EXHIBIT 6(a)
AETNA SERIES FUND, INC.
UNDERWRITING AGREEMENT
THIS AGREEMENT, made this 1st day of August, 1997, by and between Aetna
Investment Services, Inc. ("AISI" or "Underwriter"), a Connecticut corporation,
and Aetna Series Fund, Inc. ("Fund"), a Maryland corporation.
WHEREAS, the Fund is an open-end management investment company
registered with the Securities and Exchange Commission (SEC) under the
Investment Company Act of 1940, as amended ("1940 Act"); and
WHEREAS, the Fund has registered the shares of its common stock for
offer and sale to the public under the Securities Act of 1933, as amended ("1933
Act"), and in accordance with the provisions of all applicable state securities
laws (Blue Sky Laws); and
WHEREAS, the Fund is offering and selling to the public distinct series
of shares of common stock, each corresponding to a distinct series ("Series");
and
WHEREAS, the Fund wishes to retain the Underwriter as exclusive
principal underwriter in connection with the offering and sale of the shares of
each Series as now exists and as hereafter may be established ("Shares")
including any new classes of shares that may be offered and sold and to furnish
certain other services to the Fund as specified in this Agreement; and
WHEREAS, the Underwriter is willing to act as exclusive Underwriter and
to furnish such services on the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the promises and mutual covenants
herein contained, the parties thereto agree as follows:
1. Appointment of Underwriter. The Fund hereby appoints AISI and AISI
hereby accepts appointment as exclusive underwriter in connection with the
offering and sale of the shares of each Series as are now registered for sale
with the SEC and under Blue Sky Laws and such other Series and classes of shares
of Series as may hereafter be so registered. The Fund authorizes the
Underwriter, as exclusive agent for the Fund, upon the commencement of
operations of any Series and subject to applicable federal and state law and the
Articles of Incorporation and By-Laws of the Fund: (a) to promote the Series;
(b) to solicit orders for the purchase of the Shares of the Series subject to
such terms and conditions as the Fund may specify; and (c) to hold itself
available to receive orders for the purchase of the Shares of the Series and to
accept such orders on behalf of the Fund as of the time of receipt of such
orders and promptly transmit such orders as are accepted to the Fund and its
transfer agent. Purchase orders shall be deemed effective at the time and in the
manner set forth in the Registration Statement as it may be amended from time to
time. The Underwriter shall offer the Shares of each Series on an agency or
"best efforts" basis under which the Fund shall only issue such Shares as are
actually sold. In connection with such sales and offers of sale, the Underwriter
shall give only
such information as is permitted by applicable law, and the Fund shall not be
responsible in any way for any other information, statements or representations
given or made by the Underwriter or its representatives or agents. The Fund also
shall permit the Underwriter to use any list of shareholders of the Fund or any
Series or any other list of investors which it obtains in connection with its
provision of services under this Agreement. The Fund reserves the right at any
time to withdraw all offerings of the Shares of any or all Series by written
notice to the Underwriter at its principal office.
2. Fund Obligations. The Fund shall keep the Underwriter fully informed
of its affairs and shall make available to Underwriter copies of all
information, financial statements, and other papers which Underwriter may
reasonably request for use in connection with the distribution of shares,
including, without limitation, certified copies of any financial statements
prepared for the Fund by its independent public accountant and such reasonable
number of copies of the most current prospectus, statement of additional
information, and annual and interim reports of a Series as the Underwriter may
request, and the Fund shall cooperate fully in the efforts of the Underwriter to
sell and arrange for the sale of the Shares and in the performance of the
Underwriter under this Agreement.
3. Sales to Dealers. The Underwriter, at its discretion, may enter into
agreements to sell shares to such registered and qualified retail dealers, as it
may select.
4. Public Offering Price. The public offering price of the Shares of
each Series shall be the net asset value per share (as determined by the Fund)
of the outstanding Shares of the Series, plus any applicable sales charge as
described in the Registration Statement of the Fund. The Fund shall furnish (or
arrange for another person to furnish) the Underwriter with a quotation of
public offering price on each business day.
5. Compensation. As compensation for providing services under this
contract, the Underwriter shall retain the sales charge, if any, on purchases
and redemptions of Shares as set forth in the Registration Statement. The
Underwriter is authorized to collect the gross proceeds derived from the sale of
the Shares, remit the net asset value thereof to the Fund upon receipt of the
proceeds and retain the sales charge, if any. The Underwriter may reallow any or
all of such sales charges to such dealers as it may from time to time determine.
Whether a sales charge shall be retained by the Underwriter shall be determined
in accordance with the Registration Statement. If applicable, the Underwriter
also shall receive from each Series or class thereof a distribution and/or
service fee at the rate and under the terms and conditions of the Shareholder
Services Plan and Distribution Plan ("Plans") adopted by the Fund with respect
to such Series or class thereof, as such Plans are in effect from time to time,
and subject to any further limitations on such fee as the Board of Directors
("Board") may impose.
6. Underwriter's Expenses. The Underwriter, at no additional expense to
the Fund, shall print and distribute to prospective investors Prospectuses, and
shall print and distribute, upon request, to prospective investors Statements of
Additional Information, and may print and distribute such other sales
literature, reports, forms and advertisements in connection with the sale of the
Shares as comply with the applicable provisions of federal and state law.
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7. Fund Expenses. The Fund agrees at its own expense to register the
Shares with the SEC, state and other regulatory bodies, and to prepare and file
from time to time such Prospectuses, Statements of Additional Information,
amendments, reports and other documents as may be necessary to maintain the
Registration Statement. Each Series shall bear all expenses related to preparing
and typesetting such Prospectuses, Statements of Additional Information, and
other materials and such other expenses, including printing and mailing
expenses, related to such Series' communications with existing shareholders of
that Series.
8. Indemnification by Fund. The Fund agrees to indemnify, defend and
hold the Underwriter, its several officers and directors, and any person who
controls the Underwriter within the meaning of Section 15 of the 1933 Act, free
and harmless from and against any and all claims, demands, liabilities and
expenses (including the cost of investigating or defending such claims, demands
or liabilities and any counsel fees incurred in connection therewith) which the
Underwriter, its officers or directors, or any such controlling person may
incur, under the 1933 Act or under common law or otherwise, arising out of or
based upon any alleged untrue statement of a material fact contained in the
Registration Statement or arising out of or based upon any alleged omission to
state a material fact required to be stated or necessary to make the
Registration Statement not misleading, provided that in no event shall anything
contained in this Agreement be construed so as to protect the Underwriter
against any liability to the Fund or to the shareholders of a Series to which
the Underwriter would otherwise be subject by reason of willful misfeasance, bad
faith, or gross negligence in the performance of its duties, or by reason of its
reckless disregard of its obligations and duties under this Agreement.
9. Indemnification by Underwriter. The Underwriter agrees to indemnify,
defend and hold the Fund, its several officers and directors, and any person who
controls the Fund within the meaning of Section 15 of the 1933 Act, free and
harmless from and against any and all claims, demands, liabilities and expenses
(including the cost of investigating or defending such claims, demands or
liabilities and any counsel fees incurred in connection therewith) which the
Fund, its officers or directors, or any such controlling person may incur, under
the 1933 Act or under common law or otherwise, arising out of or based upon any
alleged untrue statement of a material fact contained in information furnished
in writing by the Underwriter to the Fund for use in the Registration Statement
or arising out of or based upon any alleged omission to state a material fact in
connection with such information required to be stated in the Registration
Statement or necessary to make such information not misleading. As used in this
paragraph, the term "employee" shall not include a corporate entity under
contract to provide services to the Fund or any Series, or any employee of such
a corporate entity, unless such person is otherwise an employee of the Fund.
10. Share Certificates. The Fund shall not issue certificates
representing Shares.
11. Repurchase of Shares. The Underwriter may at its sole discretion
repurchase Shares offered for sale by the shareholders. Repurchase of Shares by
the Underwriter shall be at the net asset value next determined after a
repurchase order has been received. The Underwriter will receive no commission
or other remuneration for repurchasing Shares. At the end of each
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business day, the Underwriter shall notify by telex or in writing, the Fund and
its transfer agent, of the orders for repurchase of Shares received by the
Underwriter since the last such report, the amount to be paid for such Shares,
and the identity of the shareholders offering Shares for repurchase. Upon such
notice, the Fund shall pay the Underwriter such amounts as are required by the
Underwriter for the repurchase of such Shares in cash or in the form of a credit
against monies due the Fund from the Underwriter as proceeds from the sale of
Shares. The Fund reserves the right to suspend such repurchase right upon
written notice to the Underwriter. The Underwriter further agrees to act as
agent for the Fund to receive and transmit promptly to the Fund's transfer agent
shareholder requests for redemption of Shares.
12. Status of Underwriter and Other Persons. The Underwriter is an
independent contractor and shall be agent for the Fund only in respect to the
sale and redemption of the Shares. Any person, even though also an officer,
director, employee or agent of the Underwriter, who may be or become an officer,
director, employee or agent of the Fund, shall be deemed, when rendering
services to the Fund or acting in any business of the Fund, to be rendering such
services to or acting solely for the Fund and not as an officer, director,
employee or agent or one under the control or direction of the Underwriter even
though paid by the Underwriter.
13. Non-Exclusive Services. The services of the Underwriter to the Fund
under this Agreement are not to be deemed exclusive, and the Underwriter shall
be free to render similar services or other services to others so long as its
services hereunder are not impaired thereby.
14. Reports of Underwriter. The Underwriter shall prepare reports for
the Board on a quarterly basis showing such information concerning expenditures
related to this Agreement as from time to time shall be reasonably requested by
the Board.
15. Definitions. The terms "assignment," "interested person," and
"majority of the outstanding voting securities" shall have the meanings given to
them by Section 2(a) of the 1940 Act, subject to such exemptions as may be
granted by the Commission by any rule, regulation or order. Additionally, the
term "Registration Statement" shall mean the registration statement most
recently filed by the Fund with the Commission and effective under the 1940 Act
and 1933 Act, as such Registration Statement is amended by any amendments
thereto at the time in effect, and the terms "Prospectus" and "Statement of
Additional Information" shall mean, respectively, the form of prospectus and
statement of additional information with respect to a Series filed by the Fund
as part of the Registration Statement.
16. Effectiveness of Agreement. This Agreement shall become effective
upon the date hereabove written, provided that, with respect to a Series, this
Agreement shall not take effect unless such action has first been approved by
vote of a majority of the Board and by vote of a majority of those directors of
the Fund who are not interested persons of the Fund and have no direct or
indirect financial interest in the operation of the Plan (if there be a Plan) or
in any agreements related thereto (all such directors collectively being
referred to herein as the "Independent Directors"), cast in person at a meeting
called for the purpose of voting on such action.
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17. Termination of Agreement. This Agreement shall become effective at
the close of business on the date set forth in the first paragraph of this
Agreement and shall remain in force and effect, through December 31, 1997,
unless earlier terminated. Thereafter, if not terminated, this Agreement shall
continue automatically for successive periods of twelve months each, provided
that such continuance is specifically approved at least annually (a) by a vote
of a majority of the Independent Directors, cast in person at a meeting called
for the purpose of voting on such approval, and (b) by the Board or with respect
to any given Series by vote of a majority of the outstanding voting securities
of such Series. Notwithstanding the foregoing, with respect to any Series, this
Agreement may be terminated at any time, without the payment of any penalty, by
vote of the Board, by vote of a majority of the Independent Directors or by vote
of a majority of the outstanding voting securities of such Series on 60 days'
written notice to the Underwriter or by the Underwriter at any time, without the
payment of any penalty, on 60 days' written notice to the Fund or such Series.
Termination of this Agreement with respect to any given Series or class thereof
shall in no way affect the continued validity of this Agreement or the
performance thereunder with respect to any other Series or class thereof. This
Agreement will automatically terminate in the event of its assignment.
18. Amendments. No provision of this Agreement may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge or
termination is sought.
19. Applicable Law. This Agreement shall be construed in accordance
with the laws of the State of Connecticut and the 1940 Act. To the extent that
the applicable laws of the State of Connecticut conflict with the applicable
provisions of the 1940 Act, however, the latter shall control.
20. Notice. Any notice required or permitted to be given by either
party to the other shall be deemed sufficient upon receipt in writing at the
other party's principal offices.
21. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect.
IN WITNESS WHEREOF, the parties hereto caused this Agreement to be
executed by their officers thereunto duly authorized.
Attest: AETNA INVESTMENT SERVICES, INC.
By: /s/ Xxxxxx X. Bounty By: /s/ Xxxxxxxxxxx Xxxxx
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Corporate Secretary
Name: Xxxxxxxxxxx Xxxxx
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Title: President
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Attest: AETNA SERIES FUND, INC.
By: /s/ Xxx X. Doberman By: /s/ Xxxxx X. Xxxxxxx
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Corporate Secretary
Name: Xxxxx X. Xxxxxxx
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Title: President
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