S.L. 370.16 Art. 13Multi fund schemes.

(1) A contractual fund may be constituted as a multi fund scheme where, in terms of its deed of constitution, its property is or is capable of being divided into different groups of units where one group would constitute a distinct sub-fund of the contractual fund.

(2) A multi fund scheme may, with the written approval of the competent authority, create and issue a new group of units which may constitute a new sub-fund or be comprised in any existing sub-fund of the contractual fund.

(3) A group of units constituting a sub-fund in a multi class scheme fund may be denominated in a different currency provided that a group of units may be denominated in only one currency.

(4) For the purposes of this regulation, a "sub-fund" means the distinct group of units constituting that sub-fund in a multi class scheme to which are allocated assets and liabilities distinct from other assets and liabilities allocated to the other sub-funds in the same contractual fund.