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Aug 1 2006 - Jul 10 2010Jul 11 2010 onwards

13. Creation of an Investment Trust



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(1) An Investment Trust shall be created by a Trust Deed entered into between:
(a) a person who meets the requirements to be a Fund Manager under Article 20(1) (a) or (b) of the Collective Investment Law 2010 and the rules made for the purposes of that law; and
(b) a person who meets the requirements to be a Trustee under Article 18 of this Law.
(2) An Investment Trust shall be formed solely for collective investment purposes as defined in Article 11 of the Collective Investment Law 2010. Consequently, an Investment Trust created for the purposes of this Law is a Collective Investment Fund for the purposes of the Collective Investment Law 2010.
(3) The Trust Deed shall:
(a) meet all the requirements that apply in respect of the Constitution of a Fund under the Collective Investment Law 2010 and the rules made for the purposes of that law;
(b) set out clearly whether the Trustee is to provide the oversight function relating to the Investment Trust;
(c) confer on the Trustee all the powers that are necessary for the Trustee to discharge all its duties and perform all its functions under this Law and the Collective Investment Law 2010 and the rules made for the purposes of those laws; and
(d) not contain any provision which conflicts with the requirements in the Collective Investment Law 2010 and rules made for the purposes of that law.