S.L. 370.16 Art. 12Accounts of multi class schemes.

(1) A multi class scheme having its units denominated in different currencies shall draw up its annual accounts in any one of such currencies.

(2) The provision of subregulation (1) shall mutatis mutandis apply to the drawing up of any other reports or financial statements which may be required by the competent authority.

(3) For the purposes of subregulations (1) and (2), the conversion from the base currency of a class of units into the currency in which the annual accounts of the multi class scheme are to be drawn up shall be in accordance with generally accepted accounting principles.