ADMINISTRATIVE AGREEMENT
This Agreement is made this 11th day of December, 1998, by and among UMB BANK,
n.a., a national banking association having its principal office and place of
business at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ (the "Bank"), ND
Resources, Inc., a North Dakota corporation, having its principal office and
place of business at ▇ ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ ("Agent") and Investors
Research Fund, Inc., a California corporation, having its principal office and
place of business at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ("Fund").
The effective date of this agreement is to be December 12, 1998.
WHEREAS, Fund is the sponsor of custodial accounts ("Accounts") pursuant to
Custodial Agreements (the "Account Agreements") established for individual
retirement accounts established under the provisions of Section 408 of the
Internal Revenue Code of 1986, as amended, and the regulations promulgated
thereunder (referred to herein collectively as the "Code") Simplified Employee
Pension Plans, Savings Incentive Match Plan for Employees, ▇▇▇▇ IRAs,
EDUCATION IRAs (collectively referred to herein as Individual Retirement
Accounts), 403(b) custodial accounts, and Investors Research Fund, Inc. Defined
Contribution Plans pursuant to the provisions of the Investors Research Fund,
Inc., Prototype Defined Contribution Plan adopted by each participating
employer, all of which (Individual Retirement Accounts, 403(b) custodial
accounts, Defined Contribution Plan accounts) are referred to herein as
"Accounts", and
WHEREAS, by Agreement dated the 11th day of December, 1998, the Fund appointed
the Bank as Custodian for accounts established by the Fund as the sponsor of
such Accounts referred to herein; and
WHEREAS, the Bank accepted appointment as Custodian of those individual
retirement accounts in accordance with the agreement dated the 11th day of
December,1998; and
WHEREAS, Agent agreed to perform certain administrative and recordkeeping
duties relative to those individual retirement accounts;
WHEREAS, Paragraph 6 of the Agreement dated the 11th day of December, 1998
provided that Agent should collect all custodial fees due in accordance with
the relevant fee schedules and remit to the Bank the applicable amount for the
Bank's services as Custodian.
NOW, THEREFORE, the parties to this Agreement agree that the Bank's fee for
serving as Custodian of each individual retirement account under the Agreement
dated December 11, 1998, is $4.00 per year or any portion thereof. Said fee
will, in accordance with the Agreement dated December 11, 1998, be collected
by ND Resources, Inc. and transmitted to the Bank.
This Agreement may be terminated or amended at any time by mutual consent of
the Bank, Agent or Fund, or upon 30 days' written notice by any party. No
modification or amendment of this Agreement shall be valid or binding on the
parties unless made in writing and signed on behalf of each of the parties by
their respective duly authorized officers or representatives.
This Agreement may be executed in any number of counterparts, and by the
parties hereto on separate counterparts, each of which when so executed shall
be deemed an original and all of which when taken together shall constitute one
and the same agreement.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their duly authorized officers under authority of their respective
Boards of Directors, and their corporate seals to be affixed hereto this 11th
day of December, 1998.
UMB BANK, n.a.
as Custodian
By: /▇▇▇▇▇▇▇ ▇. ▇▇▇▇/
Title: Senior Vice President
Employee Benefits Division
Attest: /▇▇▇▇▇▇ ▇▇▇▇▇▇▇/
Assistant Secretary
ND RESOURCES, INC.
By: /▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇/
Title: Shareholder Services Manager
INVESTORS RESEARCH, INC.
By: /▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇/
Title: President