1
EXHIBIT 13(l)
PURCHASE AGREEMENT
AGREEMENT dated this 6th day of September, 1996, by and between Armada
Funds (the "Trust"), a Massachusetts business trust, and 440 Financial
Distributors, Inc. ("440 Financial"), a Massachusetts corporation.
1. The Trust hereby offers 440 Financial and 440 Financial hereby
purchases one Class S - Special Series 1 share of beneficial interest (no par
value per share) representing interests in the Trust's GNMA Fund at a price of
$10 per share (collectively known as "Shares").
2. 440 Financial hereby acknowledges receipt of one Share. The Trust
hereby acknowledges receipt from 440 Financial of funds in the amount of $10 for
such Share.
3. 440 Financial represents and warrants to the Trust that the Shares
are being acquired for investment purposes and not with a view to the
distribution thereof.
4. The names "Armada Funds" and "Trustees of Armada Funds" refer
respectively to the Trust created and the Trustees, as trustees but not
individually or personally, acting from time to time under a Declaration of
Trust dated as of January 28, 1986 which is hereby referred to and a copy of
which is on file at the office of the State Secretary of the Commonwealth of
Massachusetts and at the principal office of the Trust. The obligations of
"Armada Funds" entered into in the name or on behalf thereof by any of the
Trustees, representatives or agents are made not individually, but in such
capacities, and are not binding upon any of the Trustees, Shareholders or
representatives of the Trust personally, but bind only the Trust Property, and
all persons dealing with any class of shares of the Trust must look solely to
the Trust Property belonging to such class for the enforcement of any claims
against the Trust.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the 6th day of September, 1996.
ARMADA FUNDS
Attest:
By:/s/ Xxxxx Xxxxxx
----------------------- ------------------------------
Xxxxx Xxxxxx, President
440 FINANCIAL DISTRIBUTORS, INC.
Attest:
By:/S/ Xxxxx Xxxx
----------------------- ------------------------------
