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PREVENTION OF FRAUD (INVESTMENTS) ACT (NORTHERN IRELAND) 1940 - SECT 23

Short title.

23. This Act may be cited as the Prevention of Fraud (Investments) Act
(Northern Ireland), 1940.1. For determining the manner in which the sale price
of units and the yield therefrom are to be respectively calculated.

2. For regulating the mode of execution and the issue of unit certificates,
and, in particular, for securing that no unit certificate shall be executed or
issued in respect of rights or interests in any property until steps have been
taken, to the satisfaction of the trustee, to secure that the property will be
vested in him.

3. For securing that any advertisement, circular or other document containing
any statement with respect to the sale price of units or the yield therefrom,
or containing any invitation to buy units, shall not be issued by or on behalf
of the manager until the trustee has had a reasonable opportunity of
considering the terms of the document, and shall not be so issued if, within a
reasonable time after the document first comes under his consideration, he
notifies his disapproval of the terms thereof in writing to the manager.

4. For the establishment of a fund to be applied in defraying the expenses of
the administration of the trust and for regulating the application of that
fund.

5. For the audit, and the circulation to holders of units, of accounts
relating to the trust (including accounts of the manager in relation to the
trust and statements of his remuneration in connection therewith).

6. For requiring the manager (subject to any provisions as to appeal contained
in the deed) to retire from the trust if the trustee certifies that it is in
the interest of the beneficiaries under the trust that he should do so.

In this Schedule the expression "units" means securities (described whether as
units or otherwise) which may be created in pursuance of the
unit trust scheme, and the expression "unit certificates" means certificates
of the acquisition of such securities.

© 1940 Crown Copyright

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