Investment Funds, Companies and Miscellaneous Provisions Act 2005
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Obligation on management companies under common contractual funds to purchase units. |
14.—(1) Subject to Regulation 63 of the UCITS Regulations, as applied by section 18 , whenever the unit-holder in a common contractual fund, or the unit-holder in a common contractual fund the authorisation of which stands revoked under this Part, so requests, the management company of the common contractual fund shall, in accordance with the provisions of the deed of constitution of the fund and any relevant conditions imposed by the Bank, redeem out of the assets of the common contractual fund such number of the units of the common contractual fund held by the unit-holder as that person may specify at the price for the time being at which the management company redeems units of the common contractual fund. | |
(2) Subsection (1) shall not apply to the extent the Bank may specify in a condition imposed by it under section 10 . | ||
(3) A management company which contravenes subsection (1) shall be guilty of an offence. |