NEW YORK TAX EXEMPT FUND,
INC.
By: /s/Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
President
ATTEST:
/s/Xxxxxx Xxxxxxxx
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Secretary
COUNSELLORS SECURITIES, INC.
By: /s/signature illegible
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ATTEST:
/s/Xxxxxx Xxxxxxxx
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