Schedule 1
(Regulation 3)
CONTENTS OF UNIT TRUST RULES
1. Name of the unit trust
A statement of the name of the scheme being a name consistent with the objectives of the scheme stated in accordance with clause 2.
2. Investment objectives
If an objective of the scheme is investment—
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(a) in a geographic area (including the whole world) a statement of that fact (specifying the area),
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(b) in any economic sector or in all economic sectors, a statement of that fact (specifying the sectors), and
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(c) of a particular nature, a statement of that fact (specifying the particular nature).
3. Governing law
A statement that the scheme is established under and governed by the laws of Saint Lucia.
4. Trust deed to be binding and authoritative
A statement that the trust deed is binding on each participant as if he had been a party to it and so to be bound by its provisions and authorises and requires the custodian and the management company to do the things required of them by the terms of the deed.
5. Declaration of trust
A declaration that—
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(a) the property of the scheme (other than sums standing to the credit of the distribution account) is held by the custodian for and on behalf of the participants pari passu, according to the number of units held by each participant or, in a case where income units and accumulation units are both in issue, according to the number of individual shares in the property of the scheme represented by the units held by each participant, and
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(b) the sums standing to the credit of the distribution account are held by the custodian for the purposes of distribution only.
6. Base currency
A statement of what currency is the base currency of the scheme.
7. Annual accounting period
State the dates in the calendar year on which the annual accounting begins and ends which must, in the case of an umbrella scheme, be the same for all the constituent schemes.
8. Annual income allocation date
State the date in the calendar year (not being later than 2 months after the date on which the immediately preceding annual accounting period ends) that is to be the annual income allocation date that must, in the case of an umbrella scheme, be the same for all the constituent schemes.
9. Certificates
A provision as to the form, content of, and the manner of, authenticating certificates evidencing title to a holding of units.
10. Participants liability to pay
A provision that a participant is not liable to make any further payment after he or she has paid the purchase price of his or her units and that no further liability can be imposed on him or her in respect of the units which he or she holds.
11. Duration of the scheme
If the scheme is to terminate after the expiration of a particular period, a statement to that effect.
12. Management company's periodic charge
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(1) A statement authorising the management company to make a periodic charge payable out of the property of the scheme and specifying how it shall accrue and be paid, with a statement of the maximum of that charge expressed as an annual percentage of the value of the property of the scheme.
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(2) Alternatively a statement authorising the management company to make a periodic charge payable out of the property of the scheme expressed as a specified annual percentage of the value of the property of the scheme lower than the maximum referred to in sub-clause (1) with authority to increase it to a larger percentage of that value (not greater than that maximum) but with effect only from the expiry of three months from the date on which the management company gives notice in writing to each participant entered on the register of its intention to do so.
13. Umbrella collective investment schemes: management company's charge on an exchange of units
A statement authorising the management company of an umbrella collective investment scheme to make a charge of a fixed amount on the exchange of units in one constituent part (other than the first exchange by a participant in any one annual accounting period) and specifying what the maximum of that amount may be.
14. Custodian's remuneration
A statement authorising the management company to make payments to the custodian by way of remuneration for its services, relieving the custodian from any obligation to account for those payments to the participants or any of them and specifying the basis on which that remuneration is to be calculated and how it should accrue and be paid.
15. Custodian's remuneration chargeable to the property of the scheme
A statement authorising any payments to the custodian, by way of remuneration for its services, to be paid (in whole or in part) out of the property of the scheme.
16. Custodian's disbursements
The descriptions of expenses or disbursements of the custodian, including the fees of the registrar (if any) or any expenses or disbursements incurred by the custodian in itself performing the functions of registrar, which are payable out of the property of the scheme.
17. Management company's preliminary charge
A statement of the maximum percentage of the creation price of a unit in the scheme that may be included in the sale price of that unit calculated by reference to this creation price as a preliminary charge receivable by the scheme management company.
18. Initial price
A statement of the initial price of units.
19. Period of the initial offer
A statement of the length of the period of the initial offer.
20. Investment in collective investment schemes managed by the management company or its associate
A statement as to whether or not the property of the scheme may include units in another collective investment scheme that is—
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(a) managed by the management company or by another company in the same group as the management company; or
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(b) managed by any person who is a controller of the management company or of which the management company is the controller.
21. Accumulation units
A statement as to whether under the scheme units may be accumulation units only or accumulation units as well as income units.
22 Interim income allocation date
A provision authorising or requiring interim allocations of income and either specifying what the interim accounting period or periods is or are to be and what the interim allocation date or dates is or are to be or stating that those matters are left to the discretion of the collective investment scheme management company.
23. Investment adviser
Where the management company may appoint an investment adviser, a statement authorising it to do so.