SUBSCRIPTION AGREEMENT
For and in consideration of the mutual agreements herein contained
Xxxxx X.X. Xxxxxx, hereinafter referred to as "Subscriber" hereby agrees to
purchase from Upright Growth Fund (the "Fund"), a mutual fund series of the
Upright Investment Trust, and Fund agrees to sell to Subscriber 10,000 shares of
capital stock of Fund, at the price of $10 per share, upon the following terms
and conditions:
Subscriber agrees to pay $100,000 to Fund upon demand.
Fund will not issue any securities or receive any of the proceeds of
this subscription until subscriptions identical in from to this one have been
made by not more than 25 persons (which shall include Subscriber) to purchase
from Fund securities for an aggregate net amount, which plus Fund's then net
worth will equal at least $100,000.
Unless such aggregate net amount is paid to Fund and Fund then has
$100,000 of net worth within 90 days after August 1, 1998, the date on which the
registration statement filed under the Securities Act of 1933 with respect to
the Fund's capital stock became effective, then this subscription shall become
null and void and the full amount paid in by the Subscriber will be refunded to
Subscriber on demand without any deduction.
In the event that such aggregate net amount of cash has been paid
in and Fund has a net worth of at least $100,000 within 90 days after such
registration statement has become effective, then this subscription shall be in
full force and effect; and Fund may retain all funds tendered to it.
Subscriber agrees that the shares are being purchased for
investment with no present intention of reselling or redeeming said shares.
It is understood that said aggregate net amount will be paid in to
Fund before any subscriptions for Fund capital stock will be accepted from any
persons in excess of twenty-five.
Subscribers of shares of the Upright Growth Fund
By: /s/ Xxxxx Y.S. Chiueh Date: June 27, 1998
Xxxxx X.X. Xxxxxx
Subscription agree to Upright Growth Fund
By: /s/ Xxxxx Y.S. Chiueh Date: June 27, 1998
Xxxxx X.X. Xxxxxx
President
Board of Trustees
Upright Growth Fund
