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  • Part 2: Creation, Alteration and Termination of an Investment Trust

    • 12. General prohibition

      (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.

    • 13. Creation of an Investment Trust

      (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.

    • 14. Effect and validity of the Trust Deed

      (1) The provisions of the Trust Deed are binding on the persons who become Unitholders of the Investment Trust, as if they were a party to the Trust Deed.
      (2) Any provision of a Trust Deed, which is inconsistent with this Law, the Collective Investment Law 2010 or rules made for the purposes of these laws, shall be void.

    • 15. Alteration to a Trust Deed

      The terms of Trust Deed may be altered in accordance with the requirements in Article 35 of the Collective Investment Law 2010 and the rules made for the purposes of that Part.

    • 16. Termination of an Investment Trust

      An Investment Trust may be terminated in accordance with the requirements in Part 8 of the Collective Investment Law 2010 and the rules made for the purposes of that Part.