S.L. 370.16 Art. 5Contentsofdeedof constitution.

(1) The deed of constitution of a contractual fund should specify whether the fund is being established as a closed ended or open ended collective investment scheme and shall provide for the following:

(a) the name of the contractual fund;

(b) the duration, if any, of the contractual fund;

(c) the name of the management company and of the depositary;

(d) the investment policy of the contractual fund;

(e) the distribution policy, if any, of the income of the contractual fund;

(f) the remuneration and expenditure which the management company is empowered to charge the fund and the method of calculation of such remuneration;

(g) the date of the closing of the accounts of the fund;

(h) the dissolution of the contractual fund, without prejudice to the requirements set out in regulation 21;

(i) the procedure for the amendment to the deed of constitution;

(j) the procedure for the removal and replacement of the manager and the depositary of the contractual fund;

(k) the procedure for the issue of units to participants;

(l) the minimum percentage of holding required to requisition a meeting in terms of regulation 20;

(m) the procedure for the redemption of units and the conditions under which redemptions may be carried out or suspended;

(n) the method of valuation of the contractual fund’s assets;

(o) the law governing the contractual fund;

(p) any other matter which the competent authority may, by Investment Services Rules published for this purpose, require.

(2) Where the use of a Special Investment Vehicle is envisaged, the deed of constitution and the offering memorandum of a contractual fund must clearly indicate the intention to establish such a vehicle, and any reports prepared by the contractual fund shall include such information on its Special Investment Vehicle as the competent authority or any applicable Investment Services Rules issued under the Act may require.