EXHIBIT 13
STOCK SUBSCRIPTION AGREEMENT
The Primary Income Funds, Inc.
First Financial Centre
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxxxx 00000
Gentlemen:
The undersigned hereby subscribes to a total of 60,000 shares of
the capital stock of The Primary Income Funds, Inc. (the "Corporation"),
consisting of 50,000 shares of the Corporation's Class A Common Stock,
$.0001 par value, at the subscription price of $1.00 per share and 5,000
shares each of the Corporation's Class B Common Stock, $.0001 par value,
and Class C Common Stock, $.0001 par value, at the subscription price of
$10.00 per share. The undersigned agrees to pay the Corporation therefor
the sum of $150,000 in cash.
It is understood that upon acceptance hereof by the Corporation
certificates representing the shares subscribed for shall be issued to the
undersigned and that said shares shall be deemed to be fully paid and
nonassessable except for the statutory liability imposed by
Section 180.46(6) of the Wisconsin Statutes.
The undersigned agrees that said shares are being purchased for
investment with no present intention of reselling or redeeming said
shares.
Dated and effective this 24th day of August, 1989.
XXXXXX INVESTMENT COUNSEL
INCORPORATED
By: /s/ Xxxxx X. Xxxxxx, Xx.
Xxxxx X. Xxxxxx, Xx., President
Attest: /s/ Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxxxx, Secretary
The foregoing subscription is hereby accepted. Dated and
effective as of this 24th day of August, 1989.
THE PRIMARY INCOME FUNDS, INC.
By: /s/ Xxxxx X. Xxxxxx, Xx.
Xxxxx X. Xxxxxx, Xx., President
Attest: /s/ Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxxxx, Secretary
