P.U. 173/66
COMPANIES REGULATIONS, 1966
PART III - GENERAL PROVISIONS RELATING TO FORMS AND OTHER DOCUMENTS.
Regulation 9. Matters and things to be included in deeds.
(1) For the purposes of paragraph (b) of subsection (2) of section 86 of the Act, the following are the matters and things required to be included in a deed:
(a) such particulars as are sufficient to disclose the nature of the undertaking, scheme, enterprise or investment contract, and the nature of the interests, to which the deed relates;
(b) a provision expressly appointing a company (being a company that has been approved by the Minister) as trustee for or representative the holders of the interests to which the deed relates;
(c) except where no property is to be vested in the trustee or representative, a provision creating a trust or containing a declaration of trust, and setting out full particulars of the trust, including precise information as to the circumstances in which the money, marketable securities, investments and other property subject to the trust are or will be vested in the trustee or representative, and the duties obligations towards the holders of those interests in regard to that property;
(d) a provision for, and full particulars with respect to -
(i) the retirement, removal and replacement of the trustee or representative;
(ii) the retirement, removal and replacement of the management company or, if the management company is not liable to be removed by the trustee or representative or by the interest holders, a statement of that fact;
(iii) the appointment, retirement, removal and replacement of the auditor of the accounts relating to interests under the deed;
(iv) the duration, if ascertainable, of the undertaking, scheme, enterprise or investment contract or, if the duration is not ascertainable, a statement of that fact; and
(v) the termination or winding up of the undertaking, scheme, enterprise or investment contract;
(e) where the interests to which the deed relates consist of rights or interests in or arising out of an investment relating to property that tends to depreciate in value through use or effluxion of time, particulars of the provision made or to be made for the replacement of that property and the source or sources from which the replacement is to be made or from which the cost of the replacement is to be met or, if no provision is made a statement of that fact;
(f) full particulars of-
(i) the method of calculation of the highest price at which an interest to which the deed relates may be sold by the management company;
(ii) the circumstances in which the management company or any other person may be required to purchase from the holder of an interest any interest for which the holder has subscribed or which he has acquired, and the method of calculation of the purchase price of the interest;
(iii) the circumstances in which, and methods by which, all or any of the investments or other property comprising or forming part of an interest to which the deed relates may be varied;
(iv) the conditions governing the transfer of the interests to which the deed relates;
(v) the conditions governing the distribution of income to the holders of those interests; and
(vi) the remuneration of the trustee or representative and of the management company, respectively, and the manner in which that remuneration is provided for, including the charges (if any) that will be made by way of that remuneration upon the subscription for or sale of an interest to which the deed relates and upon the distribution of income and capital or otherwise in connection with the relevant undertaking, scheme, enterprise or investment contract;
(g) specific provisions relating to the convening of meetings of interest holders;
(h) specific provisions whereby the management company undertakes to keep and maintain an up-to-date register of interest holders and to make that register available for inspection, free of charge, to any interest holder at any time when the company's office is required by the Act to be accessible to the public;
(i) where the deed is capable of modification, provisions governing the modification of the deed;
(j) a declaration -
(i) that no units or sub-units of interests purchased or subscribe for pursuant to the statement issued by the management company under section 90 of the Act shall be allotted later than six months after the date of the statement; and
(ii) unless the conditions of issue of the units or sub-units expressly provide that certificates be not issued, that certificates shall be issued by the trustee or representative to purchasers of or subscribers for units or sub-units of interests purchased or subscribed for pursuant to the statement not more than two months after the allotment of the units or sub-units; and
(k) where the deed requires, or confers a right on, interest holders to enter into an agreement in connection with the undertaking, scheme, enterprise or investment contract, a provision incorporating, whether by way of annexure or otherwise, the terms and form of that agreement.
(2) In this regulation, "company", "interest:, "investment contract" and "management company" have the same respective meanings as in Division 5 of Part lV of the Act.
Copyright © PNMB-LawNet, 2006. All rights reserved.