PART IV - ISSUES OF SECURITIES AND TAKE-OVERS AND MERGERS DIVISION 5 - UNIT TRUST SCHEMES AND PRESCRIBED INVESTMENT SCHEMES
Section 104. Modification of deed through supplementary deed.
(1) A modification may be made to a deed only by a deed expressed to be supplementary to the principal deed and submitted by the management company to the Commission for registration, and a supplementary deed shall not have effect unless it has been so registered.
(2) On an application for registration of a supplementary deed, the Commission may-
(a) register the supplementary deed;
(b) register the supplementary deed with such revisions or subject to such terms and conditions as it deems fit; or
(c) refuse to register the supplementary deed.
(3) The Commission shall refuse to register a supplementary deed under paragraph (2)(c) if it appears to the Commission that the supplementary deed does not comply with the requirements of this Act or any other requirement as may be specified by the Commission.
(4) The supplementary deed submitted for registration shall be accompanied by-
(a) a resolution of not less than two-thirds of all unit holders at a unit holders' meeting duly convened and held according to the provisions and covenants of the deed sanctioning the proposed modification to the deed; or
(b) a statement from the trustee and the management company certifying that in their opinion such modification, alteration or addition does not materially prejudice the interests of unit holders and does not operate to release the trustee or the management company from any responsibility to the unit holders.
(5) The Commission may require the management company, in any application for registration of a supplementary deed, to obtain a resolution under paragraph (4)(a) if in the Commission's opinion any modification, alteration or addition to the deed may prejudice the interests of unit holders.
(6) A supplementary deed proposing any modification, alteration or addition to the deed which-
(a) would increase the maximum service charge or annual management fee payable to the management company, whether payment is made out of the property or assets of the unit trust scheme or prescribed investment scheme or otherwise; or
(b) would increase the maximum payment allowed to be made out of the property or assets of the unit trust scheme or prescribed investment scheme to the trustee by way of remuneration for the trustee's services,
shall be submitted for registration accompanied by a resolution under paragraph (4)(a) .
(7) A supplementary deed upon registration under this section shall be deemed to be part of the deed to which it relates for the purposes of this Act.
(8) A person who contravenes subsection (1) shall be guilty of an offence.