FORTUNE FUND ADMINISTRATION, INC.
FORM
TRANSFER AGENT AGREEMENT
THIS AGREEMENT, between CornerCap Group of Funds (the
"Fund"), a Massachusetts Business Trust operating as an open-end
investment company under the Investment Company Act of 1940, duly
organized and existing under the laws of the State of
Massachusetts, and Fortune Fund Administration, Inc., a
corporation organized under the laws of the State of Georgia
("FFA"), provides as follows:
WHEREAS, FFA has agreed to act as Transfer Agent for the
purpose of recording the transfer, issuance and redemption of
Shares of the Fund, transferring the Shares of the Fund,
disbursing dividends and other distributions to Shareholders,
filing various tax forms, mailing Shareholder information and
receiving and responding to various Shareholder inquiries;
NOW THEREFORE, for and in consideration of the mutual
covenants and agreements contained herein, the parties do hereby
agree as follows:
SECTION 1. The Fund hereby appoints FFA as its Transfer
Agent and FFA agrees to act in such capacity upon the terms set
forth in this Agreement.
SECTION 2. The Fund shall furnish to FFA a supply of blank
Share Certificates and, from time to time, will renew such supply
upon FFA's request. Blank Share Certificates shall be signed
manually or by facsimile signatures of officers of the Fund and,
if required by FFA, shall bear the Fund's seal or a facsimile
thereof.
SECTION 3. FFA shall make original issues of Shares of the
Fund in accordance with SECTIONS 13 and 14 below and the Fund's
then current prospectus, upon receipt of (i) Written Instructions
requesting the issuance, (ii) a certified copy of a resolution of
the Fund's Board of Trustees authorizing the issuance, (iii)
necessary funds for the payment of any original issue tax
applicable to such additional Shares, and (iv) an opinion of the
Fund's counsel as to the legality and validity of the issuance,
which opinion may provide that it is contingent upon the filing
by the Fund of an appropriate notice with the Securities and
Exchange Commission, as required by Rule 24f-2 of the Investment
Company Act of 1940, as amended from time to time. If the
opinion described in (iv) above is contingent upon a filing under
such rule, the Fund shall fully indemnify FFA for any liability
arising from the failure of the Fund to comply with such rule.
SECTION 4. Transfers of Shares of the Fund shall be
registered and, subject to the provisions of SECTION 10, new
Share Certificates shall be issued by FFA upon surrender of
outstanding Share Certificates in the form deemed by FFA to be
properly endorsed for transfer, which form shall include (i) all
necessary endorsers' signatures guaranteed by a member firm of a
national securities exchange or a domestic commercial bank, (ii)
such assurances as FFA may deem necessary to evidence the
genuineness and the effectiveness of each endorsement, and (iii)
satisfactory evidence of compliance with all applicable laws
relating to the payment or collection of taxes. FFA shall take
reasonable measures as instructed by the Fund and agreed upon by
FFA to enable the Fund to identify proposed transfers that, if
effected, will likely cause the Fund to fall within the Internal
Revenue Code definitions of a personal holding company and shall
not make such transfers contrary to the Fund's instructions
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without the prior written approval of the Fund and its counsel.
SECTION 5. FFA shall forward Share Certificates in "non-
negotiable" form by first-class or registered mail, or by
whatever means FFA deems equally reliable and expeditious. While
in transit to the addressee, all deliveries of Share Certificates
shall be insured by FFA as it deems appropriate. FFA shall not
mail Share Certificates in "negotiable" form, unless requested in
writing by the Fund and fully indemnified by the Fund to FFA's
satisfaction.
SECTION 6. In registering transfers of Shares of the Fund,
FFA may rely upon the Uniform Commercial Code or any other
statutes that, in the opinion of FFA's counsel, protect FAA and
the Fund from liability arising from (i) not requiring complete
documentation, (ii) registering a transfer without an adverse
claim inquiry, (iii) delaying registration for purposes of such
inquiry, or (iv) refusing registration whenever an adverse claim
requires such refusal.
SECTION 7. FFA may issue new Share Certificates in place of
those lost, destroyed or stolen, upon receiving indemnity
satisfactory to FFA and may issue new Share Certificates in
exchange for, and upon surrender of, mutilated Share Certificates
as FFA deems appropriate.
SECTION 8. Unless otherwise directed by the Fund, FFA may
issue or register Share Certificates reflecting the signature, or
facsimile thereof, of an officer who has died, resigned or been
removed by the Fund. The Fund shall file promptly with FFA any
approvals, adoptions, or ratifications of such actions as may be
required by law or FFA.
SECTION 9. FFA shall maintain customary stock registry
records for the Fund, noting the issuance, transfer or redemption
of Shares and the issuance and transfer of Share Certificates.
FFA may also maintain for the Fund an account entitled "Unissued
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Certificate Account," in which it will record the Shares, and
fractions thereof, issued and outstanding from time to time for
which issuance of Share Certificates has not been requested. FFA
is authorized to keep records for the Fund, containing the names
and last known addresses of Shareholders and Planholders, and the
number of Shares, and fractions thereof, from time to time owned
by them of which no Share Certificates are outstanding. Each
Shareholder or Planholder will be assigned a single account
number for the Fund, even though Shares held under each Plan and
Shares for which Certificates have been issued will be accounted
for separately. Whenever a Shareholder deposits Shares
represented by Share Certificates in a Plan that permits the
deposit of Shares thereunder, FFA upon receipt of the Share
Certificates registered in the name of the Shareholder (or if not
registered, in proper form for transfer), shall cancel such Share
Certificates, debit the Shareholder's individual account, credit
the Shares to the Unissued Share Certificate Account pursuant to
SECTION 10 below and credit the deposited Shares to the proper
Plan account.
SECTION 10. FFA shall issue Share Certificates for Shares
of the Fund only upon receipt of a written request from a
Shareholder. If Shares are purchased without such request, FFA
shall hereby note on its stock registry records the issuance of
the Shares and fractions thereof and credit the Unissued
Certificate Account and the respective Shareholders' accounts
with the Shares. Whenever Shares, and fractions thereof, owned
by Shareholders are surrendered for redemption, FFA may process
the transactions by making appropriate entries in the stock
transfer records, and debiting the Unissued Certificate Account
and the record of issued Shares outstanding; it shall be
unnecessary for FFA to reissue Share Certificates in the name of
the Fund.
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SECTION 11. FFA shall also perform the usual duties and
functions required of a stock transfer agent for a corporation,
including, but not limited to (i) issuing Share Certificates as
Treasury Shares, as directed by Written Instructions, and (ii)
transferring Share Certificates from one Shareholder to another
in the usual manner. FFA may rely conclusively and act without
further investigation upon any list, instruction, certification,
authorization, Share Certificate or other instrument or paper
reasonably believed by it in good faith to be genuine and
unaltered, and to have been signed, countersigned or executed or
authorized by a duly authorized person or persons, or by the
Fund, upon the advice of counsel for the Fund or for FFA, or upon
the net asset value quotation of the Service Agent, as
hereinafter defined. FFA may record any transfer of Share
Certificates which it reasonably believes in good faith to have
been duly authorized, or may refuse to record any transfer of
Share Certificates if, in good faith, it deems such refusal
necessary in order to avoid any liability on the part of either
the Fund or FFA. The Fund agrees to indemnify and hold harmless
FFA from and against any and all losses, costs, claims, and
liability that it may suffer or incur by reason of such good
faith reliance, action or failure to act.
SECTION 12. FFA shall notify the Fund of any request or
demand for the inspection of the Fund's Share records. FFA shall
abide by the Fund's instructions for granting or denying the
inspection; provided, however, FFA may grant the inspection
without such instructions if it is advised by its counsel that
failure to do so will result in liability to FFA.
SECTION 13. For purposes of this Section, the Fund hereby
instructs FFA to consider Shareholder and Planholder payments as
federal funds on the day indicated below:
(a) for a wire received prior to 12:00 noon Eastern time,
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on the same day;
(b) for a wire received on or after 12:00 noon Eastern
time, on the next business day;
(c) for a check received prior to 12:00 noon Eastern time,
on the second business day following receipt; and
(d) for a check received on or after 12:00 noon Eastern
time, on the third business day following receipt.
Immediately after 4:15 p.m. Eastern time or such other time as
the Fund may reasonably specify (the "Valuation Time") on each
day that the Fund and FFA are open for business, FFA shall obtain
from the Fund's Service Agent, as specified by the Fund in
writing to FFA, a quotation (on which it may conclusively rely)
of the net asset value, determined as of the Valuation Time on
that day. On each day FFA is open for business, it shall use the
net asset value determined by the Service Agent to compute the
number of Shares and fractional Shares to be purchased and the
aggregate purchase proceeds to be deposited with the Custodian.
As necessary but no more frequently than daily (unless a more
frequent basis is agreed to by FFA), FFA shall place a purchase
order with the Custodian for the proper number of Shares and
fractional Shares to be purchased and promptly thereafter shall
send written confirmation of such purchase to the Custodian of
the Fund.
SECTION 14. Having made the calculations required by
SECTION 13, FFA shall thereupon pay the Custodian the aggregate
net asset value of Shares of the Fund purchased. The aggregate
number of Shares and fractional Shares purchased shall then be
issued daily and credited by FFA to the Unissued Certificate
Account. FFA shall also credit each Shareholder's separate
account with the number of Shares purchased by such Shareholder.
FFA shall promptly thereafter mail written confirmation of the
purchase to each Shareholder or Planholder, and if requested, to
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a specified broker-dealer and the Fund. Each confirmation shall
indicate the prior Share balance, the new Share balance, the
Shares held under a Plan (if any), the Shares for which Share
Certificates are outstanding (if any), the amount invested and
the price paid for the newly-purchased Shares.
SECTION 15. Prior to the Valuation Time on each business
day, as specified in accordance with SECTION 13 above, FFA shall
process all requests to redeem Shares of the Fund and advise the
Custodian of (i) the total number of Shares of the Fund available
for redemption, and (ii) the number of Shares and fractional
Shares of the Fund requested to be redeemed. Upon confirmation
of the net asset value, FFA shall notify the Fund and the
Custodian of the redemption, apply the redemption proceeds in
accordance with SECTION 16 and the Fund's prospectus, record the
redemption in the stock registry books, and the debit the
redeemed Shares from the Unissued Certificate Account and the
individual account of the Shareholder or Planholder.
In lieu of carrying out the redemption procedures described
in the preceding paragraph, FFA may, at the request of the Fund,
sell Shares of the Fund to the Fund as repurchases from
Shareholders and/or Planholders, provided that the sales price is
not less than the applicable redemption price. The redemption
procedures shall then be appropriately modified.
SECTION 16. The proceeds of redemption shall be remitted by
FFA in accordance with the Fund's then current prospectus as
follows:
(a) By check mailed to the Shareholder or Planholder at his
last known address. The request and stock certificates, if any,
for Shares being redeemed must reflect a guarantee of the owner's
signature by a domestic commercial bank or trust company or a
member firm of a national securities exchange. If Share
Certificates have not been issued to the redeeming Shareholder or
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Planholder, the signature of the Shareholder or Planholder on the
redemption request must be similarly guaranteed. The Fund may
authorize FFA in writing to waive the signature guarantee for any
specific transaction or classes of transactions;
(b) By wire to a designated bank or broker upon telephone
request, without signature guarantee, if such redemption
procedure has been elected on the Shareholder's or Planholder's
account information form. Any change in the designated bank or
broker account will be acted upon FFA only if made in writing by
the Planholder or Shareholder, with signature guaranteed as
required by paragraph (a) above;
(c) In case of an expedited telephone redemption, by check
payable to the Shareholder or Planholder of record and mailed for
deposit to the bank account designated in the Shareholder account
information form; and
(d) By other procedures commonly followed by mutual funds,
as set forth in Written Instructions from the Fund and mutually
agreed upon by the Fund and FFA.
For purposes of redemption of Shares of the Fund that have
been purchased by check within fifteen (15) days prior to receipt
of the redemption request, the Fund shall provide FFA with
Written Instructions concerning the time within which such
requests may be honored.
The authority of FFA to perform its responsibilities under
SECTIONS 15 and 16 shall be suspended if FFA receives notice of
the suspension of the determination of the Fund's net asset
value.
SECTION 17. Upon the declaration of each dividend and each
capital gains distribution by the Fund's Board of Trustees, the
Fund shall notify FFA of the date of such declaration, the amount
payable per Share, the record date for determining the
Shareholders entitled to payment, the payment and the
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reinvestment date price.
SECTION 18. On or before such payment date, the Fund will
transfer, or cause the Custodian to transfer, to FFA the total
amount of the dividend or distribution currently payable. FFA
will, on the designated payment date, reinvest all dividends in
additional Shares and shall thereupon pay the Custodian the
aggregate net asset value of the additional Shares and shall
promptly mail to each Shareholder or Planholder and the net asset
value of such Shares; provided, however, that if a Shareholder or
Planholder elects to receive dividends in cash, FFA shall prepare
a check in the appropriate amount and mail it to him at his last
known address within five (5) business days after the designated
payment date.
SECTION 19. FFA shall maintain records regarding the
issuance and redemption of Shares of the Fund and dividend
reinvestments. Such records will list the transactions effected
for each Shareholder and Planholder and the number of Shares and
fractional Shares owned by each for which no Share Certificates
are outstanding. FFA agrees to make available upon request and
to preserve for the periods prescribed in Rule 31a-2 of the
Investment Company Act of 1940 any records related to services
provided under this Agreement and required to be maintained by
Rule 31a-1 of such Act.
SECTION 20. FFA shall maintain those records necessary to
enable the Fund to file, in a timely manner, Form N-SAR (semi-
annual report) or any successor monthly, quarterly or annual
report required by the Investment Company Act of 1940, or rules
and regulations thereunder.
SECTION 21. FFA shall cooperate with the Fund's independent
public accountants and shall take reasonable action to make all
necessary information available to such accountants for the
performance of their duties.
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SECTION 22. In addition to the services described above,
FFA will perform other services for the Fund as mutually agreed
upon in writing from time to time, including, but no limited to,
preparing and filing federal tax forms with the Internal Revenue
Service, mailing federal tax information to Shareholders, mailing
semi-annual Shareholder reports, preparing the annual list of
Shareholders and mailing notices of Shareholders' meetings,
proxies and proxy statements. FFA shall answer Shareholder
inquiries related to their Share accounts and other
correspondence requiring an answer from the Fund. FFA shall
maintain dated copies of written communications from
Shareholders, and replies thereto.
SECTION 23. Nothing contained in this Agreement is intended
to or shall require FFA, in any capacity hereunder, to perform
any functions or duties on any holiday, weekend or weekday on
which day FFA or the New York Stock Exchange is closed.
Functions or duties normally scheduled to be performed on such
days shall be performed on, and as of, the next business day on
which both the New York Stock Exchange and FFA are open, unless
otherwise required by law; provided, however, that all purchase
or redemption requests received by the Fund for a date on which
the Exchange is open but FFA is not shall be priced and executed
"as of" such date on the next business day FFA is open, unless
otherwise required by law.
SECTION 24. The Fund agrees to pay FFA compensation for its
services as set forth in Schedule A attached hereto, or as shall
be set forth in written amendments to such Schedule approved by
the fund and FFA from time to time.
SECTION 25. FFA shall not be liable for any taxes,
assessments or governmental charges that may be levied or
assessed on any basis whatsoever in connection with the Fund, or
any Plan thereof, Shareholder or Planholder, excluding taxes
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assessed against FFA for compensation received by it hereunder.
SECTION 26. FFA shall not be liable for any non-negligent
action taken in good faith and reasonably believed by FFA to be
within the powers conferred upon it by this Agreement. The Fund
shall indemnify FFA and hold it harmless from and against any and
all losses, claims, damages, liabilities or expenses (including
reasonable expenses for legal counsel) arising directly or
indirectly out of or in connection with this Agreement; provided
such loss, claim, damage, liability or expense is not the direct
result of FFA negligence or willful misconduct, and provided
further that FFA shall give the Fund notice and reasonable
opportunity to defend any such loss, claim, etc. in the name of
the Fund or FFA, or both. Without limiting the foregoing:
(a) FFA may rely upon the advice of the Fund or counsel to
the Fund or FFA, and upon statements of accountants, brokers and
other persons believed by FFA in good faith to be experts in the
matters upon which they are consulted. FFA shall not be liable
for any action taken in good faith reliance upon such advice or
statements;
(b) FFA shall not be liable for any action reasonably taken
in good faith reliance upon any Written Instructions, Oral
Instructions, including the Service Agent's net asset value
quotation, or certified copy of any resolution of the Fund's
Board of Trustees; provided, however, that upon receipt of a
Written Instruction countermanding a prior Written or Oral
Instruction that has not been fully executed by FFA, FFA shall
verify the content of the second Written Instruction and honor
it, to the extent possible. FFA may rely upon the genuineness of
any such document, or copy thereof, reasonably believed by FFA in
good faith to have been validly executed;
(c) FFA may rely, and shall be protected by the Fund in
acting upon any signature, instruction, request, letter of
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transmittal, certificate, opinion of counsel, statement,
instrument, report, notice, consent, order, or other paper or
document reasonably believed by it in good faith to be genuine
and to have been signed or presented by the purchaser, Fund or
other proper party or parties; and
(d) The Fund shall, as soon as possible, amend its
prospectus to conform with the provisions of this Agreement and
make all necessary filings of the amended prospectus, and shall
indemnify FFA for any loss, claim or expense resulting from FFA's
reliance upon the Fund's representations in this Agreement,
notwithstanding a contrary representation in its prospectus.
SECTION 27. Upon receipt of Written Instructions, FFA is
authorized to make payment upon redemption of Shares without a
signature guarantee. The Fund hereby agrees to indemnify and
hold FFA harmless from any and all expenses, damages, claims,
suits, liabilities, action, demands or losses whatsoever arising
out of or in connection with a payment by FFA for redemption of
Shares without a signature guarantee. Upon the request of FFA,
the Fund shall assume the entire defense of any such action, suit
or claim. FFA shall notify the Fund in a timely manner of any
such action, suit or claim.
SECTION 28. The Fund shall deliver or cause to be delivered
over to FFA (i) an accurate list of Shareholders of the Fund,
showing each Shareholder's last known address, number of Shares
owned and whether such Shares are represented by outstanding
Share Certificates or by non-certificated Share accounts, (ii)
all records relating to Plans of the Fund, including original
applications signed by the Planholders and original plan accounts
recording payment, deductions, reinvestments, withdrawals and
liquidations, and (iii) all Shareholder records, files, and other
materials necessary or appropriate for proper performance of the
functions assumed by FFA under this Agreement (collectively
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referred to as the "Materials"). The Fund shall indemnify and
hold FFA harmless from any and all expenses, damages, claims,
suits, liabilities, actions, demands and losses arising out of or
in connection with any error, omission, inaccuracy or other
deficiency of such Materials, or out of the failure of the Fund
to provide any information needed by FFA to knowledgeably perform
its functions.
SECTION 29. FFA shall, at all times, act in good faith and
shall use whatever methods it deems appropriate to ensure the
accuracy of all services performed under this Agreement. FFA
shall be liable only for loss or damage due to errors caused by
FFA's negligence, bad faith or willful misconduct or that of its
employees.
SECTION 30. This Agreement may be amended from time to time
by a written supplemental agreement executed by the Fund and FFA
and without notice to or approval of the Shareholders or
Planholders; provided the intent and purposes of any Plan, as
stated from time to time in the Fund's prospectus, are observed.
The parties hereto may adopt procedures as may be appropriate or
practical under the circumstances, and FFA may conclusively rely
on the determination of the Fund that any procedure that has been
approved by the Fund does not conflict with or violate any
requirement of its Declaration of Trust, By-Laws or prospectus,
or any rule, regulation or requirement of any regulatory body.
SECTION 31. The Fund shall file with FFA a certified copy
of the operative resolution of its Board of Trustees authorizing
the execution of Written Instructions or the transmittal of Oral
Instructions.
SECTION 32. The terms, as defined in this SECTION, whenever
used in this Agreement or in any amendment or supplement hereto,
shall have the meanings specified below, insofar as the context
will allow:
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(a) The Fund: The term Fund shall mean CornerCap Group of
Funds;
(b) Custodian: The term Custodian shall mean Wachovia Bank
or the financial institution selected as successor by the Fund;
(c) Series: The term Series shall mean CornerCap Growth
Fund and CornerCap Balanced Fund and/or such other Series of the
Fund as may be registered;
(d) Securities: The term Securities shall mean bonds,
debentures, notes, stocks, shares, evidences of indebtedness, and
other securities and investments from time to time owned by the
Fund;
(e) Share Certificates: The term Share Certificates shall
mean the stock certificates for the Shares of the Fund;
(f) Shareholders: The term Shareholders shall mean the
registered owners from time to time of the Shares of the Fund, as
reflected on the stock registry records of the Fund;
(g) Shares: The term Shares shall mean the issued and
outstanding shares of beneficial interest of the Fund;
(h) Oral Instructions: The term Oral Instructions shall
mean an authorization, instruction, approval, item or set of
data, or information of any kind transmitted to FFA in person or
by telephone, vocal telegram or other electronic means, by a
person or persons reasonably authorized by a resolution of the
Board of Trustees of the Fund to give Oral Instructions on behalf
of the Fund;
(i) Written Instructions: The term Written Instructions
shall mean an authorization, instruction, approval, item or set
of data, or information of any kind transmitted to FFA in
original writing containing original signatures, or a copy of
such document transmitted by telecopy, including transmission of
such signature, or other mechanical or documentary means, at the
request of a person or persons reasonably believed in good faith
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by FFA to be a person or persons authorized by a resolution of
the Board of Trustees of the Fund to give Written Instructions on
behalf of the Fund;
(j) Plan: The term Plan shall include such investment
plan, dividends or capital gains reinvestment plans, systematic
withdrawal plans or other types of plans set forth in the then
current prospectus of the Fund (excluding any qualified
retirement plan that is a Shareholder of the Fund) in a form
acceptable to FFA, adopted by the Fund from time to time and made
available to its Shareholders, including plans or accounts by
self-employed individuals or partnerships; and
(k) Planholder: The term Planholder shall mean a
Shareholder who, at the time of reference, is participating in a
Plan, including any underwriter, representative or broker-dealer.
SECTION 33. In the event that any check or other order for
the payment of money is returned unpaid for any reason, FFA shall
promptly notify the Fund of the non-payment.
SECTION 34. Either party may give sixty (60) days' written
notice to the other of the termination of this Agreement, such
termination to take effect at the time specified in the notice.
SECTION 35. Any notice or other communication required by
or permitted to be given in connection with this Agreement shall
be in writing, and shall be delivered in person or sent by first-
class mail, postage prepaid, to the respective parties.
Notice to the Fund shall be given as follows until further
notice:
CornerCap Group of Funds
000 Xxxxxxxxxx, Xxxxx 000
0000 Xxxxxxxxx Xxxxxxx, X.X.
Xxxxxxx, Xxxxxxx 00000
ATTENTION: Xxxxxx X. Xxxxx
Notice to FFA shall be given as follows until further
notice:
Fortune Fund Administration, Inc.
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0000 Xxxxxxxxx Xxxxxx, X.X.
Xxxxxxx, Xxxxxxx 00000
ATTENTION: Xxxxxxx X. Xxxxxxx
SECTION 36. The Fund represents and warrants to FFA that
the execution and delivery of this Transfer Agent Agreement by
the undersigned officer of the Fund has been duly and validly
authorized by resolution of the Fund's Board of Trustees. FFA
represents and warrants to the Fund that it is a duly registered
Transfer Agent as defined in Section 17A of the Securities
Exchange Act of 1934 and that the execution and delivery of this
Agreement by the undersigned officer of FFA has also been duly
and validly authorized.
SECTION 37. This Agreement may be executed in more than one
counterpart, each of which shall be deemed to be an original.
SECTION 38. This Agreement shall extend to and shall bind
the parties hereto and their respective successors and assigns;
provided, however, that this Agreement shall not be assignable by
the Fund without the written consent of FFA or by FFA without the
written consent of the Fund, authorized or approved by a
resolution of the Fund's Board of Trustees.
SECTION 39. This Agreement shall be governed by the laws of
the State of Georgia.
WITNESS the following signatures:
CORNERCAP GROUP OF FUNDS
By:_______________________________
Xxxxxx X. Xxxxx
Title:_____________________________________
Date:_____________________________________
FORTUNE FUND ADMINISTRATION, INC.
By:______________________________________
Xxxxxxx X. Xxxxxxx
Title:_____________________________________
Date:_____________________________________
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Schedule A
Fortune Fund Administration
Schedule of Fees
Transfer Agent:
Account Maintenance Fees - per Series:
--------------------------------------
0 - 10,000 accounts - $ 11.00 per account per year
10,000 - 25,000 accounts - $ 9.50 per account per year
Applicable fees billed monthly, in advance at 1/12 the annual rate.
Transaction/Processing Fees:
----------------------------
Open New Account - $3.00
Partial or Total Redemption - $3.00
Addition to Account - $1.50
Duplicate Statement - $1.50
Tax Form to Shareholder - $1.50
Fees incurred will be billed monthly
Minimum Fee:
------------
The minimum annual fee is $12,000 per fund for the equity funds and
$18,000 for money market, bond funds or other accrual funds. Minimum
fees are payable monthly in advance at 1/12 the annual rate.
Conversion Fees:
----------------
A conversion fee of $2.50 per account which includes all shareholder
record set-up and data entry. Fees for unusually large numbers of
accounts or for funds with special requirements will be negotiated
on a case by case basis. Conversion fees will be waived for the
CornerCap Group of Funds.
Out of Pocket Costs:
-------------------
The cost of forms, postage, stationery, outside mailing services,
archival storage, microfilm or magnetic tape data transfer etc. will
be in addition to the fees listed above and will be passed through
at actual cost to FFA with no xxxx up.