CIS 6.4 Permitted alterations to the register of Unitholders

This rule (CIS 6.4.1 R) applies to trustees.

The trustee must:

1. (a)

   on receiving written notice of a change of name or change of address of any Unitholder;

2. (b)

   on having taken reasonable care; and

3. (c)

   on compliance with any formalities the trustee requires;

alter the register accordingly.

Where a certificate has been issued and remains valid and the name of the Unitholder is altered in the register, the trustee must either issue a new certificate to the Unitholder or make an appropriate endorsement on the Unitholder's existing certificate.

This rule (CIS 6.4.2 R) applies to managers, except (5), which applies to managers and trustees.

This rule applies to any AUT in which there are units of more than one class (that is, income units and accumulation units), and governs the conditions of conversion of units of one class into units of another.

Conversion is possible under this rule only if both classes of unit are in existence and are offered for issue or sale at the time of the request for conversion.

If a Unitholder requests the manager to convert units, the manager must make a written request to the trustee for the conversion; but the manager need not do so, nor need the trustee comply with the manager's request, if the conversion would result in the Unitholder holding less than any number or value of units of either class stated in the prospectus as the minimum number to be held.

If the manager makes a request under (4), the trustee must, unless excused by (4), convert the units into the appropriate number of units of the other class. That number must be determined by the manager, after consulting the trustee, on terms that are fair to the Unitholder requesting conversion and to other Unitholders.

CIS 4 (Single-pricing and dealing), CIS 8 (Charges and expenses) and CIS 15 (Dual-pricing and dealing) do not apply to a conversion of units in accordance with this rule.

This rule (CIS 6.4.3 R) applies to managers and trustees.

The manager may, unless expressly forbidden to do so by the trust deed, at any time when no bearer certificates are in issue, with the approval of the trustee determine:

1. (a)

   that each unit is to be subdivided into two or more units (after which each unit is to stand subdivided); or

2. (b)

   that two or more units are to be consolidated (after which those units are to stand consolidated).

Upon a subdivision or consolidation of units the trustee must (unless it has done so before the subdivision or consolidation became effective) immediately give to each Unitholder (or to the first named of joint holders) whose name is entered in the register, notice of the subdivision or consolidation.

This rule (CIS 6.4.4 R) applies to managers and trustees.

Where:

1. (a)

   the Unitholder of any units defaults in making any payment in money or transfer of property due to the manager or the trustee under the rules in this sourcebook, or the trust deed, for the issue or sale of units to that Unitholder; and

2. (b)

   the trustee is satisfied that there has been a default;

the trustee may make any deletion or alteration in the register that is necessary to compensate for that default, after which the manager becomes entitled to those units for which the defaulting Unitholder's name has been removed from the register until those units are either cancelled or re-sold and paid for.