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Exhibit No. Ex-99.i
Law Office
STRADLEY, RONON, STEVENS & YOUNG, LLP
2600 One Commerce Square
Philadelphia, Pennsylvania 19103-7098
(215) 564-8000
Direct Dial: (215) 564-8115
December 29, 2000
Jacob Internet Fund Inc.
c/o Jacob Asset Management LLC
1675 Broadway
New York, NY 10019
Re: LEGAL OPINION-SECURITIES ACT OF 1933
Ladies and Gentlemen:
We have examined the Articles of Incorporation (the
"Articles") of Jacob Internet Fund Inc. (the "Fund"), a series corporation
organized under Maryland law, the By-Laws of the Fund, and its proposed form of
share certificates (if any), all as amended to date, and the various pertinent
corporate proceedings we deem material. We have also examined the Notification
of Registration and the Registration Statements filed on behalf of the Fund
under the Investment Company Act of 1940, as amended (the "Investment Company
Act") and the Securities Act of 1933, as amended (the "Securities Act"), all as
amended to date, as well as other items we deem material to this opinion.
The Fund is authorized by the Articles to issue twenty billion
(20,000,000,000) shares of all classes of common stock at a par value of one
tenth of one cent ($0.001) per share and an aggregate par value of twenty
million dollars ($20,000,000) and currently issues one class of shares. The
Articles also empower the Board to designate any additional classes or
sub-classes and allocate shares to such classes.
The Fund has filed with the U.S. Securities and Exchange
Commission a registration statement under the Securities Act, which registration
statement is deemed to register an indefinite number of shares of the Fund
pursuant to the provisions of Section 24(f) of the Investment Company Act. You
have further advised us that the Fund has filed, and each year hereafter will
timely file, a Notice pursuant to Rule 24f-2 under the Investment Company Act
perfecting the registration of the shares sold by the Fund during each fiscal
year during which such registration of an indefinite number of shares remains in
effect.
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You have also informed us that the shares of the Fund have
been, and will continue to be, sold in accordance with the Fund's usual method
of distributing its registered shares, under which prospectuses are made
available for delivery to offerees and purchasers of such shares in accordance
with Section 5(b) of the Securities Act.
Based upon the foregoing information and examination, so long
as the Fund remains a valid and subsisting entity under the laws of its state of
organization, and the registration of an indefinite number of shares of the Fund
remains effective, the authorized shares of the Fund when issued for the
consideration set by the Board of Directors pursuant to the Articles, and
subject to compliance with Rule 24f-2, will be legally outstanding, fully-paid,
and non-assessable shares, and the holders of such shares will have all the
rights provided for with respect to such holding by the Articles and the laws of
the State of Maryland.
We hereby consent to the use of this opinion, in lieu of any
other, as an exhibit to the Registration Statement of the Fund, along with any
amendments thereto, covering the registration of the shares of the Fund under
the Securities Act and the applications, registration statements or notice
filings, and amendments thereto, filed in accordance with the securities laws of
the several states in which shares of the Fund are offered, and we further
consent to reference in the registration statement of the Fund to the fact that
this opinion concerning the legality of the issue has been rendered by us.
Very truly yours,
STRADLEY, RONON, STEVENS & YOUNG, LLP
BY: /s/ Bruce G. Leto
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Bruce G. Leto
