CIS 6.2 The register of Unitholders

This rule (CIS 6.2.1 R) applies to trustees, except (5) which applies to managers and trustees and (6) which applies to the manager only.

The trustee must establish and maintain a register of Unitholders (the register) in accordance with this rule.

The register must be maintained in a readable form or in a manner capable of being reproduced in a readable form.

The register must contain:

1. (a)

   the name and address of each Unitholder (other than one whose units are represented by bearer certificates);

2. (b)

   the number of units (including fractions of a unit) of each class held by each Unitholder (other than units that are represented by bearer certificates);

3. (c)

   the date on which the Unitholder was registered in the register for the units standing in his name; and

4. (d)

   the number of units (including fractions of a unit) of each class currently in issue and represented by bearer certificates and the numbers of those certificates;

but the trustee need not register more than four persons as the joint holders of any units.

The manager and the trustee must:

1. (a)

   take all reasonable steps; and

2. (b)

   exercise all due diligence;

to ensure that the information contained in the register is at all times complete and up to date.

The manager, for the purpose of (5), must in particular:

1. (a)

   take any necessary steps to obtain and supply information from or concerning any new Unitholder of units to enable the entry in the register to be made; and

2. (b)

   immediately notify the trustee of any information which the manager receives relating to the accuracy of or any change to any entry in the register.

This rule (CIS 6.2.2 R) applies to managers and trustees.

The register is conclusive evidence as to the persons respectively entitled to the units entered in it. This does not prevent the trustee making any deletion or alteration allowed by CIS 6.4.4 R (Default by the Unitholder).

No notice of any trust, express, implied, or constructive, which may be entered in the register for any unit is binding on the manager or the trustee. But this does not affect the obligations of the manager and the trustee under CIS 6.5 (Plan registers).

This rule (CIS 6.2.3 R) applies to trustees.

The trustee must make the register available for inspection, by or on behalf of the Unitholders or the manager, in the United Kingdom free of charge at all times during ordinary office hours. But the register may be closed at times and periods (not exceeding 30 days in any one year) as determined by the trustee.

The trustee must supply to the manager at its request a copy of the register or any part of it on payment, if the trustee so decides, of a reasonable fee.

The trustee must supply to a Unitholder or his authorised representative at his request and free of charge a copy in print of the entries on the register relating to that Unitholder.

This rule (CIS 6.2.4 R) applies to managers and trustees.

The manager may, unless expressly forbidden to do so by the trust deed, be a Unitholder.

The manager must be treated as the holder of each unit which is in issue (other than a unit which is represented by a bearer certificate) if no person is entered in the register as the holder of that unit.

Where a Unitholder transfers units to the manager, they need not be cancelled, nor need the name of the manager be entered on the register as the new Unitholder.

This rule (CIS 6.2.5 R) applies to managers and trustees.

On or following the issue of units or, subject to CIS 6.3.1 R (Transfer of units by act of parties), at any other time, a certificate or other document recording title to the units may be issued to the Unitholder if, and in such form as, the manager and the trustee agree.

The manager and the trustee must agree on the procedures to be followed in redeeming units.

Where the procedures agreed under (3) require the investor to surrender any document (or provide any information) as a prior condition to obtaining the proceeds of redemption, they must also oblige the trustee to issue the document or provide any relevant information relating to an entry on the register in a timely manner once it is in a position to do so under those procedures.

Where the trust deed enables bearer certificates to be issued, the manager and trustee must agree on their form, and on the procedures to be followed for them.

The steps required to be taken by a Unitholder in relation to the issue and redemption of units must be specified in the prospectus.