EXHIBIT 9
AGREEMENT REGARDING JOINT INSURED BOND
AGREEMENT made as of the 12th day of December, 1994, among New
York Venture Fund, Inc. ("NYVF"), Venture Income (+) Plus, Inc. ("VIP"),
Venture Muni (+) Plus, Inc. ("VMP"), Retirement Planning Funds of America,
Inc. ("RPFA"), Selected American Shares, Inc. ("SAS"), Selected Special
Shares, Inc. ("SSS"), Selected Capital Preservation Trust ("SCPT") and
Venture Worldwide Series, Inc. (VWS). NYVF, VIP, VMP, RPFA and VWS are
sometimes herein referred to collectively as the "Venture Funds" and SAS,
SSS and SCPT are sometimes herein referred to collectively as the
"Selected Funds". The Venture Funds and the Selected Funds are
investment companies registered under the Investment Company Act of
1940 ("Act") and are sometimes herein referred to individually as an
"Insured" and collectively as the "Insureds."
WITNESSETH:
WHEREAS, the Venture Funds and the Selected Funds are insured
under an Investment Company Blanket Bond No. 8700611101B issued by
ICI Mutual Insurance Company (the "Bond") in order to comply with Rule
17g-1 under the Act with respect to the bonding of officers and employees
of registered investment companies; and
WHEREAS, VWS would like to participate under such Bond in order to
likewise comply with Rule 17g-1; and
WHEREAS, the Boards of Directors and Trustees of each of the
Venture Funds, the Selected Funds and VWS have adopted resolutions
authorizing joint fidelity bond coverage among all such Funds under the
Bond and such Funds now desire to establish their respective rights under
the Bond.
NOW, THEREFORE, IT IS AGREED AS FOLLOWS:
1. In the event that any recovery is received under the Bond as a
result of a loss sustained by more than one Insured under the Bond, each
Insured sustaining such loss shall receive an equitable and proportionate
share of the recovery, but each Insured's recovery shall at least equal the
amount that such Insured would have received had it provided and
maintained a single insured bond with the minimum coverage required by
paragraph (d) (1) of said Rule 17g-1. Any Insured which, under the terms
of the Bond, is authorized to make, adjust, receive and enforce payment of
claims
thereunder for any other Insured (a) agrees that it shall promptly
make, adjust, receive and enforce payment of the other Insured's claims
under the Bond upon notification by the other Insured that such other
Insured has a claim under the Bond, and (b) agrees that it shall remit any
such payments in a manner that assures that each Insured shall receive its
proper share of any joint payment under the Bond as set forth in this
Agreement.
2. This Agreement shall be binding upon and shall inure to the
benefit of any successor of an Insured or any entity into which any of the
Insured may be merged or with which any of the Insureds may be
consolidated.
3. Each Insured shall pay that proportion of each premium for the
Bond which is approved by the directors or trustees of such Insured. In
the event that any additional person or entity is named as an Insured under
the Bond and becomes an Insured under this Agreement, the portion of
premiums paid by each Insured shall be reapportioned to take into account
such new Insured.
4. If the Bond limits are increased or any other modifications are
made in the Bond at the direction of the Board of Directors or Board of
Trustees of the Insureds which require the payment of an additional
premium at any time other than as of the regular premium date of the
Bond, such increase shall be shared proportionately by the Insureds in the
manner described above.
5. Any investment company registered under the Act for which
Selected/Venture Advisers, L.P., or any company controlling, controlled by
or with which Selected/Venture Advisers, L.P. is under common control,
shall act as manager, investment adviser or principal underwriter, may
hereafter join in this Agreement and be a party hereto upon:
(i) being listed as a named Insured under the Bond, and
(ii) executing and delivering a letter to the other named Insureds
under the Bond agreeing to be a party to this Agreement.
6. This Agreement shall take effect on February 1, 1995, and shall
supersede and replace (a) the Agreement of February 1, 1994.
7. This Agreement may be executed in one or more counterparts each
of which shall be deemed to be an original and which collectively shall be
deemed to be one document.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed by their respective officers, thereunto duly authorized, all
as of the day and year first above written.
NEW YORK VENTURE FUND, INC. SELECTED AMERICAN SHARES, INC.
By________________________________________ By____________________________
Xxxxxx X. Xxxxxxx, Chairman Xxxxxx X. Xxxxxxx, Chief
Executive Officer
Attest: Attest:
By________________________________________ By__________________________
Xxxxxxx X. Xxxxxxx, Secretary Xxxxx X. Xxxxxxx, Secretary
VENTURE INCOME (+) PLUS, INC. SELECTED SPECIAL SHARES, INC.
By________________________________________ By____________________________
Xxxxxx X. Xxxxxxx, Chairman Xxxxxx X. Xxxxxxx, Chief
Executive Officer
Attest: Attest:
By________________________________________ By____________________________
Xxxxxxx X. Xxxxxxx, Secretary Xxxxx X. Xxxxxxx, Secretary
VENTURE MUNI (+) PLUS, INC. SELECTED CAPITAL PRESERVATION TRUST
By________________________________________ By___________________________
Xxxxxx X. Xxxxxxx, Chairman Xxxxxx X. Xxxxxxx, Chief
Executive Officer
Attest: Attest:
By________________________________________ By____________________________
Xxxxxxx X. Xxxxxxx, Secretary Xxxxx X. Xxxxxxx, Secretary
RETIREMENT PLANNING FUNDS VENTURE WORLDWIDE SERIES,
OF AMERICA, INC. INC.
By________________________________________ By____________________________
Xxxxxx X. Xxxxxxx, Chairman Xxxxxx X. Xxxxxxx, Chairman
Attest:
By________________________________________ By____________________________
Xxxxxxx X. Xxxxxxx, Secretary Xxxxxxx X. Xxxxxxx,Secretar
