S.L. 370.16 Art. 11Multi class schemes.

(1) A contractual fund may be constituted as a multi class scheme if, in terms of its deed of constitution, the units which are issued by its management company are capable of being divided into different classes of units not constituting a distinct sub-fund.

(2) A multi class contractual fund may, with the written approval of the competent authority, issue a new class or classes of units. Such class or classes of units shall not constitute a distinct sub-fund or sub-funds of the contractual fund.

(3) Each class of shares in a multi class contractual fund may be denominated in a different currency provided that a class of units may be denominated only in one currency.

(4) A multi class contractual fund may not elect for the segregation of any of its assets and liabilities.