unit that may be issued, and for a
scheme which is an umbrella, the classes that may be issued in
respect of each sub-fund; and
(2) if the rights of any class of unit differ, a statement describing
those differences in relation to the differing classes.
Authorised fund manager's charges and expenses
10 A statement setting out the basis on which the authorised fund
manager may make a charge and recover expenses out of the scheme
property.
Issue or cancellation directly through the ICVC or trustee
17
11 Where relevant, a statement authorising the issue or cancellation of
units to take place through the ICVC or trustee directly.
In specie issue and cancellation
12 Where relevant, a statement authorising payment for the issue or
cancellation of units to be made by the transfer of assets other than
cash.
Restrictions on sale and redemption
13 Where relevant, the restrictions which will apply in relation to the
sale and redemption of units under COLL 6.2.16R (Sale and
redemption).
Voting at meetings
14 The manner in which votes may be given at a meeting of unitholders
under COLL 4.4.8R (Voting rights).
Certificates
15 A statement:
(1) authorising the issue of bearer certificates if any, and how such
holders are to identify themselves; and
(2) authorising the person responsible for the register to charge for
issuing any document recording, or for amending, an entry on
the register, other than on the issue or sale of units.
Income
16 A statement setting out the basis for the distribution or re-investment
of income.
Income equalisation
17 Where relevant, a provision for income equalisation.
Redemption or cancellation of units on breach of law or rules
18 A statement that where any holding of units by a unitholder is (or is
reasonably considered by the authorised fund manager to be) an
infringement of any law, governmental regulation or rule, those units
must be redeemed or cancelled.
ICVCs: larger and smaller denomination shares
18
19 A statement of the proportion of a larger denomination share
represented by a smaller denomination share for any relevant unit
class.
ICVCs: resolution to remove a director
20 A statement that the ICVC may (without prejudice to the
requirements of regulation 21 of the OEIC Regulations (The
Authority’s approval for certain changes in respect of a company), by
a resolution passed by a simple majority of the votes validly cast for
and against the resolution at a general meeting of unitholders, remove
a director before his period of office expires, despite anything else in
the ICVC's instrument of incorporation or in any agreement between
the ICVC and that director.
ICVCs: unit transfers
21 A statement that the person designated for the purposes of paragraph
4 of Schedule 4 to the OEIC Regulations (Share transfers) is the
person who, for the time being, is the ACD of the ICVC.
ICVCs: Charges and expenses
22 A statement that charges or expenses of the ICVC may be taken out
of the scheme property.
AUTs: governing law for a trust deed
23 A statement that the trust deed is made under and governed by the
law of England and Wales, Wales or Scotland or Northern Ireland.
AUTs: trust deed to be binding and authoritative
24 A statement that the trust deed:
(1) is binding on each unitholder as if it had been a party to it and
that it is bound by its provisions; and
(2) authorises and requires the trustee and the manager to do the
things required or permitted of them by its terms.
AUTs: declaration of trust
25 A declaration that, subject to the provisions of the trust deed and all
rules made under section 247 of the Act (Trust scheme rules) and for
the time being in force:
19
(1) the scheme property (other than sums standing to the credit of
the distribution account) is held by the trustee on trust for the
unitholders according to the number of units held by each
unitholder or, where relevant, according to the number of
undivided shares in the scheme property represented by the
units held by each unitholder; and
(2) the sums standing to the credit of the distribution account are
held by the trustee on trust to distribute or apply them in
accordance with COLL 6.8 (Income: accounting, allocation and
distribution).
AUTs: trustee's remuneration
26 Where relevant, a statement authorising payments to the trustee by
way of remuneration for its services to be paid (in whole or in part)
out of the scheme property.
AUTs: responsibility for the register
27 A statement identifying the person responsible under the rules for the
maintenance of the register.
