Exhibit 99.B(2)(K)(iii)
STOCK TRANSFER AGENCY AGREEMENT
AGREEMENT, made as of ________________, 2005, by and between ING GLOBAL
EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND, a statutory trust organized and
existing under the laws of the State of Delaware (hereinafter referred to as the
"Customer"), and THE BANK OF NEW YORK, a New York trust company (hereinafter
referred to as the "Bank").
W I T N E S S E T H:
That for and in consideration of the mutual promises hereinafter set forth, the
parties hereto covenant and agree as follows:
ARTICLE I.
DEFINITIONS
Whenever used in this Agreement, the following words and phrases shall have
the following meanings:
1. "Business Day" shall be deemed to be each day on which the Bank is
open for business.
2. "Certificate" shall mean any notice, instruction, or other instrument
in writing, authorized or required by this Agreement to be given to the Bank by
the Customer which is signed by any Officer, as hereinafter defined, and
actually received by the Bank.
3. "Officer" shall be deemed to be the Customer's Chief Executive
Officer, President, any Vice President, the Secretary, the Treasurer, the
Controller, any Assistant Treasurer, and any Assistant Secretary duly authorized
by the Board of Directors of the Customer to execute any Certificate,
instruction, notice or other instrument on behalf of the Customer and named in a
Certificate, as such Certificate may be amended from time to time.
4. "Shares" shall mean all or any part of each class of the shares of
capital stock of the Customer which from time to time are authorized and/or
issued by the Customer and identified in a Certificate of the Secretary of the
Customer under corporate seal, as such Certificate may be amended from time to
time, with respect to which the Bank is to act hereunder.
ARTICLE II.
APPOINTMENT OF BANK
1. The Customer hereby constitutes and appoints the Bank as its agent to
perform the services described herein and as more particularly described in
Schedule I
attached hereto (the "Services"), and the Bank hereby accepts appointment as
such agent and agrees to perform the Services in accordance with the terms
hereinafter set forth.
2. In connection with such appointment, the Customer shall deliver the
following documents to the Bank:
(a) A certified copy of the Certificate of Incorporation or
other document evidencing the Customer's form of organization (the "Charter")
and all amendments thereto;
(b) A certified copy of the By-Laws of the Customer;
(c) A certified copy of a resolution of the Board of Directors
of the Customer appointing the Bank to perform the Services and authorizing the
execution and delivery of this Agreement;
(d) A Certificate signed by the Secretary of the Customer
specifying: the number of authorized Shares, the number of such authorized
Shares issued and currently outstanding, and the names and specimen signatures
of all persons duly authorized by the Board of Directors of the Customer to
execute any Certificate on behalf of the Customer, as such Certificate may be
amended from time to time;
(e) A Specimen Share certificate for each class of Shares in the
form approved by the Board of Directors of the Customer, together with a
Certificate signed by the Secretary of the Customer as to such approval and
covenanting to supply a new such Certificate and specimen whenever such form
shall change;
(f) An opinion of counsel for the Customer, in a form
satisfactory to the Bank, with respect to the validity of the authorized and
outstanding Shares, the obtaining of all necessary governmental consents,
whether such Shares are fully paid and non-assessable and the status of such
Shares under the Securities Act of 1933, as amended, and any other applicable
law or regulation (I.E., if subject to registration, that they have been
registered and that the Registration Statement has become effective or, if
exempt, the specific grounds therefor);
(g) A list of the name, address, social security or taxpayer
identification number of each Shareholder, number of Shares owned, certificate
numbers, and whether any "stops" have been placed; and
(h) An opinion of counsel for the Customer, in a form
satisfactory to the Bank, with respect to the due authorization by the Customer
and the validity and effectiveness of the use of facsimile signatures by the
Bank in connection with the countersigning and registering of Share certificates
of the Customer.
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3. The Customer shall furnish the Bank with a sufficient supply of blank
Share certificates and from time to time will renew such supply upon request of
the Bank. Such blank Share certificates shall be properly signed, by facsimile
or otherwise, by Officers of the Customer authorized by law or by the By-Laws to
sign Share certificates, and, if required, shall bear the corporate seal or a
facsimile thereof.
4. Customer acknowledges that the Bank is subject to the customer
identification program requirements under the USA PATRIOT Act and its
implementing regulations, and that the Bank must obtain, verify and record
information that allows the Bank to identify Customer. Accordingly, prior to
opening an Account hereunder the Bank may request information (including but not
limited to the Customer's name, physical address, tax identification number and
other information) that will help the Bank to identify the organization such as
organizational documents, certificate of good standing, license to do business,
or any other information that will allow the Bank to identify Customer. Customer
agrees that the Bank cannot open an Account hereunder unless and until the Bank
verifies Customer's identity in accordance with its Customer Identification
Program.
ARTICLE III.
AUTHORIZATION AND ISSUANCE OF SHARES
1. The Customer shall deliver to the Bank the following documents on or
before the effective date of any increase, decrease or other change in the total
number of Shares authorized to be issued:
(a) A certified copy of the amendment to the Charter giving
effect to such increase, decrease or change;
(b) An opinion of counsel for the Customer, in a form
satisfactory to the Bank, with respect to the validity of the Shares, the
obtaining of all necessary governmental consents, whether such Shares are fully
paid and non-assessable and the status of such Shares under the Securities Act
of 1933, as amended, and any other applicable federal law or regulations (I.E.,
if subject to registration, that they have been registered and that the
Registration Statement has become effective or, if exempt, the specific grounds
therefor); and
(c) In the case of an increase, if the appointment of the Bank
was theretofore expressly limited, a certified copy of a resolution of the Board
of Directors of the Customer increasing the authority of the Bank.
2. Prior to the issuance of any additional Shares pursuant to stock
dividends, stock splits or otherwise, and prior to any reduction in the number
of Shares outstanding, the Customer shall deliver the following documents to the
Bank:
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(a) A certified copy of the resolutions adopted by the Board of
Directors and/or the shareholders of the Customer authorizing such issuance of
additional Shares of the Customer or such reduction, as the case may be;
(b) A certified copy of the order or consent of each
governmental or regulatory authority required by law as a prerequisite to the
issuance or reduction of such Shares, as the case may be, and an opinion of
counsel for the Customer that no other order or consent is required; and
(c) An opinion of counsel for the Customer, in a form
satisfactory to the Bank, with respect to the validity of the Shares, the
obtaining of all necessary governmental consents, whether such Shares are fully
paid and non-assessable and the status of such Shares under the Securities Act
of 1933, as amended, and any other applicable law or regulation (I.E., if
subject to registration, that they have been registered and that the
Registration Statement has become effective, or, if exempt, the specific grounds
therefor).
ARTICLE IV.
RECAPITALIZATION OR CAPITAL ADJUSTMENT
1. In the case of any negative stock split, recapitalization or other
capital adjustment requiring a change in the form of Share certificates, the
Bank will issue Share certificates in the new form in exchange for, or upon
transfer of, outstanding Share certificates in the old form, upon receiving:
(a) A Certificate authorizing the issuance of Share certificates
in the new form;
(b) A certified copy of any amendment to the Charter with
respect to the change;
(c) Specimen Share certificates for each class of Shares in the
new form approved by the Board of Directors of the Customer, with a Certificate
signed by the Secretary of the Customer as to such approval;
(d) A certified copy of the order or consent of each
governmental or regulatory authority required by law as a prerequisite to the
issuance of the Shares in the new form, and an opinion of counsel for the
Customer that the order or consent of no other governmental or regulatory
authority is required; and
(e) An opinion of counsel for the Customer, in a form
satisfactory to the Bank, with respect to the validity of the Shares in the new
form, the obtaining of all necessary governmental consents, whether such Shares
are fully paid and non-assessable and the status of such Shares under the
Securities Act of 1933, as amended, and any other applicable law or regulation
(I.E., if subject to registration, that the Shares have been
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registered and that the Registration Statement has become effective or, if
exempt, the specific grounds therefor).
2. The Customer shall furnish the Bank with a sufficient supply of blank
Share certificates in the new form, and from time to time will replenish such
supply upon the request of the Bank. Such blank Share certificates shall be
properly signed, by facsimile or otherwise, by Officers of the Customer
authorized by law or by the By-Laws to sign Share certificates and, if required,
shall bear the corporate seal or a facsimile thereof.
ARTICLE V.
ISSUANCE AND TRANSFER OF SHARES
1. The Bank will issue and transfer Shares in certificated form as
follows:
(a) The Bank will issue Share certificates upon receipt of a Certificate
from an Officer, but shall not be required to issue Share certificates after it
has received from an appropriate federal or state authority written notification
that the sale of Shares has been suspended or discontinued, and the Bank shall
be entitled to rely upon such written notification. The Bank shall not be
responsible for the payment of any original issue or other taxes required to be
paid by the Customer in connection with the issuance of any Shares.
(b) Shares will be transferred upon presentation to the Bank of Share
certificates in form deemed by the Bank properly endorsed for transfer,
accompanied by such documents as the Bank deems necessary to evidence the
authority of the person making such transfer, and bearing satisfactory evidence
of the payment of applicable stock transfer taxes. In the case of small estates
where no administration is contemplated, the Bank may, when furnished with an
appropriate surety bond, and without further approval of the Customer, transfer
Shares registered in the name of the decedent where the current market value of
the Shares being transferred does not exceed such amount as may from time to
time be prescribed by the various states. The Bank reserves the right to refuse
to transfer Shares until it is satisfied that the endorsements on Share
certificates are valid and genuine, and for that purpose it may require, unless
otherwise instructed by an Officer of the Customer, a guaranty of signature by
an "eligible guarantor institution" meeting the requirements of the Bank, which
requirements include membership or participation in STAMP or such other
"signature guarantee program" as may be determined by the Bank in addition to,
or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended. The Bank also reserves the right to refuse to transfer
Shares until it is satisfied that the requested transfer is legally authorized,
and it shall incur no liability for the refusal in good faith to make transfers
which the Bank, in its judgment, deems improper or unauthorized, or until it is
satisfied that there is no basis to any claims adverse to such transfer. The
Bank may, in effecting transfers of Shares, rely upon those provisions of the
Uniform Act for the Simplification of Fiduciary Security Transfers or the
Uniform Commercial Code, as the same may be
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amended from time to time, applicable to the transfer of securities, and the
Customer shall indemnify the Bank for any act done or omitted by it in good
faith in reliance upon such laws.
(c) All certificates representing Shares that are subject to restrictions
on transfer (E.G., securities acquired pursuant to an investment representation,
securities held by controlling persons, securities subject to stockholders'
agreement, etc.), shall be stamped with a legend describing the extent and
conditions of the restrictions or referring to the source of such restrictions.
The Bank assumes no responsibility with respect to the transfer of restricted
securities where counsel for the Customer advises that such transfer may be
properly effected.
2. The Bank will issue and transfer Shares in book-entry form as follows:
(a) Shares may be maintained by the Bank in book-entry form known as the
"Direct Registration System" ("DRS"). If the Customer opts to issue Shares in
DRS, a separate account will be established in the name of each registered owner
of Shares or, if there are more than one registered owner for the same Shares,
in the name of all such registered owners of such Shares (the registered owner
of Shares is referred to herein as, or, if there are more than one registered
owner of the same Shares, such registered owners are collectively referred to
herein as, the "Registered Owner"). Initially, upon issuance of Shares, the
Shares of each Registered Owner will be credited to the account of each such
Registered Owner. Each Registered Owner will be given the option of receiving a
certificate representing its Shares, transferring such Shares to a broker
designated by all Registered Owners of such Shares or maintaining their Shares
in DRS.
(b) Customer understands that a required feature of DRS (currently
referred to as "Profile") allows a broker, claiming to act on behalf of the
Registered Owner of Shares, to direct the Bank to transfer to such broker the
Shares designated by such broker without receipt of such prior written
authorization from the Registered Owner to transfer such Shares.
(c) Customer understands that the Bank will not verify, determine or
otherwise ascertain that the broker which is claiming to be acting on behalf of
a Registered Owner is, in fact, authorized to act on behalf of such Registered
Owner. Moreover, because of the potential risk associated with the Profile
feature, Customer agrees that the Bank shall have no liability for relying upon
and complying with directions from brokers as set forth above; and Customer
shall indemnify and hold harmless the Bank from and against any liability,
expense, damage, loss and judgment arising from or related to the foregoing
(including reasonable attorneys fees and expenses and expenses arising from or
connected with the enforcement of this provision). For the avoidance of doubt,
(i) the Bank shall be fully protected by the foregoing limitation of liability
and indemnification with respect to reliance upon and compliance with
instructions from brokers even if the Bank's conduct is determined by a final,
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non-appealable order or judgment of a court of competent jurisdiction to
constitute negligence, willful misconduct, breach of any duty owed by the Bank
to such Registered Owner or violation of any law and (ii) the forgoing shall not
apply to the manner in which the Bank carries out actual transfer of the Shares
which are the subject of the broker's instruction, which transfer shall continue
to be governed by Article VIII, Section 6 hereof. By way of example and not by
way of limitation, if a court determines that the transfer of Shares pursuant to
a broker's instruction without obtaining prior authorization from the Registered
Owner constitutes [gross] negligence, the Bank will nevertheless be protected
under this subparagraph (c); on the other hand, in carrying out such
instructions, if the Bank transfers Shares from the wrong account or to the
wrong broker, the obligation to indemnify the Bank shall be determined in
accordance with Article VIII, Section 6 hereof.
ARTICLE VI.
DIVIDENDS AND DISTRIBUTIONS
1. The Customer shall furnish to the Bank a copy of a resolution of its
Board of Directors, certified by the Secretary or any Assistant Secretary,
either (i) setting forth the date of the declaration of a dividend or
distribution, the date of accrual or payment, as the case may be, the record
date as of which shareholders entitled to payment, or accrual, as the case may
be, shall be determined, the amount per Share of such dividend or distribution,
the payment date on which all previously accrued and unpaid dividends are to be
paid, and the total amount, if any, payable to the Bank on such payment date, or
(ii) authorizing the declaration of dividends and distributions on a periodic
basis and authorizing the Bank to rely on a Certificate setting forth the
information described in subsection (i) of this paragraph.
2. Prior to the payment date specified in such Certificate or resolution,
as the case may be, the Customer shall, in the case of a cash dividend or
distribution, pay to the Bank an amount of cash, sufficient for the Bank to make
the payment, specified in such Certificate or resolution, to the shareholders of
record as of such payment date. The Bank will, upon receipt of any such cash,
(i) in the case of shareholders who are participants in a dividend reinvestment
and/or cash purchase plan of the Customer, reinvest such cash dividends or
distributions in accordance with the terms of such plan, and (ii) in the case of
shareholders who are not participants in any such plan, make payment of such
cash dividends or distributions to the shareholders of record as of the record
date by mailing a check, payable to the registered shareholder, to the address
of record or dividend mailing address. The Bank shall not be liable for any
improper payment made in accordance with a Certificate or resolution described
in the preceding paragraph. If the Bank shall not receive sufficient cash prior
to the payment date to make payments of any cash dividend or distribution
pursuant to subsections (i) and (ii) above to all shareholders of the Customer
as of the record date, the Bank shall, upon notifying the Customer, withhold
payment to all shareholders of the Customer as of the record date until
sufficient cash is provided to the Bank.
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3. It is understood that the Bank shall in no way be responsible for the
determination of the rate or form of dividends or distributions due to the
shareholders.
4. It is understood that the Bank shall file such appropriate information
returns concerning the payment of dividends and distributions with the proper
federal, state and local authorities as are required by law to be filed by the
Customer but shall in no way be responsible for the collection or withholding of
taxes due on such dividends or distributions due to shareholders, except and
only to the extent required of it by applicable law.
ARTICLE VII.
CONCERNING THE CUSTOMER
1. The Customer shall promptly deliver to the Bank written notice of any
change in the Officers authorized to sign Share certificates, Certificates,
notifications or requests, together with a specimen signature of each new
Officer. In the event any Officer who shall have signed manually or whose
facsimile signature shall have been affixed to blank Share certificates shall
die, resign or be removed prior to issuance of such Share certificates, the Bank
may issue such Share certificates as the Share certificates of the Customer
notwithstanding such death, resignation or removal, and the Customer shall
promptly deliver to the Bank such approvals, adoptions or ratifications as may
be required by law.
2. Each copy of the Charter of the Customer and copies of all amendments
thereto shall be certified by the Secretary of State (or other appropriate
official) of the state of incorporation, and if such Charter and/or amendments
are required by law also to be filed with a county or other officer or official
body, a certificate of such filing shall be filed with a certified copy
submitted to the Bank. Each copy of the By-Laws and copies of all amendments
thereto, and copies of resolutions of the Board of Directors of the Customer,
shall be certified by the Secretary or an Assistant Secretary of the Customer
under the corporate seal.
3. Customer hereby represents and warrants:
(a) It is a statutory trust duly organized and validly existing
under the laws of Delaware.
(b) This Agreement has been duly authorized, executed and
delivered on its behalf and constitutes the legal, valid and binding obligation
of Customer. The execution, delivery and performance of this Agreement by
Customer do not and will not violate any applicable law or regulation and do not
require the consent of any governmental or other regulatory body except for such
consents and approvals as have been obtained and are in full force and effect.
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ARTICLE VIII.
CONCERNING THE BANK
1. The Bank shall not be liable and shall be fully protected in acting
upon any writing or document or when necessary, oral instruction reasonably
believed by it to be genuine and to have been given, signed or made by the
proper person or persons and shall not be held to have any notice of any change
of authority of any person until receipt of written notice thereof from an
Officer of the Customer. It shall also be protected in processing Share
certificates which it reasonably believes to bear the proper manual or facsimile
signatures of the duly authorized Officer or Officers of the Customer and the
proper countersignature of the Bank.
2. The Bank may establish such additional procedures, rules and
regulations governing the transfer or registration of Share certificates as it
may deem advisable and consistent with such rules and regulations generally
adopted by bank transfer agents.
3. The Bank may keep such records as it deems advisable but not
inconsistent with resolutions adopted by the Board of Directors of the Customer.
The Bank may deliver to the Customer from time to time at its discretion, for
safekeeping or disposition by the Customer in accordance with law, such records,
papers, Share certificates which have been cancelled in transfer or exchange and
other documents accumulated in the execution of its duties hereunder as the Bank
may deem expedient, other than those which the Bank is itself required to
maintain pursuant to applicable laws and regulations, and the Customer shall
assume all responsibility for any failure thereafter to produce any record,
paper, cancelled Share certificate or other document so returned, if and when
required. The records maintained by the Bank pursuant to this paragraph which
have not been previously delivered to the Customer pursuant to the foregoing
provisions of this paragraph shall be considered to be the property of the
Customer, shall be made available upon request for inspection by the Officers,
employees and auditors of the Customer, and shall be delivered to the Customer
upon request and in any event upon the date of termination of this Agreement, as
specified in Article IX of this Agreement, in the form and manner kept by the
Bank on such date of termination or such earlier date as may be requested by the
Customer.
4. The Bank may employ agents or attorneys-in-fact at the expense of the
Customer to perform its obligations hereunder, and shall not be liable for any
loss or expense arising out of, or in connection with, the actions or omissions
to act of its agents or attorneys-in-fact, so long as the Bank acts in good
faith and without negligence or willful misconduct in connection with the
selection of such agents or attorneys-in-fact.
5. The Bank shall be liable for any and all claims (whether with or
without basis in fact or law), costs, demands, expenses and liabilities,
including reasonable attorney's fees, arising out of its own negligence or
willful misconduct, provided, however, that the Bank shall not be liable for any
indirect, special, punitive or consequential damages.
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6. The Customer shall indemnify and hold harmless the Bank from and
against any and all claims (whether with or without basis in fact or law),
costs, demands, expenses and liabilities, including reasonable attorney's fees,
which the Bank may sustain or incur or which may be asserted against the Bank
except for any liability which the Bank has assumed pursuant to the immediately
preceding section. The Bank shall be deemed not to have acted with negligence
and not to have engaged in willful misconduct by reason of or as a result of any
action taken or omitted to be taken by the Bank without its own negligence or
willful misconduct in reliance upon (i) any provision of this Agreement, (ii)
any instrument, order or Share certificate reasonably believed by it to be
genuine and to be signed, countersigned or executed by any duly authorized
Officer of the Customer, (iii) any Certificate or other instructions of an
Officer, (iv) any opinion of legal counsel for the Customer or the Bank, or (v)
any law, act, regulation or any interpretation of the same even though such law,
act, or regulation may thereafter have been altered, changed, amended or
repealed. Nothing contained herein shall limit or in any way impair the right of
the Bank to indemnification under any other provision of this Agreement.
7. Specifically, but not by way of limitation, the Customer shall
indemnify and hold harmless the Bank from and against any and all claims
(whether with or without basis in fact or law), costs, demands, expenses and
liabilities, including reasonable attorney's fees, of any and every nature which
the Bank may sustain or incur or which may be asserted against the Bank in
connection with the genuineness of a Share certificate, the Bank's due
authorization by the Customer to issue Shares and the form and amount of
authorized Shares.
8. The Bank shall not incur any liability hereunder if by reason of any
act of God or war or other circumstances beyond its control, it, or its
employees, officers or directors shall be prevented, delayed or forbidden from,
or be subject to any civil or criminal penalty on account of, doing or
performing any act or thing which by the terms of this Agreement it is provided
shall be done or performed or by reason of any nonperformance or delay, caused
as aforesaid, in the performance of any act or thing which by the terms of this
Agreement it is provided shall or may be done or performed.
9. At any time the Bank may apply to an Officer of the Customer for
written instructions with respect to any matter arising in connection with the
Bank's duties and obligations under this Agreement, and the Bank shall not be
liable for any action taken or omitted to be taken by the Bank in good faith in
accordance with such instructions. Such application by the Bank for instructions
from an Officer of the Customer may, at the option of the Bank, set forth in
writing any action proposed to be taken or omitted to be taken by the Bank with
respect to its duties or obligations under this Agreement and the date on and/or
after which such action shall be taken, and the Bank shall not be liable for any
action taken or omitted to be taken in accordance with a proposal included in
any such application on or after the date specified therein unless, prior to
taking or omitting to take any such action, the Bank has received written
instructions in response to such
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application specifying the action to be taken or omitted. The Bank may consult
counsel to the Customer or its own counsel, at the expense of the Customer, and
shall be fully protected with respect to anything done or omitted by it in good
faith in accordance with the opinion of such counsel.
10. When mail is used for delivery of non-negotiable Share certificates,
the value of which does not exceed the limits of the Bank's Blanket Bond, the
Bank shall send such non-negotiable Share certificates by first class mail, and
such deliveries will be covered while in transit by the Bank's Blanket Bond.
Non-negotiable Share certificates, the value of which exceed the limits of the
Bank's Blanket Bond, will be sent by insured registered mail. Negotiable Share
certificates will be sent by insured registered mail. The Bank shall advise the
Customer of any Share certificates returned as undeliverable after being mailed
as herein provided for.
11. The Bank may issue new Share certificates in place of Share
certificates represented to have been lost, stolen or destroyed upon receiving
instructions in writing from an Officer and indemnity satisfactory to the Bank.
Such instructions from the Customer shall be in such form as approved by the
Board of Directors of the Customer in accordance with applicable law or the
By-Laws of the Customer governing such matters. If the Bank receives written
notification from the owner of the lost, stolen or destroyed Share certificate
within a reasonable time after he has notice of it, the Bank shall promptly
notify the Customer and shall act pursuant to written instructions signed by an
Officer. If the Customer receives such written notification from the owner of
the lost, stolen or destroyed Share certificate within a reasonable time after
he has notice of it, the Customer shall promptly notify the Bank and the Bank
shall act pursuant to written instructions signed by an Officer. The Bank shall
not be liable for any act done or omitted by it pursuant to the written
instructions described herein. The Bank may issue new Share certificates in
exchange for, and upon surrender of, mutilated Share certificates.
12. The Bank will issue and mail subscription warrants for Shares, Shares
representing stock dividends, exchanges or splits, or act as conversion agent
upon receiving written instructions from an Officer and such other documents as
the Bank may deem necessary.
13. The Bank will supply shareholder lists to the Customer from time to
time upon receiving a request therefor from an Officer of the Customer.
14. In case of any requests or demands for the inspection of the
shareholder records of the Customer, the Bank will notify the Customer and
endeavor to secure instructions from an Officer as to such inspection. The Bank
reserves the right, however, to exhibit the shareholder records to any person
whenever it is advised by its counsel that there is a reasonable likelihood that
the Bank will be held liable for the failure to exhibit the shareholder records
to such person.
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15. At the request of an Officer, the Bank will address and mail such
appropriate notices to shareholders as the Customer may direct.
16. Notwithstanding any provisions of this Agreement to the contrary, the
Bank shall be under no duty or obligation to inquire into, and shall not be
liable for:
(a) The legality of the issue, sale or transfer of any Shares,
the sufficiency of the amount to be received in connection therewith, or the
authority of the Customer to request such issuance, sale or transfer;
(b) The legality of the purchase of any Shares, the sufficiency
of the amount to be paid in connection therewith, or the authority of the
Customer to request such purchase;
(c) The legality of the declaration of any dividend by the
Customer, or the legality of the issue of any Shares in payment of any stock
dividend; or
(d) The legality of any recapitalization or readjustment of the
Shares.
17. The Bank shall be entitled to receive and the Customer hereby agrees
to pay to the Bank for its performance hereunder (i) out-of-pocket expenses
(including legal expenses and attorney's fees) incurred in connection with this
Agreement and its performance hereunder, and (ii) the compensation for services
as set forth in Schedule I.
18. The Bank shall not be responsible for any money, whether or not
represented by any check, draft or other instrument for the payment of money,
received by it on behalf of the Customer, until the Bank actually receives and
collects such funds.
19. The Bank shall promptly send to the Customer annually upon request the
Bank's most recent SAS 70 Report, addressing the stock transfer area.
20. The Bank agrees that it will not disclose or use any "non-public
personal information" about the Customer's shareholders (a "Shareholder") other
than such uses or disclosures which are necessary to permit the Bank to carry
out its duties under this Agreement, or are otherwise required by the Bank in
compliance with any law or regulation, an investigation or in response to
judicial process, including as set forth in Section 14 above or as otherwise
permitted under applicable law. "Non-public personal information" about a
Shareholder shall mean (i) personally identifiable financial information; (ii)
any list, description, or other grouping of consumers that is derived from using
any personally identifiable information that is not publicly available; and
(iii) any other information that the Bank is prohibited from using or disclosing
pursuant to Regulation S-P under Section 504 of the Gramm Xxxxx Xxxxxx Act.
21. Each party agrees to regard and preserve as confidential all
information related to the business and activities of the other party and its
affiliates that it may obtain
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as a result of this Agreement (collectively and individually, "Confidential
Information"). The party obtaining Confidential Information of the other party
is hereinafter referred to as the "Receiving Party"). Each party agrees to hold
the other party's Confidential Information in confidence and not to disclose
such information to any person, firm or enterprise, or use (directly or
indirectly) any such information for its own benefit or the benefit of any other
party, unless required in connection with the Services, and even then, to limit
access to and disclosure of such confidential information to its employees on a
"need to know" basis. In addition, either party may disclose and use
Confidential Information to the extent required (a) to comply with applicable
laws, rules, regulations and guidelines, (b) for its internal audit and control
purposes, and (c) to protect itself or the other party from losses due to third
party fraud, larceny or other criminal acts. Information shall not be considered
Confidential Information to the extent, but only to the extent, that such
information is: (i) already known to the Receiving Party free of any restriction
at the time it is obtained from the other party; (ii) subsequently learned from
an independent third party free of any restrictions and without breach of any
agreements; (iii) is or becomes publicly available through no wrongful act of
the Receiving Party; or (iv) is independently developed by the Receiving Party
without reference to any Confidential Information.
If the Confidential Information is subject to disclosure pursuant to an
order, decree, subpoena or other judicial or administrative process requiring
the Receiving Party or its representatives (by oral questions, interrogatories,
requests for information or documents, subpoena, civil investigative demand or
similar process) to disclose any Confidential Information, the Receiving Party
will, unless otherwise legally prohibited, promptly notify the other party of
such request or requirement so that such other party may seek to avoid or
minimize the required disclosure and/or to obtain an appropriate protective
order or other appropriate relief to ensure that any Confidential Information so
disclosed is maintained in confidence to the maximum extent possible by the
agency or other person receiving the disclosure, or, in the discretion of the
Receiving Party, to waive compliance with the provisions of this Agreement.
22. All records maintained and preserved by the Bank pursuant to this
Agreement which the Customer is required to maintain and preserve in accordance
with the Investment Company Act of 1940, as amended, and the rules and
regulations thereunder shall be and remain the property of the Customer and
shall be surrendered to the Customer promptly upon request in the form in which
such records have been maintained and preserved. Upon reasonable request of the
Customer, the Bank shall provide in hard copy or on computer disc, whichever the
Bank shall elect, any records included in any such delivery which are maintained
by the Bank on a computer disc, or are similarly maintained, and the Customer
shall reimburse the Bank for its expenses of providing such hard xxx or computer
disc.
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23. The Bank shall have no duties or responsibilities whatsoever except
such duties and responsibilities as are specifically set forth in this
Agreement, and no covenant or obligation shall be implied against the Bank in
connection with this Agreement.
ARTICLE IX.
TERMINATION
Either of the parties hereto may terminate this Agreement by giving to the
other party a notice in writing specifying the date of such termination, which
shall be not less than 30 days after the date of receipt of such notice. In the
event such notice is given by the Customer, it shall be accompanied by a copy of
a resolution of the Board of Directors of the Customer, certified by its
Secretary, electing to terminate this Agreement and designating a successor
transfer agent or transfer agents. In the event such notice is given by the
Bank, the Customer shall, on or before the termination date, deliver to the Bank
a copy of a resolution of its Board of Directors certified by its Secretary
designating a successor transfer agent or transfer agents. In the absence of
such designation by the Customer, the Bank may designate a successor transfer
agent. If the Customer fails to designate a successor transfer agent and if the
Bank is unable to find a successor transfer agent, the Customer shall, upon the
date specified in the notice of termination of this Agreement and delivery of
the records maintained hereunder, be deemed to be its own transfer agent and the
Bank shall thereafter be relieved of all duties and responsibilities hereunder.
Upon termination hereof, the Customer shall pay to the Bank such compensation as
may be due to the Bank as of the date of such termination, and shall reimburse
the Bank for any disbursements and expenses made or incurred by the Bank and
payable or reimbursable hereunder.
ARTICLE X.
MISCELLANEOUS
1. The indemnities contained herein shall be continuing obligations of
the Customer, its successors and assigns, notwithstanding the termination of
this Agreement.
2. Any notice or other instrument in writing, authorized or required by
this Agreement to be given to the Customer shall be sufficiently given if
addressed to the Customer and mailed or delivered to it at 1065 Avenue of the
Xxxxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Xxxx Xxxxxx, or at
such other place as the Customer may from time to time designate in writing.
3. Any notice or other instrument in writing, authorized or required by
this Agreement to be given to the Bank shall be sufficiently given if addressed
to the Bank and mailed or delivered to it at its office at 000 Xxxxxxx Xxxxxx
(00X), Xxx Xxxx, Xxx Xxxx 00000 or at such other place as the Bank may from time
to time designate in writing.
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4. This Agreement may not be amended or modified in any manner except by
a written agreement duly authorized and executed by both parties. Any duly
authorized Officer may amend any Certificate naming Officers authorized to
execute and deliver Certificates, instructions, notices or other instruments,
and the Secretary or any Assistant Secretary may amend any Certificate listing
the shares of capital stock of the Customer for which the Bank performs Services
hereunder.
5. This Agreement shall extend to and shall be binding upon the parties
hereto and their respective successors and assigns; provided, however, that this
Agreement shall not be assignable by either party without the prior written
consent of the other party, and provided, further, that any reorganization,
merger, consolidation, or sale of assets, by the Bank shall not be deemed to
constitute an assignment of this Agreement.
6. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York. The parties agree that, all actions and
proceedings arising out of this Agreement or any of the transactions
contemplated hereby, shall be brought in the United States District Court for
the Southern District of New York or in a New York State Court in the County of
New York and that, in connection with any such action or proceeding, submit to
the jurisdiction of, and venue in, such court. Each of the parties hereto also
irrevocably waives all right to trial by jury in any action, proceeding or
counterclaim arising out of this Agreement or the transactions contemplated
hereby.
7. This Agreement may be executed in any number of counterparts each of
which shall be deemed to be an original; but such counterparts, together, shall
constitute only one instrument.
8. The provisions of this Agreement are intended to benefit only the Bank
and the Customer, and no rights shall be granted to any other person by virtue
of this Agreement.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective corporate officers, thereunto duly authorized and
their respective corporate seals to be hereunto affixed, as of the day and year
first above written.
Attest: ING GLOBAL EQUITY DIVIDEND AND
PREMIUM OPPORTUNITY FUND
By:
--------------------------------- ------------------------------------
Name: Name:
Title: Title:
Attest: THE BANK OF NEW YORK
By:
--------------------------------- ------------------------------------
Name:
----------------------------
Title:
----------------------------
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SCHEDULE I
PROFILE
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STOCK TRANSFER AGENCY AGREEMENT
between
ING GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNTY FUND
and
THE BANK OF NEW YORK
Dated as of _________
ACCOUNT NUMBER(S)[________________]
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