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Aug 1 2006 onwards

12. General prohibition

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(1) A person shall not enter into an agreement to create a trust for collective investment purposes unless it is an agreement of the kind referred to in Article 13.
(2) A person proposing to act as the Trustee does not breach the prohibition in (1) merely by entering into a Trust Deed for the creation of an Investment Trust prior to obtaining a Licence with the appropriate authorisations referred to in Article 18. However, that person must not carry out any functions under the Trust Deed prior to obtaining that Licence.