CUSTODY AGREEMENT
For
C/FUND GROUP, INC.
C/Financial Fund Series
Xxxxxxxx Trust Company
Xxxxxx, Xxxxxxx 00000
CUSTODY AGREEMENT
THIS AGREEMENT is made between the parties named below as
follows:
CUSTOMER: C/Financial Fund Portfolio Series of
C/FUND GROUP, INC.
CUSTODIAN: XXXXXXXX TRUST COMPANY, 000 Xxxxxx Xxxx,
Xxxxxx, XX 00000
FIRST - Appointment and Delivery and Ownership of
Property. The CUSTOMER hereby appoints the CUSTODIAN to
provide custodial and related services to CUSTOMER, which
will deliver from time to time property acceptable to
CUSTODIAN to be held in accordance with the terms of this
agreement. The CUSTOMER is the owner of all property held
hereunder and CUSTODIAN is acting solely as an agent of
the CUSTOMER for the purposes set forth herein.
SECOND - Investments. CUSTODIAN is hereby empowered to
invest, sell and/or reinvest CUSTOMER's assets,
securities or properties and to take delivery or to
deliver or to arrange for deliveries and receipts of such
assets securities or properties in the normal course of
performing all necessary duties hereunder, only upon
instructions from authorized representatives or agents of
OMNIVEST RESEARCH CORPORATION as the investment advisor
to this fund series. Instructions from authorized
representatives or agents of the CUSTOMER's investment
advisor in regard to purchase, sale or delivery of
assets, securities or properties may, but need not be, in
writing and CUSTOMER assumes all risks resulting from
action taken by CUSTODIAN in good faith as a result of
having taken such instructions. CUSTODIAN shall not be
required to comply with any direction to purchase
securities unless or until there is sufficient cash or
equivalents available for such purpose, or with any
direction to sell securities unless such securities are
held in or to the order of the Account at the time in a
form satisfactory to CUSTODIAN. Expenses incurred in
effecting any of the foregoing transactions shall be
charged to the Account unless the CUSTOMER makes
provisions or gives instructions otherwise. CUSTODIAN
shall undertake the collection of any item held as the
same matures.
THIRD - Income. CUSTODIAN shall collect income on the
property held hereunder, pay expenses and make
remittances as directed, authorized or agreed, and/or
reinvest income as CUSTOMER instructs.
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FOURTH - Statements. Periodically as mutually agreed,
CUSTODIAN shall furnish to CUSTOMER or to CUSTOMER's
Investment Advisor, daily cash balances, statements of
assets and statements of all receipts and disbursements
and shall furnish annually data for the preceding year to
assist the CUSTOMER in preparing returns for income tax
purposes on the property held hereunder.
FIFTH - Nominee. CUSTODIAN may register all or any part
of the property either in the name of CUSTODIAN, or in
any name or nominee, or may retain them unregistered and
in bearer form.
SIXTH - Payment of Taxes. The CUSTOMER is responsible
for the payment of all taxes assessed on or with respect
to any property held hereunder and income collected
thereon and agrees to hold CUSTODIAN harmless therefore.
SEVENTH - Compensation. The compensation of Agent shall
be as mutually agreed from time to time between Agent and
CUSTOMER. Current Rate Structure is attached in Schedule
A.
EIGHTH - Withdrawal of Property and Termination of
Agreement. The CUSTOMER may withdraw any and all property
held hereunder only upon presentation to CUSTODIAN of
documentation satisfactory to CUSTODIAN, authorizing such
withdrawal or termination, it being clearly established
herein that it is the intent of this provision to mean
that any such withdrawal of assets, securities or
properties by CUSTOMER in kind or in cash is to made by
CUSTOMER's authorized officer or agent only upon
presentation of a resolution of CUSTOMER's Board of
Directors, signed by all directors of the CUSTOMER, with
signatures attested to by the Secretary of C/Funds Group,
Inc., and signed under seal, with the language in the
resolution to explicitly authorize such specific
withdrawal or termination. The final withdrawal of all
property held hereunder shall terminate this agreement.
CUSTODIAN shall have the right to terminate this
agreement at any time upon giving the CUSTOMER written
notice. CUSTODIAN shall deliver the property as soon as
practicable upon either a withdrawal or termination, but
prior to delivery may require re-registration of any
property held in its nominee form.
NINTH - Authority of CUSTOMER. CUSTOMER certifies that
it has legal authority to enter into this agreement. A
certified copy of a resolution authorizing the opening of
the account and stating the names of the officers duly
authorized to act on behalf of CUSTOMER is attached
hereto, and Agent shall be authorized to accept
instructions, as may be permitted in this Agreement, from
such named person or persons until receipt by it of a
certified copy of a new resolution conferring authority
upon another person or persons to act similarly.
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TENTH - Law Governing. The laws of the State of Florida
shall govern the interpretation of this agreement.
ELEVENTH - General. CUSTOMER's tax identification number
is ___________________.
This agreement shall bind the respective successors and
assigns of the parties hereto.
IN WITNESS WHEREOF, the CUSTOMER and CUSTODIAN have
executed this agreement in duplicate on the _____ day of
______________________, 1997.
CUSTOMER:
ATTEST: C/Financial Fund Series
C/Funds Group, Inc.
___________________________ By: ___________________________
Xxxxxx X. Xxxxxxxx, Xx.
President
CUSTODIAN:
ATTEST: Xxxxxxxx Trust Company
___________________________ By ____________________________
Xxxxxx X. Xxxxxxxx
Chief Executive Officer
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ws/cfi/custagr.cff
Fee Schedule
as of September 1, 1997
Fee Schedule 0.3% of Market Value Per Year
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