Exhibit 13
O.R.I. FUNDS, INC.
STOCK SUBSCRIPTION AGREEMENT
To the Board of Directors of O.R.I. Funds, Inc.:
The undersigned purchaser (the "Purchaser")
hereby subscribes to 7,500 shares (the "Shares") of
common stock, $.01 par value (the "Common Stock"), of
O.R.I. Funds, Inc. (the "Fund") in consideration for
which the Purchaser agrees to transfer to you upon
demand Seventy-Five Thousand Dollars ($75,000) in cash.
It is understood that a certificate
representing the Shares shall not be issued to the
undersigned, but such ownership shall be recorded on
the books and records of the Fund's transfer agent.
Notwithstanding the fact that a certificate
representing ownership will not be issued, said Shares
shall be deemed fully paid and nonassessable.
The Purchaser agrees that the Shares are
being purchased for investment with no present
intention of reselling or redeeming said Shares.
The Purchaser acknowledges that costs
incurred by the Fund in connection with its
organization, registration and initial public offering
of Shares of the Fund have been deferred and are being
amortized over a period of five years from the date
upon which the Fund commences its investment
activities.
The Purchaser agrees that in the event any of
the Shares purchased hereunder are redeemed during such
five year period, the Fund is authorized to reduce the
redemption proceeds to cover any unamortized
organizational expenses in the same proportion as the
number of Shares being redeemed bears to the number of
Shares outstanding at the time of redemption. If, for
any reason, said reduction of redemption proceeds is
not in fact made by the Fund in the event of such a
redemption, the Purchaser agrees to reimburse the Fund
immediately for any unamortized organizational expenses
in the proportion stated above.
Dated and effective this 7th day of December,
1993.
/s/ Xxxxxxx X. Xxxxxxx
------------------------
Xxxxxxx X. Xxxxxxx,
Individual
Retirement Account
Page Two
Subscription Agreement
ACCEPTANCE
The foregoing subscription is hereby
accepted. Dated and effective as of this 7th day of
December, 1993.
O.R.I. FUNDS, INC.
By:/s/ Xxxxx X. Xxxxxxx
--------------------------
Xxxxx X. Xxxxxxx,
President
Attest:/s/ Xxxx X. Xxxxxx
----------------------
Xxxx X. Xxxxxx,
Secretary
O.R.I. FUNDS, INC.
STOCK SUBSCRIPTION AGREEMENT
To the Board of Directors of O.R.I. Funds, Inc.:
The undersigned purchaser (the "Purchaser")
hereby subscribes to 2,500 shares (the "Shares") of
common stock, $.01 par value (the "Common Stock"), of
O.R.I. Funds, Inc. (the "Fund") in consideration for
which the Purchaser agrees to transfer to you upon
demand Twenty-Five Thousand Dollars ($25,000) in cash.
It is understood that a certificate
representing the Shares shall not be issued to the
undersigned, but such ownership shall be recorded on
the books and records of the Fund's transfer agent.
Notwithstanding the fact that a certificate
representing ownership will not be issued, said Shares
shall be deemed fully paid and nonassessable.
The Purchaser agrees that the Shares are
being purchased for investment with no present
intention of reselling or redeeming said Shares.
The Purchaser acknowledges that costs
incurred by the Fund in connection with its
organization, registration and initial public offering
of Shares of the Fund have been deferred and are being
amortized over a period of five years from the date
upon which the Fund commences its investment
activities.
The Purchaser agrees that in the event any of
the Shares purchased hereunder are redeemed during such
five year period, the Fund is authorized to reduce the
redemption proceeds to cover any unamortized
organizational expenses in the same proportion as the
number of Shares being redeemed bears to the number of
Shares outstanding at the time of redemption. If, for
any reason, said reduction of redemption proceeds is
not in fact made by the Fund in the event of such a
redemption, the Purchaser agrees to reimburse the Fund
immediately for any unamortized organizational expenses
in the proportion stated above.
Dated and effective this 7th day of December,
1993.
/s/ Xxxxxx Xxxxxxxx
------------------------
Xxxxxx Xxxxxxxx,
Individual
Retirement Account
Page Two
Subscription Agreement
ACCEPTANCE
The foregoing subscription is hereby
accepted. Dated and effective as of this 7th day of
December, 1993.
O.R.I. FUNDS, INC.
By:/s/ Xxxxx X. Xxxxxxx
-------------------------
Xxxxx X. Xxxxxxx,
President
Attest:/s/ Xxxx X. Xxxxxx
----------------------
Xxxx X. Xxxxxx,
Secretary
