Schedule 2
(Regulation 4)
CONTENTS OF ARTICLES OF ASSOCIATION OF INVESTMENT COMPANY
1. Governing law
A statement that the articles of incorporation are made under and governed by the laws of Saint Lucia.
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. Base currency
A statement of what currency is the base currency of the scheme.
4. 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 collective investment scheme, be the same for all the constituent collective investment schemes.
5. Annual income allocation date
State the date in the calendar year (not being later than two months after the date on which the immediately preceding annual accounting period ends) that is to be annual income allocation date that must, in the case of an umbrella collective investment scheme, be the same for all the constituent collective investment schemes.
6. No partly paid shares
A provision that no partly paid units may be issued.
7. Management or investment company's periodic charge
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(1) A statement authorising the company to make a periodic charge payable out of the property of the scheme and specifying how it should 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 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 3 months from the date on which the scheme management company gives notice in writing to each participant entered on the register of its intention to do so.
8. 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.
9. Custodian's remuneration chargeable to the property of the collective investment 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.
10. Custodian's disbursements
The descriptions of any 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.
11. Initial price
A statement of the initial price of units.
12. Accumulation units
A statement as to whether under the scheme units may be accumulation units only or accumulation units as well as income units.
13. Interim income allocation date
If interim allocations of income are to be authorised or required, a provision so stating and also 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 scheme management company and directors.
14. Investment adviser
Where the management company may appoint an investment adviser, a statement authorising it to do so.